Gone are the days when we used to sift through piles of paper bills. Now many of us have opted for a more modern approach to paying the monthly bills that come around like clockwork. Most people choose to use technology to keep on track of receipts and payments, or at the very least, have gone paperless.
In this new era, we have an app for everything from shopping to reading, and of course, to managing your money, which can all be downloaded straight to our smartphones.
It has never been easier to keep an eye on your finances by tracking your spending habits and setting budgets for bills, leisure, savings, and even investments. As most apps will automate your monthly bills, you need not worry about ever missing another payment!
Nowadays, as we moan about life being so hectic, we always look for the easiest way to get through our daily chores. So, what if you could sit back and enjoy a few moments to yourself as your chosen money app takes care of the life admin for you, straight from the device in your pocket?
Many money app users may just want a more comfortable life and something they can rely on to keep on top of their transactions and balances. Others may want to delve a little deeper into their finances and explore the many features these apps offer. From categorising expenses, setting up savings pots, and perhaps generating an income from the money you make.
Whatever your reasons for wanting to better your financial situation, we have some of the must-have money apps to consider in 2023.
This is one of the longest standing money apps that is incredibly resourceful. Mint app offers an easy-to-use layout and is favoured for its reliability. You can sign up via the smartphone app or online at mint.com, which some people might prefer when it comes to managing their money. Much like online banking, you can move money between accounts and estimate what you might spend in the future.
Mint will give you an overall picture of your spending and current finances, whilst sending you notifications when a payment is due. The app analyses how you spend your money, what income you receive, as well as taking into account any customised alerts you might have set. Mint provides you with suggestions on how to monitor your monthly budget based on how you have spent your money in the past.
Take the time to look at your previous budgets and spending habits with the historical data Mint has stored and presented in a line graph. Here you can take a closer look at how to manage your short and long-term financial goals, and create additional budgets if need be. Sometimes we overlook expenses such as take-out and cinema tickets. If this is something you do every month, it might be worth creating a budget to have the money to enjoy the food you love and watch films with friends.
The app that keeps on automating. Acorns app is great for rounding up the pennies to your purchases. From the card you choose to link, every time you tap or enter your pin, the app will take the change from your transaction and put it into an investment portfolio for you. This app is popular among students and young working professionals looking to do more with their money.
You’re given options when it comes to transferring your ‘spare’ change into an investment portfolio. You can set the Acorns app to do it for you or take more responsibility and manage it yourself. Go one step further and budget to add lump sums or recurring monthly deposits to your portfolio too. The app is ideal for those looking to learn more about investing, which is a hot topic among millennials and generation Z.
Other great features include cashback from Acorns partners, so be sure to check that out too!
3. Credit Karma
People may not realise that if you poorly manage your finances, it can lower your credit score and affect your life and plans for the future. Credit Karma is an excellent app to access your credit score and in-depth reports to ensure your credit history stays in tip-top condition. Some credit reports charge a small fee for you to view financial data, but the good news about Credit Karma is it’s totally free!
To set yourself up with Credit Karma, you’ll need to input your personal information to verify that it’s your credit history. From there you can view graphs and reports (every week if you like) showing your credit score and how it has performed over time. Learn how to break your credit report down into previous incomes and any debts you may have had, as borrowing money will impact your score and determine whether or not lenders loan you money in the future.
For example, if you were looking to become a homeowner or start a property investment business, you would need to apply for a mortgage. Your credit score will be taken into account by the bank, and better interest rates are offered to those with better credit files. If your score is particularly low, you may not be accepted at all, putting your property plans on hold until it improves.
Check out some free guides by RWinvest on property investment and the types of interest rates and deals you can expect if it’s something you’re considering. With better understanding, you can work towards saving for a down payment to ensure your financial plans stay firmly in place moving forward.
Some ways you can improve your credit score include paying down any debts you may have and even applying for new credit to prove to lenders you can manage your money responsibly. By downloading the app, you can review your credit insights and stay ahead of the game.