Best Financial Apps for Young Adults
Millennials and Generation Z are known for being tech-savvy with their lifestyles. Financial Technology (“Fintech”) applications are one way for this age group to stay on top of their finances. These apps simplify your finances and help you balance your money management skills.
These apps help you stay focused on the things that are most important to you in life.
The apps that we have researched below are all made for your cellphone and can potentially be used on your laptop or computer, depending on the app.
Apps for Personal Finance
Mint and MVelopes are two apps that are well known personal finance apps. Mint works with both cell phones and computers, and this app allows you to connect your loans and accounts, set limits, create budgets, and categorize transactions. You can look at basic reports on this app to see your financial growth.
MVelopes has a different approach to personal finances. This app uses a more direct “envelope” traditional way of savings. This app allows you to set up virtual envelopes for different items (for example, your next summer vacation) for your short- and long-term goals. Not only that, but the basic plan syncs up with any credit card, debit card and bank account, which makes looking at all of your finances easy. This app is available on mobile and online.
You Need A Budget, or YNAB, is an app that focuses on making your budgeting fast and simple. This app tells you how much money you have, when you should save versus spend it, and what you should spend your money on. This app is great for tracking regular spending, such as rent or insurance. This app is available on cell phones and can be accessed online.
Acorns is a popular fintech app that focuses on micro-investing. This app invests your spare change for retirement. This app is done primarily on your cell phone. Before downloading this app, feel free to consult our financial advisors at Family Legacy to see if this is a good fit for you.