It’s hard to imagine that just 15 years ago, the phrase “there’s an app for that” changed the whole smartphone landscape. Considering the sheer volume of apps available for all kinds of devices today (phones, tablets, e-readers, smart TVs, computers, and more), it should come as no surprise that even your financial life can benefit from recent advancements in technology.

From setting a budget to monitoring your credit score, you have many choices for intuitive, user-friendly apps for for keeping your financial life organized and accessible.

Let’s take a look at a few common apps for addressing different areas of concern.

Budgeting

Budgeting apps are incredibly popular tools that make it simple to set financial goals, track spending, and understand money habits over time. They are particularly valuable for couples or families who want to manage their finances collectively.

Some common budgeting apps include:

Mint

Mint offers real-time tracking of your expenditures by linking to your bank accounts, credit cards, and investment accounts, providing a comprehensive overview of your financial situation. Here’s how Mint can help streamline your budget management:

Customizable budgets: Tailor your spending limits to match your financial goals.
Expense categorization: Organize your spending by categories for better clarity.
Bill reminders: Stay on top of your bills with timely alerts to avoid late payments.

Additionally, Mint provides personalized insights and trends based on your spending patterns, aiding in smarter financial decisions. It’s also worth noting that the original Mint app was acquired by Intuit, and its features have been integrated into the Credit Karma app. [1]

You Need a Budget (YNAB)

YNAB takes a unique approach to budgeting by encouraging users to assign every dollar they earn to specific categories, fostering more intentional spending habits. This app integrates seamlessly with bank accounts and is accessible across multiple devices, making it easy for partners or family members to collaboratively manage their finances from one account. YNAB’s methodical approach helps users actively track their spending and establish clear financial goals. [2]

Every Dollar

Developed by personal finance expert Dave Ramsey, EveryDollar is a highly customizable budgeting app tailored for those who follow his financial advice. Users can create numerous budget categories to suit their personal financial strategies. In addition to linking directly to your financial accounts for streamlined budget tracking, EveryDollar also offers tools to calculate your net worth and analyze your spending trends, providing deeper insights into your financial health. [3]

Expense Tracking

Thanks to advancements in digital payment technology, it’s easier than ever to make purchases with the press of a button (or even just the flip of a wrist, if you have a digital wallet connected to your smartwatch). While easy payment methods are useful, they also make it more difficult for people to track their spending habits and monitor where their money goes on a daily basis.

Expense tracking apps are useful for recording all transactions and categorizing spending. This allows users to cut back on unwanted expenses and gain better insights into how their money is being spent.

Expensify

Expensify offers a comprehensive suite of tools designed to simplify financial management for both individuals and organizations. Key features of Expensify include advanced expense tracking that provides users with a clear overview of their spending habits. The app also supports receipt tracking, bill payment services, and travel management tools, making it an ideal choice for entrepreneurs and small businesses looking to streamline their financial operations. [4]

Shoeboxed

Shoeboxed simplifies receipt management by allowing users to track both physical and digital receipts in a single, organized platform. Recognized as a leading receipt scanner app, Shoeboxed assists both individuals and businesses in maintaining meticulous spending records. This functionality is essential for tracking expenses, getting reimbursed, optimizing tax deductions, and more. [5]

Savings and Goal-Setting

If your primary focus is on setting a certain goal and building up enough savings to achieve it (say buying a home or car), then you may want to find an app that can help you break those big goals down into bite-sized pieces.

Qapital

You (or you and your partner) can use Qapital as your go-to source for goal-setting and visualizing. This app helps users save for specific goals (like homebuying, vacations, emergency funds, etc.), budget, invest, and manage debt. It offers an effective, visual reminder of what you’re saving for and how much progress you’ve already made which not only motivates but also helps you keep your financial aspirations clearly in focus. [6]

Credit Score Monitoring

Your credit score is one of the most important indicators of your financial health. A high credit score can help you get approved for your next apartment, enjoy better terms and interest rates on loans (including mortgages and car loans), get approved for your next credit card, and more.

Regularly tracking and monitoring your credit score is essential for spotting unexpected dips or for strategically improving your score ahead of a large purchase. Understanding your credit score dynamics can open doors to financial opportunities and help you manage your financial future more effectively.

Credit Karma

As we mentioned earlier, Mint has merged with Credit Karma to offer users sophisticated tracking and budgeting features. However, Credit Karma is best known for its credit monitoring capabilities. This app provides users with credit scores from major bureaus like TransUnion and Equifax and notifies them of significant changes—be it hard inquiries, sharp declines, or increases in their scores—so they can stay on top of their financial health. [7]

Experian

If you’d prefer to grab your credit score directly from a credit bureau, Experian offers its own free credit monitoring app. Much like Credit Karma, you can leverage the app's extended capabilities by connecting your bank, credit cards, and investment accounts to see your spending and saving all in one place. [8]

Make Life a Little Easier With Finance-Focused Apps

Whether you're looking to streamline budget tracking with apps like Mint and YNAB, optimize expense management with solutions like Expensify, organize receipts through Shoeboxed, set ambitious savings goals with Qapital, or keep a vigilant eye on your credit score through platforms like Credit Karma and Experian, the right tools can simplify your daily financial tasks and empower you to make informed decisions that better your financial health. These apps not only simplify complex financial tasks but also empower you to make informed decisions that boost your financial health. If you’re uncertain about which app might best suit your needs or how to integrate these tools into a comprehensive financial strategy, don’t hesitate to reach out. Our team is ready to assist you in navigating these choices to find the perfect fit for your financial goals.

Sources:

1. https://mint.intuit.com/

2. https://www.ynab.com/

3. https://www.ramseysolutions.com/ramseyplus/everydollar

4. https://www.expensify.com/

5. https://www.shoeboxed.com/

6. https://www.qapital.com/

7. https://www.creditkarma.com/advice/i/credit-karma-app

8. https://www.experian.com/credit/experian-app/

The Hatlestad Group is an independent wealth management firm based in Edina, Minnesota, primarily serving successful head-of-household women, late-career executives, and pre-retirees. With a tailored approach to fee-only comprehensive wealth management, they empower clients to live out their next chapter with vision, wisdom, and resources, creating a purposeful and meaningful future. They can be reached by phone at (763) 259-3637, via email at info@thehatlestadgroup.com, or by visiting their website at thehatlestadgroup.com.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Please note that the use of financial management apps may involve costs or subscription fees, which vary depending on the app and its features. We do not have any partnerships with or sponsorships from the apps mentioned in this article. The information provided is for general informational purposes only and should not be construed as an endorsement or recommendation of any specific app. Always review the terms, fees, and features of each app to ensure it aligns with your individual financial needs and goals.

This material was prepared by Crystal Marketing Solutions, LLC, and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice.