Last week we talked about budgeting to save money. This week, we are going to focus on some online budgeting tools. A paper and pen work fine, but it’s good to know about the resources out there. An app is great for on-the-go tracking and keeps clutter to a minimum. In this article, there are various app recommendations with a summary of each one.
Mint is the most downloaded personal finance app. It allows you to track all of your cash flow in one place. You can connect multiple credit cards, investments, loans, financial accounts, etc. It even alerts you if any of your subscription costs (Netflix, Hulu, etc.) increase! You get free credit score monitoring and can create financial goals, set up reminders and alerts, as well as view balances and transactions. Those are just a few things out of many. As we know, everything has its drawbacks. One of Mints is that you can’t assign more than one savings goal per financial account.
SoFi Relay prides itself on being simple and easy to use. They also offer complimentary financial advice- you can video chat with an expert and talk about your goals. With their app, you can connect all your accounts, track spending patterns, set goals, and monitor your credit score. SoFi offers a monthly analysis, that helps you see your in and outflow of money each month, so you know what to prepare for. It also provides tips and insights based on your data.
Good Budget uses the “envelope” saving system. It’s as if you’re taking all your money and placing it in variously labeled envelopes – car, groceries, eating out, savings, etc. It’s a great tool for couples that want to manage their money together, as it allows you to share and sync budgets. With the free version, you get 10 regular envelopes, plus 10 more envelopes. It includes one year of account history and access to community support forums.
New York Times called this the “tool to beat”. Personal Capital has the same general tools as Mint and SoFi Relay – the ability to have accounts in one place, setting goals, and tracking spending. However, they also have a retirement planner, net worth tracker, and investment check-up tools for free. When comparing Mint and Personal Capital, it is found that Personal Capital is better for analyzing investments and saving for future goals (college, house, retirement).
Budgeting is a great way to organize your finances and hold your spending accountable. If you are looking for more ways to save money check out our website to see what specials we have going on! Currently until the end of March, we have CD (certificate of deposit) rate and loan transfer specials. If you would like to talk to someone about those call 800-552-8643, text HELP to 248-409-3150 , or email firstname.lastname@example.org.