4 Personal Finance Apps for People Who Hate to Think About Money
- Some people like budget apps. But others find them overly involved and want help.
- Digit can help you pay your bills and see what’s left, while Acorns invest in the background.
- Prism will ensure you never forget your bills, and Varo can help you build risk-free credit.
If we are honest about our relationship with money, the goal of “good” money management for most of us is to enjoy everyday life without worrying about money. So why do most budgeting methods and applications require so much attention?
I am constantly looking for tools and techniques to get money out of my mind. Unfortunately, a lot of money management apps rely on you to make a budget and actively maintain it and review your spending regularly to get the full value of the app.
But I’ve found a few who understand that most of us don’t want to check our money all the time – we want technology to take care of that for us!
4 Personal Finance Apps That Really Automate Money Management
Here are four apps that let you set and forget your real money.
Number: Always know what’s available to spend
Digit was launched in 2015 as an automated savings tool that uses artificial intelligence to find small amounts of money in your bank account to dispose of without feeling an effect. It has now been expanded to banking and investment and applies the same technology to help you pay your bills, save and spend with ease.
You will spend some time setting up the app when you open your Digit account (an online bank account backed by MetaBank that is insured by the FDIC). Enter the amounts and due dates for your recurring bills — such as rent, insurance, or loan payments — and Digit will create a group for each. You’ll fill it in slowly over the course of the month, choosing the safe amount to move around based on your deposits and spending.
Digit also saves you money without forcing you to set a goal or deadline, as many apps do. You’ll put aside what you have to spare, and divide it among the many goals you want to create.
With Digit taking care of your bills and goals, your spending account only shows how much you have available to spend. No more quick – inaccurate – calculations before making a purchase. If the money is there, you can spend it!
Post: Never forget your bills
Prism is a bill payment app that connects with thousands of utility companies, financial institutions and other service providers to automatically track bill amounts and due dates. You can pay bills automatically or manually using a bank account, credit card, debit card, or prepaid card.
Prism gives you more options than setting up an automatic payment with your service providers, which can be especially useful if you have inconsistent income or share bills with a partner, your parents, or roommates.
If automated payments aren’t for you, Prism can still help you keep bills off your mind by keeping track of due dates in one place and sending you reminders. No need to worry, because you know the app is tracking it for you. And it lets you link multiple payment accounts and see balances within the app, so you can easily switch between accounts when it’s time to pay.
Walnut: invest with spare parts
If you’re interested in investing beyond your 401(k) (or don’t have one), but don’t know where to start And the You don’t have the energy to hook up with a human financial advisor, Acorns can get you started.
Small investment applications generally attract anyone who does not have a lot of money to invest. But most of them waste your time and money by demanding or allowing you to pick individual stocks, decisions that – don’t take this the wrong way – you are not qualified to make. (So are most professional fund managers.)
Acorns makes investing simple in two ways:
- It takes your excess surplus by rounding your credit and debit card purchases to the nearest dollar, so you’re investing with money you’ll never miss.
- He invests in exchange-traded funds (ETFs), which are investments that include multiple stocks and track the performance of specific sectors or indices.
Acorns personal account costs $3 per month. This is a relatively high rate if your invested assets are only a few hundred dollars – but You may decide that the price is worth a low-risk investment strategy that you should never consider.
Faro: Building Credit Without Risk
Varo can help you build a credit history without the stress of managing a credit card balance or the risk of mounting debt.
Varo is an online bank that offers all the attributes of a typical new bank – high yield savings, virtually no fees, low cost overdraft protection and early direct deposit. A credit originator account sets it apart.
Varo Bank customers can open a Varo Believe secured credit card without a fixed credit check and a security deposit of any amount.
The Varo Believe card doesn’t come without an interest rate, and your credit limit doesn’t exceed the amount of cash you’ve deposited into your secured account—so, there’s no bloated credit card debt. You can automatically pay your balance from this account, and your payment history is reported to credit bureaus to create a credit history.