Technology is taking over the world, including the banking and investment world. If you live with your phone in your hand, why not turn it into a banking, investment, and budgeting tool and make your money work for you?
These apps are the top Fintech apps available today.
Budgeting isn’t fun, but everyone needs to do it. If you aren’t a pencil and paper type person or spreadsheets freak you out, consider a budgeting Fintech app like Mint. The free app offers budgeting, bill payment reminders, and expense tracking.
- Easy to use
- Syncs with your bank account for automatic tracking
- You can only set up one savings goal
- Includes a lot of advertisements
If you follow the zero-based budget program, the YNAB app is the perfect choice. More than a budgeting app, the You Need a Budget App helps you give every dollar a ‘job’ so you achieve your financial goals. While it’s not free, if you use the zero-based budget program, it’s a must-have to keep you on track.
- Automatically syncs with your bank account for automatic tracking
- Guides you through the zero-based budget
- Sync between multiple devices, which is great for couples
- The spreadsheet can be overwhelming for beginners
- The cost is steep ($84/year)
If going to your local bank isn’t on your to-do list anymore, consider Chime, a mobile bank. You get the same perks as a traditional bank all from the comfort of your own home. You can make deposits from your smartphone, track your spending/expenses, and use the Chime debit card.
- There are no monthly maintenance fees
- You can round up purchases to the nearest dollar and transfer to savings automatically
- You get access to direct deposits up to 2 days early
- Customer service is a bit on the slow side
- You have to get used to not having a physical bank to visit
If you want to start investing but don’t have a lot of money, Robinhood is a great choice. With no minimum balance required and no commissions charged, it’s a great app for millennials or tech-lovers who want to start investing.
- Anyone can start with the $0 account minimum
- Easy-to-use interface
- You can trade stocks, ETFs, options, and cryptocurrency
- You can only set up a taxable account
- Customer service is only available via email
If you’ve always thought you never have enough money to invest, check out Acorns. This platform invests your spare change by rounding up your purchases to the nearest dollar. When you have $5 accumulated, they invest it in ETFs (diversified stocks).
- Anyone can invest as there’s no minimum required balance
- You automatically invest without thinking about it (round-ups)
- Acorns picks the investments for you
- There’s a monthly fee of $1 – $3
- It’s easy to get complacent and not invest more than your spare change
Make your phone work for you with these simple to use apps that help you transform the way you look and handle money. Work smarter not harder and watch your money grow.