Here's how to find the personal finance app that's right for you

Here’s how to find the personal finance app that’s right for you

Before you begin your search, know your personal goals for your finances.

PORTLAND, Maine — Want to better manage your personal finances? Hey, who doesn’t? Alas, it’s a bit like resolving to lose weight and get back in shape: we often leave with the best intentions, to resume our old bad habits after only a few weeks.

207 tech Rich Brooks of Flyte New Media in Portland says one way to improve your chances of success is to find a good personal finance app. How to find the application that best suits your needs? Here are the talking points Brooks provided in his interview with 207:

Question: You went looking for the best personal finance apps… what did you find?

“Truth be told, I found a lot of similarities. Most of the ‘best’ lists started with Mint, and for good reason.

“I’ve been using Mint for years, and it’s a great way to track my expenses, stick to my budget, monitor my credit report, etc. It connects to my credit card and bank accounts, and you can also link other investments, such as stocks, bonds, etc.

“Plus, it’s free. It’s backed by ads and affiliate fees, as it will often recommend financial services from which it gets a discount.

“In short, if you only want one personal finance app on your phone, most people will be happy with Mint.”

Question: But what if you’re not typical or ok with more than one app on your phone?

“Some apps have a unique feature or approach that makes them perfect for specific audiences or needs.

“For example, if you’re in a relationship and you share expenses, you and your loved one might want to check out Honeydue, the financial app for couples. It lets you see what’s in your personal accounts, shared accounts and see what bills are coming in.

“A cool feature is that it also lets you review bills and charges together, messaging you to understand where you’re spending your money.

“Honeydue is free with ads, though you can set up a monthly developer ‘tip’ of $1-$10, and you’ll be reminded to tip if you’re not.”

Question: What if it was more than you two? A whole family, or a roommate situation?

“Then you should check out Spendee. Spendee has all the features you’d expect, but you can also have multiple “wallets” with family members or roommates to track bills and expenses. You’ll never have to arguing over who forgot to pay the electricity bill again!

“The app is free, but if you want to unlock the multiple wallets feature, you’ll need to spend $15 per year.”

Question: What about people who feel like they’re living paycheck to paycheck?

“My recommendation would be YNAB, or you need a budget. Instead of looking back like many apps do, YNAP looks forward, putting your money to work and minimizing the impact of spending “surprises,” like a car repair or a trip to the emergency room.

“This app forces you to take an active role in your own spending and budgeting, but I think that’s a good thing. Plus, they have a great resource of helpful videos that you can find on YouTube. worth checking even if you don’t. I don’t have the app. I sent the link to my kids.

“The only caveat here is that Mint is free, YNAB costs around $8 a month if you buy it for a year at a time.”

Question: What about people looking to invest?

“One of the most popular apps for investing, including cryptocurrency, is Robinhood. Although it got a bit of a bad press last year during the ‘meme stock’ phase, it Always a popular app that lets you invest in stocks, bonds, cryptocurrency, and more.

“The app itself is free and offers commission-free investing, but generates most of its revenue from transaction-based revenue, including payments.”

Question: Any final thoughts on personal finance apps?

“It really depends on what you’re looking for and your goals. Are you looking to watch your spending or do you need help putting more aside? Do you need to manage your finances with someone else Or on your own?Are you looking to save for a vacation or for retirement?

“Knowing your personal goals will help you determine which personal finance app is best suited to help you now.”

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