by Andrea Downing Peck
With more than 1.5 million mobile apps available to smartphone users, keeping on top of your personal finances is as close as your fingertips.
Today, nearly 59 percent of 18-to-34-year-olds access their bank and credit union accounts via their phones, according to eMarketer’s most recent mobile banking forecast. Transactions that previously had to be done online or in a brick-and-mortar branch — from transferring money to depositing checks — now can be completed while waiting in line at Starbucks.
While mobile banking apps provide real-time monitoring of your money, they should not be the only financial tools at your disposal. Financial planning apps also can help you control spending, build a budget, eliminate debt and boost your money IQ.
Author and family finance expert Ellie Kay believes personal finance apps can be especially helpful for military families.
“Apps are a great way to keep track of your finances, especially when family members are apart,” says Kay, whose husband is a retired Air Force pilot. “They are critical these days. If you are single, married or have a family, it is important to be able to be able to track your finances, especially when things can get so chaotic with the military lifestyle.”
Here are 11 apps that can help you keep tabs on your money and investments. (Unless otherwise noted, all apps listed are free and available for both iOS and Android operating systems):
Spending Tracker
With spending categories ranging from gifts and holidays to kids and sports, this app enables you to easily log your spending, generate spending targets and provides interactive reports that show you where your money is going.
“It’s free and I like it because it is simple and if clients can see where their money is actually going, they can begin to hold themselves accountable and make a budget,” Accredited Financial Counselor and Army spouse Jennifer Lear says. “Learning your spending habits is a great first step in changing your financial life.”
Mvelopes.com
This money management tool follows personal finance guru Dave Ramsey’s envelope budgeting system. After prioritizing goals such as reducing financial stress or saving more money, users create a budget and then fund “digital envelopes” that match their spending categories and financial goals. With Mvelopes, “spending decisions are based on the balance of your envelopes, not the balance of your bank account.” The free version of Mvelopes automatically streams transactions from up to four online accounts into the app. GoodBudget is another highly rated digital budgeting tool.
“I’m a big debit card user rather than cash, so it helps me to apply Dave Ramsey’s concepts [to non-cash transactions],” says Marine Corps spouse Jennifer Trimble, an Accredited Financial Counselor. “After you set up your budget, all of the transactions are downloaded from the bank’s website into a pending area where you can assign transactions into the proper envelopes. It can be done online on the computer or through the free app.”
Mint
The elder statesmen of online budgeting, Mint.com has more than 15 million users, making it the most-used program for budgeting and tracking expenses. Mint’s mobile app provides an overview of your finances, budget, cash flow and upcoming bills as well as detailed information on recent transactions. Mint also recently began offering a free credit score tracking option.
“I like Mint because when you use a secure connection, you can get all your data from all your banking institutions and your credit cards. You and your spouse can easily see what you spend and where you spend,” Kay said. “When military couples are separated, you want to make sure you have accountability and full disclosure. You can get on top of a problem before it becomes almost insurmountable.”
Personal Capital
Not strictly a budgeting tool, this app is geared more toward monitoring investments and retirement planning. It is a good choice for service members and military families whose personal finances have grown to include Thrift Savings Plan contributions, IRAs, 401Ks and other investments. It also includes asset allocation and performance reports and tracks net worth. Accounts are displayed in an easy to use dashboard. While the app is free to use, Personal Capital Advisors does promote its fee-based advisory service.
Mint Bills (Formerly Check)
This streamlined version of Mint has a singular focus — making sure you pay your bills on time. Mint Bills monitors your bank accounts, credit cards and other bills, letting you know when bills are due and when your money is running low. This app allows you to aggregate all bills in one pass and pay via the app. If you are already a Mint user, you will need to create a new username and password for Mint Bills and add your bank, credit card and billing account information.
Debt Free
This app uses the “debt snowball” method of eliminating debt, which ranks your debts from smallest to largest and concentrates payments on your smallest balance while minimum payments are made on all other debts. Once the smallest debt is paid off, the next lowest balance rises to the top of the priority list. As each debt is eliminated, more money can be earmarked toward the new “top” debt. Debt Free charts payoff progress, interest savings and includes financial calculators.
PowerPay
A debt education tool from New Mexico State University, PowerPay allows you to develop a personalized debt reduction plan using a variety of repayment options (according to the highest interest, lowest balance, shortest term or as entered).PowerPay will calculate the best repayment schedule to save time and money. It also provides users with an option to simultaneously build an emergency fund as they continue to follow their debt payment plan and avoid additional debt.
My Military & Money
Do you want to increase your money know-how? This app, produced by McGraw Hill and the Better Business Bureau, provides financial education and smart money tips geared toward service members. Advice on budgeting, credit cards, savings, deployment, retiring and home buying are included in the “Financial Resources Toolbox,” while “Basic Training” videos teach about credit, digging out of debt and building a budget. Users also can make a budget, debt reduction plan or savings plan.
Military.com Military Pay
This military pay app includes a pay calculator with the latest news on pay and benefits and links to military finance articles and advice from the Military.com website. The pay calculator can help service members determine what pay and allowances they will be eligible for when deploying, preparing for a permanent-change-of-station move or advancing in rank or time in service.
Savings Coach
Targeted toward millennials, this app allows USAA Bank account holders to make a game out of saving money. When you skip a regular or spontaneous purchase such as a trip to the nail salon or coffee stand, the amount you “saved” is moved from your checking to savings account. As each savings challenge is reached, points and badges are rewarded within the app. Users also are alerted to other money saving opportunities and are rewarded for making good choices. During a four-month pilot period, nearly 800 USAA members saved more than $100,000 using Savings Coach.
Venmo
Have you ever split a restaurant check or participated in a “group” gift only to be left paying the full bill? Venmo, a personal cash transfer service, makes it easy for friends and family to send and receive money. Users can make direct bank (ACH) transfers to one another using the app. Debit card and bank account transfers cost nothing to execute. However, credit card payments incur a 3-percent fee.
