5 Smart Money Apps That Millennials Love
- You Need a Budget (YNAB)
The modern day technology take over simplifies daily life in many ways. Millennials, in particular, are coming of age in a time when money management apps make budgeting, saving, and investing easier than ever. Here are five such apps currently popular with this generation.
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Many young adults are curious about the savings benefits of stock investment but nervous about the risk. Acorns offers the perfect solution. It helps users invest in smart stocks and build on earned interest in a variety of ways. Acorns rounds up purchases on selected cards and automatically saves the balance. It even investigates past purchases to find additional funds. Users can also make one-time and recurring investments in any amount at any time.
Paying back friends and family has never been simpler than with Venmo. Venmo allows for immediate transfer of money to and from any bank account or card and any other Venmo user. Many vendors, stores, and restaurants now accept payment through Venmo, as well. It is an excellent way to track spending in order to budget. As an added money-management feature, many people choose to leave balances in their Venmo accounts as miniature savings accounts.
With the rise in housing costs and utilities, many single millennials are choosing to live with roommates. Partners move in together before they are ready for the commitment of shared bank accounts. Splitwise makes it easier than ever to cohabitate and share expenses. It allows users to input expenses and select which other users owe which portion of the bill. Whenever the pair or group is ready, they can settle up using their preferred payment app, such as Venmo above. Splitwise keeps track of all past transactions and sends monthly balance reminders.
While Splitwise keeps excellent track of shared expenses, Mint keeps track of personal expenses and spending. It helps users create holistic pictures of their budgets. This is a great money management app for those who have limited extra income and those who are trying to shift around their income and spending to save for a large purchase. Mint also sends reminders when bills are due and allows users to check credit scores with just one click.
5. You Need a Budget
Sometimes people can use all the budgeting and investing apps available, but they still end up in debt. You Need A Budget (YNAB) is app built entirely to help people settle debts with themselves. It is great for people who feel like they are living paycheck to paycheck, as well as those who have encountered an unexpected large expense. It works by following a four-rule method and walking users through financial responsibility courses.
From digging out of debt to investing in stocks, millennials are taking care of all their financial needs and tasks with the help of these money management apps. They make it easy to save and spend wisely, keep track of expenses, and stay on top of bills. With today’s added expenses and increasing costs of living, apps like this make it easier to avoid crashing credit scores and make ends meet.