Personal finance is a complicated part of life. For example, you can’t just take your income, subtract your expenses, and see what’s left. Sure, that’s where it starts. But countless additional and nuanced elements also contribute to a healthy budget and an effective wealth generation strategy. As a result, it helps immeasurably to add at least a few personal finance tech tools to your toolbox.
As inflation continues to strain budgets and a recession looms, it’s important to approach your personal finances with a global mindset. The best way to do this is to have the right tools.
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With that in mind, here are some recommendations for the best personal finance tech tools that provide intuitive and effective support for efficiency-conscious individuals.
Veteran.com keeps you updated.
Often the best personal finance options are tailored to your specific needs. If you spend too much, an expense tracker comes in handy. If you are a saver, a retirement app is suitable.
Sometimes the applicability of a particular financial instrument can be even more precise, as in the case of Veteran.com. The Army-focused website offers a wide variety of resources for both current military members and veterans.
Along with blogs and resources on education, jobs, and housing, the popular site has an entire section devoted to money and finance. This includes military pay tables, an up-to-date military pay calculator, and even a VA Disability Calculator.
As veterans and active members of the military manage their personal finances, the site can provide a constant stream of helpful information.
Acorns help with savings.
Being able to save money is one of the most common personal struggles anytime. Trying to do that when inflation rates are high may seem impossible. The temptation to spend money on needs and wants alike can be hard to overcome. Empty bank accounts and crowded credit card statements can leave you feeling stressed.
Enter Acorns. The financial technology company enables users to seamlessly invest in their future. Its online app and banking tools are user-friendly, keeping things simple and straightforward at every step. At the same time, they are supported by experts from leading investment firms such as BlackRock and Vanguard.
The revolutionary lender offers several tools to help people master their finances and build towards a better future. One such tool is the company’s Automatic Savings and Investment option. This rounds up every transaction that takes place, putting the extra money into well-balanced, expertly constructed wallets. As a result, the result is better financial awareness and a slow but steady flow into your savings.
3. Mint gives you a financial snapshot.
Some people need targeted personal finance technology tools. Others need complete solutions. If you feel you’re in the latter category and an eclectic fintech stack isn’t helping, you might want to try the Mint app.
Mint is an application with a very good reputation. It can connect to multiple checking accounts, integrating your assets into a single dashboard. This gives you a unified financial snapshot that can help you see positive and negative trends before they get out of hand.
The powerful software solution can also classify transactions, predict spending patterns, and generate budget recommendations. This provides a constant stream of insights that can foster positive financial habits.
Personal capital is a definite global finance.
Another application similar to Mint is Personal Capital. The wealth management app provides a comprehensive and in-depth financial overview.
Again, this tax-focused software has the power to bring together multiple sets of financial data. You can link several personal checking and savings accounts to create an amalgamated snapshot of your current finances.
In addition to helping with budgeting and cash flow, Personal Capital also provides a savings planner and equity options. The former helps create and track savings goals. The latter gives you an accurate view of your net worth at any given moment.
The app also has extensive retirement savings options, such as a retirement planner and commission analyzer. These resources can help you monitor any silent or hidden costs for your long-term savings. You can even assess whether you’re saving enough for future educational costs, and you can conduct an investment audit periodically.
Status Money offers you comparable.
Comparing your personal success to that of others is a dangerous business. You don’t want to fuel unnecessary levels of discontent or jealousy. Still, there are times when seeing how you compare to others can provide useful insights.
Status Money is the perfect solution for those moments. You can enter your various debts and assets in the app. From there, it analyzes them and then provides comparables to others in similar circumstances.
Healthy doses of peer comparisons can be a great way to stay motivated. As a result, it can also provide perspective and help workaholics and the hyperambitious get some well-deserved rest.
GoodBudget goes back to the roots of budgeting.
Finances can seem overwhelming. When that’s the case, sometimes the best option is simple. This is where GoodBudget comes in.
The personal finance tool focuses on the concept of recognizable and user-friendly finances. In fact, it embodies the digital version of one of the oldest and most deeply rooted forms of personal finance: the envelope system. This is a form of financial organization that uses envelopes to divide and track cash, creating a natural barrier to overspending in the process.
GoodBudget offers you an alternative to the app-based envelope system. Users can divide their money into several “envelopes” which help keep track of how much money they have left in each category. To be fair, the result is similar to most budget apps. For those who struggle with walls of numbers and charts, however, an accessible view like envelopes can make all the difference.
Prism helps you keep track of your bills.
Personal budgets tend to focus on income, expenses, and savings. It helps calculate what you owe others and how much you want to set aside for a rainy day. But it doesn’t actually pay your bills. This is an extra step that’s easy to overlook, especially if you have a lot of different bills to deal with on a regular basis.
Prism is an app that helps take the stress out of the bill-paying cycle. Unlike the more comprehensive options on this list, like Mint and Personal Capital, this is a fintech tool dedicated to one business and one business only: paying bills.
The app connects you with your various lenders. Sync accounts and track what you owe. These are then presented in the Prism app, where you can see what you owe, when, you owe it, and who it owes to.
Etrade helps manage investments.
If you already have a solid understanding of basic personal finance and are looking to take the next step, you may want to consider Etrade. Financial asset management software facilitates hands-on trading and investing. This turns an otherwise daunting task into a very accessible form of personal finance.
Etrade takes no commissions and has a wide range of different investment product choices. These include both active brokerage accounts and retirement options. Either way, if you want to stay involved in your retirement planning, Etrade offers you quick and easy access at all times.
Vanguard offers automated investment tools.
Vanguard is another retirement and investment focused personal finance solution. The reputable brand offers automatic investment tools and solid support.
A key element that attracts many users to the wealth management tool is the fact that it is investor-focused, and not just a customer support initiative. Vanguard is actively owned by those who invest in Vanguard funds. Consequently, this gives them a collective focus on mutual wealth creation and successful wealth management. Add in its suite of comprehensive fintech tools and it’s an easy choice for many looking for easy-to-use personal finance solutions.
Two gets top marks for generating wealth.
It would be a major oversight to overlook Two on this list. Many consider the popular financial instrument to be the Internet’s number one retirement asset. Forbes has rated it as one of the top financial blogs with excellent resources for those looking to generate wealth. Entrepreneur Magazine named it one of the best places on the interweb to gather retirement information.
Due is the perfect combination of resources and tools for personal finance management and wealth generation businesses. The site has multiple finance-focused products, from annuities to life insurance and beyond. It also has a wealth of information in the form of an ever-growing blog and a long list of comprehensive guides revolving around money and managing it.
Whether it’s a need for quality fintech tools or a resource to inform your use of those tools, Due is the one-stop shop for successful personal finance.
Personal finance is always important. During economic and fiscal crises, it’s especially wise to gain control over your income, spending, and investments.
To summarize, use the list above to identify the best personal finance tech tools to fill your personal financial gaps. Need a focused solution for something like paying bills? Or is a more comprehensive application needed? Consider your situation, make your selection and then invest to take your personal finances to the next level.
Article by Deanna Ritchi, Two
About the author
Deanna Ritchie is Finance Editor at Due. She has a degree in English Literature. She has written over 1000 articles on how to get out of debt and master your finances. She has edited over 40,000 articles in her lifetime. She has a passion for helping writers inspire others through their words. Deanna also served as editor of Entrepreneur Magazine and ReadWrite.