The 5 Money Apps You Need To Download Today
Your cell phone is now used for so much more than to just make a phone call. With the click of a button, you can see all of Kim Kardashian’s selfies, check your e-mail, order takeout, buy the shoes you’ve been eyeing, text your girlfriends, find a date…the list goes on. Oh - you can also track your finances + invest in your future self. We’re sharing our favorite money apps to add to your iPhone - right alongside Instagram.
Mint - Mint has been around for years, but we are still huge fans! For those who aren’t familiar, Mint pulls all of your accounts into one place, so that you can easily monitor all transactions without logging in to multiple bank accounts. It also tracks the categories of your spending, so that you can quickly see your highest spend areas - from entertainment to housing to bars. For visual learners, you can see all of your spending in a color-coded graph or pie chart - super helpful. We suggest using Mint to take a daily “Money Minute.” Every morning, before you check your email or scroll Insta, take one minute to review your transactions from the day prior + make sure that everything looks okay!
Your Bank(s) - Any bank account that has money coming in or out absolutely needs to be one of the apps on your phone. It is the easiest way to track your funds, so that you’re never left wondering if that Venmo has pulled from your account yet or - even more importantly, if your account has been compromised. The convenience of having your bank’s app on your phone will also mean that you’re more likely to check it regularly, so you can make sure nothing goes awry. Yes, your paycheck did get deposited. No, there are no unauthorized purchases racking up. We have accounts at multiple banks (BECU - a local credit union, Bank of America, Chase, etc…) + we have the apps downloaded for ALL of them, even if we almost never use the accounts.
Just a plug here for the importance of investing before we get into our favorite apps. The rich get richer by learning how to make their money work FOR them. Typically, the wealthiest people around you are not rich from their salaries alone. Just ask them. They have assets - multiple properties, stocks, bonds, companies, you name it. If you strive to have a certain lifestyle or level of comfort one day, you need to get comfortable with investing. Each of the apps below builds upon the other. We certainly don't suggest jumping in with all 3 at once.
Acorns - K downloaded this app at the end of December + is obsessed with how easy it makes saving money. You link your bank account +/or credit cards + it gives you the option to “round up” on every purchase you make. While the investments are minimal each time, always less than $1, if you’re rounding up on every purchase, it can add up quickly! In just 1 month, K had saved almost $100 from round ups, which Acorns was investing for her. Her investment account has a return rate of 3.65% currently + her retirement account has a return rate of 4.95% currently. K plans to use Acorns as a tool to help her save money (that’s over $50 in one month that she wouldn’t have saved otherwise - which will lead her to over $600 in one year!), + then withdraw the money to a different investment tool, like Wealthfront.
Wealthfront - We’ve been singing Wealthfront’s praises for a few years on Hello HENRYs, but we still are obsessed with this platform as an easy way to get young people started with investing. The minimum balance requirement is just $100, there are no maintenance fees for your first $15,000 invested + they will tailor investments exactly to your risk comfort level + long term financial goals. We could not recommend this platform more as a way for young people to get started with investing.
Fundrise - This app is specifically for those who want to invest in real estate over traditional stocks, bonds, index funds, etc. or for those who want to diversify the investments that they already have. You have the ability to invest in multi-million dollar housing projects, up and coming cities or neighborhoods + the level of risk you are comfortable with. You can even select to invest in projects that provide passive income - an alternative for anyone who has wanted to own rental properties, but doesn’t want to deal with the hassle of being a landlord. The rates of return are at or better than the stock market average - at 9-12% a year.
Technology makes it easier than ever to stay on top of our daily spending + budget, as well as to get started with investing without the sometimes intimidating experience of visiting a broker or the hassle of making an appointment with your already busy schedule. There are so many more fabulous apps out there + several more that we use on a regular basis, but these are a few of our favorites!! With the rate that technology is evolving, we know there is always something new + exciting out there, so please share with us any apps that have worked for you!! We would love to try them out!!