When it comes to managing our finances, the struggle is real. According to a 2015 report from the Pew Research Center, 56 percent of Americans are worried about their financial situation. While staying on top of budgets, investment portfolios and expense reports can be an uphill battle, smartphone technology is making tasks like these a lot easier. These five financial apps will help you manage everything from your budgets to your investments – for free!
- One of the most popular personal finance apps available, Mint gives you a real-time, 360-degree view of everything from your bank accounts and credit cards to your 401(k) plan – complete with infographics! After helping you set a savings target and budget amount based on your income, Mint automatically tracks your spending, categorizes it, and alerts you if youre about to blow your budget. And if you need to cut your spending, the app will even provide customized savings tips. Download: Android/iOS
- Personal Capital. A highly visual app that provides intuitive charts and graphs to help you monitor your portfolio, Personal Capital helps you track your investments by account, asset class or individual security in addition to showing you how your portfolio compares to major indices. A 401(k) Fee Analyzer and Mutual Fund Fee Calculator help you determine if you’re paying too much in fees, while the Investment Checkup feature analyzes your portfolio and recommends changes for increasing your returns. Download: Android/iOS
- Once you connect your checking and credit card accounts to Acorns, this remarkable app automatically rounds up each of your purchases to the next dollar and invests the difference in a portfolio of your choice. For example, if you spend $1.30 on a pack of gum, Acorns will invest $0.70 for you. In addition to round-up investments, the app allows you to invest up to $30K as a lump sum. Download: Android/iOS
- Credit Karma. In addition to providing free credit scores and reports, Credit Karma allows you to monitor your spending patterns by linking the app to your credit cards and bank accounts. But that’s just the tip of the iceberg. Once you link your accounts, Credit Karma analyzes your financial information and makes recommendations for better rates on everything from credit cards to personal loans and mortgages. Download: Android/iOS
- Hate generating expense reports? You wont with Expensify. In addition to providing automated currency conversion as well as input options for your business travel mileage, this app makes it easy to track your business expenses by allowing you to import purchase info directly from your credit cards for IRS-validated eReceipts. Perhaps the greatest feature of this app is its Smart Scan photo-logging capability; simply take a photo of your receipt, and Expensify will automatically input all the details of your purchase for you into an expense report item (and save your receipts in an archive). Download: Android/iOS