I recently got a comment on my Ballin On A Budget post and I realized I never did the follow-up post to that so here it is, 4 Money Management Apps You Need. You do not need them all but make sure you at least have 2 of these on your phone now-all FREE.
1. Mint- They should cut me a check some time soon because I swear I am their biggest advocate! I have used Mint for a while to check my spending and accounts all in one place. See more about Mint and why I love it in an earlier post, Simply Mint to Be. This is a great visual alternative to a manual budget, but the same amount of work is required if you want to get the best use of the app.
2. Credit Karma- Credit Karma is a great app to have because it makes monitoring your credit score/overall credit status easy. You do not need a computer, you do not need to wait a whole year to get it free, and you do not have to be surprised. Too often a credit score is a scary topic for some and a great way to get out of that mindset is awareness. Your credit score is something you want to monitor, just like you watch your money. Even if your on a road of financial recovery it would be a great feeling to watch your score go up, do not wait. Having this app on your phone makes it that much easier. It provides your credit score (approximate), tips, credit utilization, credit status, and almost everything on your credit report. The good thing here is it isn’t an app you have to look at daily, but monthly, so why not?
3. Venmo- “Venmo Me” is all I ever say after a night out with my girls. This app allows you to transfer money to your friends on the go and I love it. No more splitting checks or running to the ATM right before you go out. There are no fees if you using your debit card. I wouldn’t recommend paying anyone back through your credit card anyway, but if you do be aware that fees matter. The only thing I did not like about the app is in the activity area you could see who everyone (your Facebook friends) pays-way to invasive– but it was really easy to make all of my activity private.
4. Check- This app is useful because it allows you to easily stay on top of your bills. Since Venmo hasn’t figured out a way to allow payments to major utility vendors this is a great alternative. You can pay most of your bills in one place and not have to go to the different websites. I finally got to a place in my finances where I was comfortable enough to set up auto-pay for some of my bills, but before I did this I would constantly forget all the bills I had to pay. Late fees do not care about you forgetting, so this app was my answer.
Check and Mint are both owned by Intuit which allows me a feel a bit better about having my financial information out their on the app, but in today’s world nothing is to out of reach for a hacker. If i recall correctly you will never be asked your social security number or for any amount of information that’s just way too much. I feel pretty good about using these apps, but I also monitor my accounts all the time because I know anything can happen. Venmo is up and coming, but from their security policy I feel really comfortable using this app as well.
Hopefully this moves you one step closer to managing your money like you should because your young and now it the best time to start.