No matter how the economy is doing, people around the country all seem to struggle with their finances in one way or another.
In the second U.S. Financial Health Pulse Report, it was revealed that 70% of all Americans are undergoing some sort of financial issue.
This is perhaps why an AppsFlyer study showed a 90% increase in finance-related apps in 2020 alone.
With the continued growth of smartphone users, which currently amount to almost 300 million in the U.S., we can expect to see more finance management apps dominate the market.
What Are Finance Management Apps?
Finance management apps can cover a variety of money concerns by helping users understand their cash flow, debt payments, budgeting, and more.
While most apps can initially be downloaded for free, many of them require payment at a later time to unlock all premium and personalized features.
Finance management apps are primarily designed for smartphones, but the very best apps are built to work on a wide range of other Internet-connected devices.
The Best Finance Management Apps:
- You Need a Budget
Credit scores rely on timely payments, so Petal’s app promises to make this much easier for users.
With their clean and simple interface, users can track their current credit score, see how much they’ve spent, categorize their spending, and plan a monthly budget.
Recently, Petal also launched their new Leap tab, which helps users demystify how to achieve better FICO credit scores.
For instance, if the app notices that you often forget to pay for certain bills, it can suggest using AutoPay on subscriptions you most often use.
By studying your financial patterns, Leap can provide specific tangible steps to help you build and improve your score.
If you find yourself forgetting to pay your bills, then Prism is a smart app to download. With over 11,000 billers connected to the app, Prism acts as a single organized platform on which you can see all your bills at once.
Through the app, users can also track which payments are due the soonest and, if they prefer, also be sent payment reminders.
To streamline the bills payment process, Prism also lets you schedule payments for multiple entities. This eliminates the need to log in to different platforms to pay bills.
One of the most popular finance management apps, Mint is a free app that can provide an overview of expenses, transactions, bills, goals, and budgets, as well as investment and saving suggestions.
Because the Mint app can be connected to most banking establishments, you can also use it to track your credit score, investment portfolios, and upcoming bills.
Another perk of using this app is that it regularly provides finance trend reports and educational resources to help users get familiar and comfortable with money matters.
You Need a Budget
You Need A Budget (also called YNAB) is for people who are really looking to cut down on their expenses, if you’re trying to save money, this app may be for you.
According to the app’s developers, the average YNAB user can save $600 in the first two months and over $6,000 in the first year.
The app claims that it can help facilitate this by providing a system that puts every dollar to use. Although the interface is a little more technical, it aims to provide clear progress reports of users’ monthly spending.
Using a categorization approach, YNAB will help you allocate budgets for every need—which it believes is more proactive than just real-time expense tracking.
Don’t Stop There
Remember, while financial management apps are exceedingly convenient, it’s still important to do your part.
Money management takes time and diligence, so supplement these digital tools with consistency.
Though these financial management apps don’t claim to make you financially stable overnight, they do help to make financial decisions less stressful and tedious. With just a few taps, you can finally begin to take control of your money.
To learn more about the best applications for each smartphone, check out the rest of our blog here on A New Cell Phone. We’ve also compiled a master list of the best apps for Android and iPhone, so check those out!
If you have any comments or questions about any of this information, please feel free to share them in the comment section below.