Earlier this week, when I shared this post on goal slaying, I received an influx of questions asking about the best investment and money apps for beginners. If you guys didn’t know, I worked in Finance before I became a full-time blogger, which became the foundation for how I view, manage, and invest my money. Thanks to technology, investing and saving is so much easier than it used to be – it’s also more affordable and accessible too. Ahead, I’ve broken down the best money apps if building wealth and growing your savings are priorities for the next few weeks (or in 2020).
Best Investing Apps for Beginners
Acorns is perfect for the passive, beginner investor. If you don’t want to think much about your investments but want to do something, Acornswill round up your purchases to the next dollar and automatically invest the spare change into one of a few ETF portfolios. All you have to do is link a debit or credit card to the app and Acorns. There’s a super modest fee, but if you’re a college student with a .edu email address, your first four years of investing will be free! This is the app I recommend to everyone who’s just getting started and wants a taste of what investing is like.
One of the biggest downsides of trading with large investment firms is having to pay commissions and meet the account minimum. If you want to test the waters with trading individual securities, then Robinhood is a great way to get started – you get the DIY factor with the least amount of fees possible. It’s seriously that simple.
If you like the concept of investing and want to learn something along the way, then Stash might be the app for you. Like Acorns, you can build a diversified portfolio with little upfront (think $5!). However, they offer educational features that help you choose between different portfolios or create your own based on your goals, interests, and risk-level. If you’re interested in learning about how to invest, and finance jargon isn’t yet your forte, then Stash is the perfect starting point.
Best Apps for Savings
Chime offers automatic savings features straight from your mobile device. You can sign up for free and there are no hidden fees (including overdraft and foreign transaction fees)! It works in one of two ways. You can opt in to round up every purchase you make with your Chime card to the nearest dollar and automatically distribute the difference into the Chime account – or automatically transfer a percentage of your paycheck to Chime. This is a great option if you tend to spend every penny you make because it creates an external account that you can’t touch – just make sure to keep the debit card away from your wallet.
If you’re saving for a specific goal, such as a buying a home, wedding, vacation – whatever, Qapital is great because it gives you the ability to create joint goals with family or friends. Like many apps now, you can round up transactions to the nearest dollar and transferring the cents into your Qapital account or set up other automatic transfers to meet your goals.
Best Apps for Budgeting
The best thing you’ll ever learn how to do is budget, and Wally is one of the absolute best money apps for that. Highly popular among millennials, Wally helps you track your income and expenses while giving you a snapshot of what’s left to prevent you from overspending. Not only does Wally support almost all foreign currencies, but you can take photos of receipts and track important expenses too. The best thing is, it’s completely free!
If you want the features of both investing and budgeting, then try Personal Capital. There’s a big focus on investing, but you can also access the app’s free money tracking and budgeting dashboard without paying a thing. You can import transactions from other accounts and create charts that track spending from week to week or month to month. It’s perfect for those who want to focus on building wealth.
You’ve probably already heard of Mint, a free budgeting app that allows you to keep a super detailed budget. You can link your account with lenders as well as your investment accounts, and it even sends you alerts when bills are due. You’ll appreciate that the user interface is simple and easy to understand.
Best Apps for Clearing Debt
If you’re looking for quick and effect ways to reduce your debt, then you need the Debt Free app. It allows you to create a customized reduction plan based on various methods ranging from lowest balance to highest interest rate or highest balance to the snowball method. You can even create a customized plan that provides with you with a detailed schedule for paying off your debts – you’ll always know how much you need to pay.
What are the best money apps you’ve used this year?