We here at the Atlas Credit blog love to frequently recommend our readers follow many of the following tips for managing your money:
- Create a Budget
- Take Control of Your Finances
- Consolidate Your Debt (Snowball Method)
- Remove Unnecessary Expenses
- Create a Savings and Retirement Account
- Start Investing
- Create a Separate Emergency Fund
- Keep Track of Your Credit Report
If you already do each of these every month, great! However, many people find it hard to follow these guidelines while accurately keeping track of their finances.
The answer to how you do all of this at once may be a lot simpler than you think:
Utilize a money management app.
That's right — by simply finding and downloading a money management tool from your device's app store, you can find all of the resources you need to maintain each aspect of your finances listed above. These tools help with staying organized, learning to manage money, and implementing effective money management techniques.
The only issue you may run into at first is the huge selection of money management apps available today. That is why we have come up with a handy list of the very best apps out there that you should download and use ASAP.
Best Money Management Apps in 2020
A good app will teach you how to manage your money by building basic money management skills and techniques. Here are our top four picks:
Created by the developers of the ever-popular Quickbooks and TurboTax, Mint allows you to track your spending, create a budget, connect all of your credit cards and bank accounts, follow your monthly bills, and more. You'll know what you have to pay and when every month, and can watch your progress as you steadily grow into a more successful financial wizard.
Mint can help you understand where your expenses are rising and falling and how to control them. You also gain an accurate picture of your income. If you have been living paycheck-to-paycheck, Mint can help you determine where to cut back your expenses to gain more wiggle room.
When you want to get your foot in the door of investment but have never been sure which door to start with, Acorns is the app for you. By connecting to your bank account, Acorns can round up your expenses to the nearest dollar with every purchase and contribute that money to low-cost exchange-traded funds. Over time, you can even find an extra few hundred to a few thousand dollars in your investment account with Acorns.
The best part is, you don't need any special expertise to use the app. It eases you into investing with a safe and effective approach. As you become more confident and see better returns, you may be interested in finding out more about the process and trying it on your own. But anyone can start out with Acorns.
3. You Need a Budget (YNAB)
Finding yourself precariously on the edge of serious debt? You Need a Budget (YNAB) helps you by creating a strict budget that allows you to only spend the money you definitely have. YNAB effectively keeps its users out of debt and helps them put money back each paycheck to eventually pay down their debt.
If you have had trouble with budgeting in the past or you lack the discipline needed to stick to a plan, YNAB provides a great solution. You can even look at how to adjust your budget based on what you have the most trouble following each month. Making proactive changes is smart no matter your budget level.
Venmo is great for those of us who hate carrying all of our cash around with us. When you need to pay your friends back for picking up the restaurant tab or get cash from an item you sold on Craigslist, you definitely want to avoid those pesky fees that come with more traditional money transfers. After all, these people can rarely take a debit card. Millennials tend to love the simplicity and hassle-free nature of Venmo — so we recommend you give it a try.
If you can convince your friends to download the app too, then you'll never have to worry about being paid back in a timely fashion.
Need More Help Planning for the Future?
Now you understand our number one spring strategy for money management mastery. It's time to put it into practice! Our ongoing money management tips will help you save more and spend less as you plan for your financial future.
Atlas Credit is all about simplifying the way you live your life. Whether it is through keeping up with the latest and greatest technologies or keeping you out of debt with a quick and easy personal loan of up to $1,400 regardless of your credit score, we love helping our Texas and Oklahoma communities. Contact us today to learn more, and don't forget to read the Atlas Credit blog every week!