Personal finance in the palm of your hand? It’s not as crazy as you think- Freedom Debt Relief has found that the top experts in the financial industry each have their own favorite app that helps them take the guesswork out of managing personal finances and investments. Here are just a few of the great money-saving and financial assistance apps that the experts love.
Penny. Freedom Debt Relief has found that one of the best ways to curb your spending is to be conscious about the tiny purchases you’re making throughout your everyday life, as these relatively inexpensive buys can quickly add up and take their toll on your savings account. Penny tracks your daily expenditures, and as the app learns your spending habits, will make recommendations to save money. While Penny is not an in-depth planning app, it’s great for accountability and curbing the little impulsive spending habits that might be depleting your wallet. Available for Apple devices, Penny is currently free to download.
Acorns. Acorns is a micro-savings app designed to help consumers save money and begin investing every day without them even noticing. When you make a purchase, Acorns will automatically round your purchase price up to the nearest dollar, and deposit the extra few cents into a predetermined portfolio of inexpensive investment funds. While you won’t get rich using Acorns, Freedom Debt Relief advises that this is a great and easy-to-understand tool for those who are interested in learning more about investing and dipping their toes in the investment pool in an affordable way. Acorn is available for as low as $1 a month.
Digit. Looking to put away a little more money for a trip to that great restaurant you’ve been meaning to try or a new pair of shoes? Freedom Debt Relief recommends giving Digit a shot. Digit analyzes your income and spending habits, and after it gets a general sense of how you move your money around, begins making micro-withdrawals into a savings account that you are unlikely to miss. The app has a guaranteed no-overdraft promise as well, so you won’t need to worry about facing an unexpected over-withdrawal thanks to a Digit transaction. The best part? It’s totally free as well.
Betterment. If you’re new to investing, the avalanche of new terms and rules that you’ll need to learn can be overwhelming. Freedom Debt Relief recommends that new investors give Betterment a shot when they first begin navigating the financial landscape of their portfolios. Betterment is a “robo-advisor” that uses algorithms to make recommendations on where to invest your money- simply tell the app how much you’re interested in investing and your preferred risk level, and allow Betterment’s system to generate a list of possible investments tailored to your preferences. They also have an excellent resource center, so you can learn more about how to choose the right investments going forward. Betterment charges users a monthly balance equal to a percentage of their account balance which starts at .25 percent.
The bottom line? The road to investing or savings starts with a small first step. If you’ve been wanting to dive into the world of investments, or if you’re more interested in building up a rainy day fund for yourself and your family, the journey can begin with something as small as downloading an app. Give one of these favorites a shot today- and happy investing!