With life constantly keeping us all on the go, it is easy to understand why so many of us get lost on “today” and forget to track our finances, instead of trying to focus on “tomorrow” by building up our savings and investment accounts for retirement… But who really has time to track numbers, create different fields, or create equations in excel spreadsheets in this day and age?
Since most of us now have the ability to stay connected wherever we are, there is no good reason why more of us should not be using financial planning and investment apps to help keep track of our retirement savings and planning as part of our overall investment strategy. Better yet, with this list of some of the best finance apps, there is also no reason why people should not have the ability to track their saving and spending wherever they are, spreadsheet-free.
So, regardless of whether you’re in the early days of planning your financial future, are already working towards your retirement plan or have already transitioned to retirement – if you’re wanting to keep better track of your personal cash flow, continue reading to learn about some of the best financial planning apps available for immediate download from your app store today.
What We’ll Be Looking At:
- Acorns (For Investments)
- YNAB (You Need a Budget)
- Our Conclusion
Mvelopes is a free budgeting app available on both iOS and Android phones. The app helps users organize their finances while making and tracking more realistic financial goals. A lot of people use the “separate envelopes for spending” method, but if you’re looking for something more digital, this app is it. The app allows you to track your spending, manage your budget, plan ahead such as for larger purchases and trips, and you can even capture your receipts as you go.
A lot of users love this app because of the way its overall design and function to help them make better financial decisions based on what they have left over after bills and life necessities have been paid for. It helps you to have complete control and awareness over your finances and your budget.
This is another free app that is available on iOS and Android. While it is another budgeting type app, it actually gives the user much more control compared with other apps. With this app, you’re the one in charge so you get to set your own budgeting and saving rules. You can create budgets for future plans and events such as retirement, and you can even save with a partner or spouse towards your retirement goal, as long as they also have the app.
Qapital also uses the roundup rule, which means they make all purchases even except the difference is deposited into your designated savings account. Saving for retirement has never been so easy and fun with this app!
Investing is probably one of the most intimidating tasks for most people since few people truly understand how investing works, and (understandably so) many are afraid to lose all of their money.
Acorns is another free app for both iOS and Android and allows you to invest your spare change. All you need to do is connect the accounts you use for different transactions (E.g. bank accounts, credit cards, PayPal accounts, etc.) and every time you have a transaction, Acorns will round it up, withdraw the difference, and invest it. You can also set up an additional weekly, bi-weekly, or monthly amount to get deposited on top of your round ups to help grow your retirement savings faster.
4. YNAB (You Need a Budget)
Also free on Android and iOS, YNAB is a budget tracking tool that is highly versatile and helps keep your spending in check. If you’re looking for something more basic and straightforward in terms of design and usability, then YNAB has got you covered.
This is also a great app for those who want to look for ways to cut down on their spending in order to help build up their retirement savings account. Tracking expenses has been known to help us see where we can make changes to accommodate our long and short-term goals.
Another free app for both Android and iOS, Pocketguard is an excellent app for those who like to take their spending and budgeting a day at a time. The app actually calculates your expenses for the month and lets you know what you have available to spend each day.
It acts as a digital wallet and helps you make sure that your daily expenditures do not interfere with your monthly bills, expenses, and retirement savings. It could even help you see how much extra you can afford to put into your savings on a daily or monthly basis.
Wally is an app that acts more like a personal accountability coach or friend. The app compares all income, expenses, and savings so you can see where your money is going. You can set financial goals within the app as well and achieve those goals at a pace that works for you and your life. The app is also a free download on iOS and Android app stores.
So, which is best for you?
While it may be strange to think of apps as our “mini personal financial planners”, many people swear by them (sometimes even a little more than they should).
They can be an excellent choice for those who are self-motivated and can stick with their goals but they may not be for everyone. Spending, saving, and living on a budget (no matter your age or income) is important but it can be a challenge for many people.
However, as incredibly powerful as these apps may be in the right circumstances, you should always keep in mind that they’re never a substitute for real financial advice from a qualified professional. Everyone’s financial situation is unique, so their investment strategy should also be unique to them – and that is where personalised advice really comes into its own.
If you are looking to create more wealth and learn how to track and manage expenses, you may want to find a financial planner in your area and have them take a look at your entire financial picture to see what changes and adjustments you need to make to reach your retirement planning goals.