We’ve spent most of our lives managing our checkbooks on paper. Nothing wrong with that. But in the last ten years, technology has been dramatically changing the way we bank, including the use of personal finance apps.
Are these money-managing apps worth it? The answer is a resounding yes.
And sure, some of us at Lifetime Daily initially felt a bit squeamish about doing our banking online, but we quickly changed our minds. Here’s why. Personal finance apps are incredibly easy to use. We can manage our money more quickly. They help us pay bills, stick to our budgets, and even keep an eye on our investments.
Here are five money management apps we particularly like:
Mobile Banking Apps from Your Bank
(iOS, Android cost: free)
Mobile banking transforms a 45-minute trip to the bank into something you can do in a few minutes at home. With your bank’s app, you can pay bills, check your balance, buy or sell stocks, send money to friends and family via e-mail or text, and so much more. The check depositing feature is a favorite: just use your cell phone to take a picture of a check (usually the front and the back of the check) and it goes into your bank account.
One of the biggest concerns about banking online, particularly through a smartphone, is security. However, besides having high-tech security measures, most banks have a mobile security guarantee. This means they’ll cover any losses in the unlikely event their security fails. To find out what your bank offers, go to their website or download their app.
Apple Wallet
Apple Wallet (iOS cost: free)
If you have an iPhone, take advantage of its convenience. With Apple Wallet, simply upload your credit and/or debit cards to your iPhone. You can then pay for purchases using Apple Pay.
Whether you’re grabbing a coffee or paying for gas, just hold your phone over the display of a store’s point-of-sale terminal. It’s that easy. Apple Wallet is also a great personal finance app because it doesn’t just store credit cards: you can store coupons, boarding passes, movie tickets and rewards cards. Great for de-cluttering your wallet.
Mint
Mint (iOS, Android cost: free)
Have you ever tried to keep track of your budget in a notebook? You can do it, but it sure is time-consuming. (Not only that, sitting for extended periods of time isn’t recommended.) Mint is really effective at showing where your money is going, and helps you adjust your spending accordingly.
Its strength is in budgeting and expense tracking. It connects with your bank account and credit cards to intuitively categorize different purchases in your budget categories. It also provides tips on how to save money, and sends alerts if there’s unusual activity in your accounts. (It’s not supported by all banks, so check with your bank first to see if it’s compatible.)
Robo-Advisor Apps
Betterment (iOS, Android cost: less than 1% of portfolio) or Wealthsimple (iOS, Android cost: $8+/month)
Nobody likes having high broker fees. Consider signing up for a robo-advisor app. Both Betterment in the US and Wealthsimple in Canada offer automated portfolio management, and make it easy to check on your money while you’re traveling. They use algorithms to invest the money you contribute, at a risk level and allocation balance that’s right for you. And the charges are a lot cheaper than you would pay if you went to an actual financial adviser.
At Betterment, fees vary depending on how much you invest, but are well below 1%. At Wealthsimple, pricing starts at just $8/month.
BillGuard
BillGuard (iOS, Android cost: free)
What about fraudulent transactions on your cards or accounts? BillGuard allows you to track your spending (much like the Mint app does), but it also protects against fraud or unauthorized charges. How? With an easy swipe, you can review and approve each transaction that comes up. If it doesn’t look right, you can report it. Like the Mint app, make sure your bank supports money management apps before signing up.
