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Category: Thought Leadership
Managing your personal finance is one of the most challenging things to do yet one of the most rewarding when done correctly. In the era of revolutionary technology, this task has been simplified enormously by fintech apps that have emerged in the market. After testing hundreds of personal finance apps and tools over the past couple of months. Here are the four best personal finance apps to manage every aspect of your financial journey.
Summary: Personal Capital is the best app on the market for wealth management, with all-encompassing features from budgeting to investment options to retirement. The app includes tools to evaluate and help you strategize your financial retirement plan and tracks your progress. Personal Capital requires users to link financial accounts, which include credit cards, bank accounts, brokerage and any other financial accounts you may have. For investments, an investment checkup tool tracks how your assets are performing and suggests possible upgrades.
Pros:
- Access to financial advisors
- Retirement and investment planning
- Free
Paid version: Wealth Management Services – First $1 Million: 0.89%
2. EveryDollar
Summary: The app uses the zero-based budget method recommended by personal finance expert and Founder Dave Ramsey. With this model, you ‘give every dollar a job.’ Therefore, before you spend even a penny, the money you have in hand is assigned to a specific expense or your savings account. This forces you to plan out your spending ahead of time and avoid impulse purchases and spending money you don’t have. A built-in monthly expense tracker lets you connect to your financial accounts to import transactions and record spending. The tracker displays the amount you’ve spent so far for the month and the amount you have left to spend.
Pros:
- Tracker helps you stay on budget
- Access to money management experts
- Easy-to-use interface
Paid Version: New users get a free trial of the Premium version of the app, which is $9.99/month.
3. Kubera
Summary: If you are a modern investor who dabbles in asset classes beyond stocks and bonds, especially digital currency. In that case, you know that it becomes a daunting task to find accurate net worth trackers. Kubera solves this exact problem for investors. The app is a ‘modern’ wealth tracking app that allows users to track net worth and investment returns for all significant investment classes. It lets users track crypto, global currencies, stocks, precious metals, and even assets like cars, houses, URL value, and private equity. Kubera also offers a feature whereby a designated person will receive information about your accounts in the event of your passing called the legacy planning tool. The app also enables users to track all of their insurance policies.
Pros:
- Legacy planning tool
- Easy-to-use interface
- Tracks all assets
Premium Version: Kubera is a subscription service that costs $15 per month or $150 per year ($30 savings). It offers a 14-day free trial.
Summary: NewRetirement is a sophisticated retirement planning tool that can help set retirement savings goals, build your path to financial independence and maximize your estate. The app offers its most popular online tools for free, or you can pay for one-time or ongoing support from a NewRetirement Advisors CFP®. Unlike simple retirement calculators, New Retirement also helps individuals who are already retired. It offers a spread of sophisticated retirement planning features. It handles Medicare premiums, Roth conversions and Social Security claiming strategies. It also includes a Monte Carlo simulation to test a thousand potential investment returns and inflation scenarios. You can also run what-if scenarios to see how changes in your plan affect your retirement readiness.
Pros:
- Customizable Online Retirement Planner
- Advisory services with CFPs
- Live coaching sessions
Premium Version: The paid versions start from $120/ annually to $1500/annually, with advisors to assist and guide you.
In Conclusion
The mindset you bring to managing your money is essential. Establishing a budget, tracking your finances and making your money work for you are vital to achieving financial freedom. As Robert Kiyosaki, Personal Finance Expert, said, “Financial freedom is available to those who learn about it and work for it.”
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