Investing tools, budgeting apps, credit card invite mailers, and even something as simple as Google Sheets and Microsoft Excel can be used as personal finance tools. In a time where so many people are concerned about money and tracking their finances, new resources for managing these finances are sprouting up every day.
I have tried my fair share of these tools and am here to give the low-down on which ones I think are worthy of your time! Whether you’re a budgeting beginner or a veteran of personal finance, these tools can help you on any step of your financial journey!
Tool #1: Qapital (Round Up Savings App)
If you are looking for a savings account that will round up your purchases, I highly recommend Qapital. The most basic plan is $3/month and the features are easy to use and easy to set up!
For example, I have my account set up to round up my purchases to the nearest dollar, to put $5 in savings every time I shop on Amazon (in an attempt to curb those impulse purchases), and I take on the 52 Week Challenge which is saving a compounding amount of money for a whole year (i.e. Week 1 is $1, Week 2 is $2, and so on).
You only need one funding account but can link as many accounts as you want. For me, I have my checking account as my funding account but have all of my credit cards connected to trigger the rules to maximize my savings.
You can create customized goals, automatic transfers, and choose from several fun rules and savings triggers that they have preset in the app!
If you want to try it out, make sure to use code wx35c5av (or click the link) to get a FREE $25 deposit into your account after 45 days!
Tool #2: Credit Karma (Check Your Credit Score)
Now, I understand that you truly would have to have been living under a rock for the last 5 to 10 years to not have at least HEARD of Credit Karma. However, it is so worth mentioning because of its reliability and easy-to-use features!
Credit Karma is completely free to use and provides a great foundation for knowing, understanding, and growing your credit score. Credit Karma also offers tools that can help you do things like:
- Seeing how much home-buying power you have
- Recommending you credit cards based on approval odds
- Helping to make sure you are paying a fair price for insurance
- And more
While a good chunk of Credit Karma’s platform is dedicated to their partnerships, I have always found Credit Karma to be a helpful resource when it comes to things like assessing my financial game plan!
Tool #3: Empower (Understand Your Networth and Spending Habits)
Empower is the newest tool in my personal finance belt but even in the short time that I have been using it, I have found it helpful in understanding the way I spend my money month to month. Formerly called Personal Capital, Empower allows you to connect your banks, cards, loans, etc. to your profile to calculate your network, track and categorize your spending, track your investments, etc. Out of all the “budgeting” apps I have tried (and trust me, I have tried a few) it seems to be the least judgemental. Meaning, I am not getting push notifications every time my credit card gets swiped at a store yelling at me for excessive spending.
Because Empower is not a dedicated budgeting app, you will have some trouble with things like setting spending goals. However, if you are just looking to see where your money is going month to month, Empower will do the trick.
Side note: If you are looking for an all-inclusive budgeting app, I recommend Mint. Though it takes a bit longer to set up, the platform is not hard to use and it is much more comprehensive on the budgeting side of things while also including the other features that Empower offers.
I would like to end this blog by saying that there is no one-size-fits-all approach to personal finance and therefore the tools that I mentioned here might not be the best fit for your finances. However, if you are looking for a strong foundation, these tools can provide that while you figure out what will be the best in the long run. I have been using these apps for a range of 6 years to 2 months and I am sure that if you ask me 6 months from now, my opinions on what is worth it and what isn’t will change!
Do not feel rushed or overwhelmed by all of the options currently on the market! Try out one or two at a time and feel it out from there. Best of luck on your financial journey!
