Q: I’m looking for tools to help me actually keep the financial resolutions I made for the New Year, but I’m confused by all the options. What are the best personal finance apps that can help me stick to my money resolutions this year?
A: These days, there’s an app for virtually anything; and personal finance is no exception. The app market is flooded with personal finance apps, but there are a select few that stand out for their excellent functionality and ease of use. Here, we’ve reviewed five of the most popular personal finance apps to help you stick to your financial resolutions.
A quick look at this app:
- Function: Full money management
- Cost: None
- Free Trial: N/A
- Basic Features: The wildly popular money management app lets you track your bills, categorize and review your spending and monitor your credit health, all at no cost.
Mint excels at providing a complete financial picture in one location. You can link your credit and debit cards to the app, and Mint will read your transactions, categorize them and show you how you’re spending your money. Access your credit score and get a breakdown of how your score is determined. You can also easily create a budget within one of the most popular personal finance apps on the market.
The one significant downside to Mint is the ads, which many users find excessive, intrusive and annoying.
A quick look at this app:
- Function: Budgeting and investment tools
- Cost: Budgeting tool is free. Wealth management costs 0.89% of the balance, up to $1,000,000.
- Free trial: No
- Basic features: Allows you to manage your assets and investments along with your everyday spending.
Personal Capital promotes itself as an overall personal finance app, but it really shines at investment management. Track your portfolio by account, asset class or individual security and identify new opportunities for diversification and risk management, all on the app.
The disadvantages of Personal Capital include the relatively high cost for wealth management and complicated budgeting features.
A quick look at this app:
- Function: Budgeting and tracking expenses
- Cost: $98.99/year or $14.99/month
- Free trial: Yes
- Basic features: Import transactions from your checking account and apply them to each budget category to get a full picture of your spending habits. Adjust budgeting categories as necessary and review detailed reports of how spending is progressing throughout the month.
You Need a Budget (YNAB) is an app built around YNAB’s famed four rules for improved overall financial health:
- Give every dollar a job.
- Embrace your true expenses.
- Roll with the punches.
- Age your money.
The app provides highly detailed budgeting tools and spending reports for the ultimate in money management. YNAB claims its users save an average of $600 in the first two months, and more than $6,000 in the first year.
The cons of YNAB include a premium subscription price and multiple features that can be confusing for new users and those who prefer a simpler interface.
A quick look at this app:
- Function: Bill payment and tracking
- Cost: Free
- Free trial: N/A
- Basic features: Track and pay your monthly bills with ease.
Prism takes the stress out of bills. Sync the app with thousands of billers nationwide, add your bills and Prism will automatically track them for you. You’ll get friendly reminders when a bill is nearly due and you can even use the app to schedule payments several days in advance. Never miss a bill payment again!
Prism is an excellent app for bill payment, but it’s otherwise limited in its money management functions. You won’t be able to create a budget or track expenses outside bill payments on the app.
A quick look at this app:
- Function: No-fee investing
- Cost: Free
- Free trial: N/A
- Basic features: Blends automated investing with expansive portfolio customization’s.
M1 Finance offers more than 60 pre-built portfolios, or “pies,” for users to choose as their own investment strategy. There’s also the option of building your portfolio on your own in the app. M1 can be a fabulous tool for investors who are looking for automation that aligns with their personal preferences, risk tolerance and investment goals.
While M1 shines as a no-fee investment app, it fails at offering several key features that other competing apps boast, including tax-loss harvesting, advisors and syncing external accounts for investment purposes.
It’s a new year, and a new chance at improving your financial wellness. Use this guide to find the perfect apps to help you reach your financial goals this year.
Your Turn: Which apps are you using to help you keep your financial New Year’s resolutions? Share them with us in the comments.