Establishing a foundation of financial wellness sounds like a complex undertaking; however, it might be easier and more convenient than you think. While maintaining healthy finances can be tedious and at times overwhelming, there are several apps available that make keeping up with finances more manageable and less time-consuming than ever before.
Here, we've sourced 9 apps that can help you on your journey to financial wellness.
Types of Apps for Improving Financial Wellness
There are several different types of financial wellness apps on the market, but there are three categories that we will focus on in our list; budgeting, money-saving, and investing. Having a firm grasp on these three facets of personal finance is a good starting point for those who are beginning a journey of financial wellness.
Check out a few of our favorite apps from each of these categories down below.
Budgeting Apps
Budgeting is important because it helps people take control of their finances, make informed financial decisions, and work towards their financial goals. Overall, a great budgeting mobile app should combine simplicity, functionality, and customization to empower users to effectively manage their finances and achieve their financial goals. Here are some of the most popular ones:
YNAB
YNAB (short for You Need a Budget) is a budgeting app that connects to accounts to track spending and cash flow to help users create customizable budgets. Users can see spending by specific category, making it easier to review where your money is going (and make changes if need be). Immediate visibility into spending habits can be all that's needed to get your finances where you'd like them. (Free trial available to new users).
Honeydue
Honeydue is a unique budgeting app that is designed for partners who are new to sharing finances together. It allows couples to connect a plethora of accounts from checking and savings to loans and credit cards. Couples can also coordinate bills and keep track of their spending, making it a great tool to avoid financial arguments for those that are just beginning to track finances with another person. (Free to use).
Goodbudget
For those that enjoy the classic envelope method for managing expenses, Goodbudget may be the best option for you. The Goodbudget app allows users to keep track of their finances by budgeting a monthly allowance for categories such as food, gas, rent/mortgage, clothing, and other necessities. It’s a good option for families and couples alike to set limits on their spending in certain categories. (Free basic version, $8/mo for premium).
Money-Saving Apps
Money-saving apps offer automated savings features, visualizations, and goal tracking to help users save money effortlessly and stay motivated. They also assist in expense monitoring, budgeting, and identifying areas for cost-cutting. Additionally, these apps often provide educational resources and sometimes even rewards and cashbacks to support users in achieving their financial goals and building better financial habits.
Digit
For those that are prone to spending money frivolously on a regular basis, Digit is a helpful option to help you start saving money. Digit helps those who need input on how they should start saving money by automatically moving money from checking to savings accounts based on algorithms tied to your personal spending habits. It can also assist in paying down credit card debt and creating savings goals. (6 months free trial, then $5/month)
Qapital
Qapital offers a customizable saving experience by allowing users to move money into their savings accounts when they spend money in certain categories of their choosing. The app also creates a visual board for users that allows them to easily keep track of their money-saving goals. 30-day free trial, then $3-6/month)
Long Game
Long Game is a unique app that adds a fun, game-like element to saving money. Each time you save money, the app enters users for a chance to win extra money with a concept known as prize-linked savings. Long Game is best for those who enjoy the thrill of an occasional gamble, but who also want to grow their savings for long-term financial wellness. (Free)
Credit Building Apps
Great credit allows individuals to access better financial opportunities, such as loans and credit cards, with favorable terms and interest rates. A strong credit history and high credit score demonstrate financial responsibility and reliability, increasing trust from lenders and potential creditors. It can also impact other areas of life, including renting an apartment, getting insurance coverage, and even job opportunities.
Credit Karma
Credit Karma is a popular credit monitoring app that helps users track their credit scores and access free credit reports. It offers personalized recommendations to improve credit health and provides educational resources for financial literacy. With features like credit score tracking, credit reports, personalized recommendations, and educational resources, Credit Karma empowers individuals to manage their credit effectively and make informed financial decisions.
Credit Sesame
CreditSesame is a platform that provides free credit monitoring and financial management services to help individuals understand and improve their credit health. Key services provided by the platform includes credit score tracking, credit report analysis, personalized recommendations for credit improvement, identity theft protection, and access to various financial resources and educational materials. CreditSesame aims to assist users in making informed financial decisions, monitoring their credit profiles, and working towards achieving their financial goals.
Skyblue Credit
Sky Blue is a credit repair company that offers services to help individuals improve their credit scores. The company specializes in assisting clients in identifying and disputing inaccuracies and errors on their credit reports. Sky Blue Credit provides personalized credit repair strategies tailored to individual circumstances and works with clients to challenge negative items with credit bureaus and creditors. Their services also include credit score analysis, credit rebuilding guidance, and educational resources to help clients understand and maintain good credit practices. Sky Blue is the only paid option on this list, but the money it could save you by improving your credit score may make this option worth it. ($79 setup fee and $79/month)
Bonus
Earned Wage Access programs
We couldn't get this far without talking about earned wage access programs! EWA providers (like Tapcheck) partner with employers to offer workers a portion of their paycheck before payday. This gives employees the financial flexibility they need to pay for a surprise expense without having to take on new debt. While Tapcheck is only available to workers whose employers are signed up, you can refer your employer here.
Wrapping Up
Like so much in our lives, technology has helped create an element of convenience (even fun) to a task we used to dread, like dealing with our finances. But it no longer needs to be a headache -- these nine apps can help you take the next step forward in your financial journey.
