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When you start managing your money, it’s important to find a budgeting method that helps you stay organized and reach your financial goals.
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If you’re Gen Z or a millennial, you’ve probably seen an ad or two on your phone for a handy management app. However, we might be cautious about how useful this type of tool can really be for tracking money.In-app budgeting is different than the pen and paper method of tracking funds. is a very convenient and hassle-free way to track money in today’s digital environment.
If you’ve never budgeted before, or if you’re an avid pen-and-paper budgeter and are curious about the benefits and features money apps offer users, this is the way to do it. Check out the benefits of and discover five money apps Gen Z and millennials love.
Why money management apps can help
Everyone has different habits when it comes to saving and spending money, and different budgeting apps cater to different financial goals, giving users the chance to use apps that cater to their preferences. doing.
Money apps typically connect bank accounts and credit cards to make it easier to check your budget while you’re out with friends or on vacation.
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One of the reasons many people shy away from budgeting is trying to figure out how to do it. If you fall into this category, it’s ideal to follow a budgeting app as it helps you create a workable budget based on your income and spending habits. You can also create budget categories to help you
Here are some additional benefits of using these apps:
save for financial goals
If you’re struggling to save money, the money app allows you to set up savings categories and schedule automatic deposits of money to your savings categories on a monthly or weekly basis to help you stay on target.
spending tracking
One of the main advantages of using an app instead of a pen and paper method of budgeting is that the app automatically links your credit and debit accounts and automatically tracks your purchases.
ease of use
The convenience and simplicity of using money apps can’t be beat. These programs keep track of finances in a manageable way, taking away the stress and anxiety associated with splitting users’ budgets.
5 Money Apps Gen Z and Millennials Love
Now that you’ve seen why these apps are great, let’s take a look at some of the popular money management apps for Gen Z and millennials.
mint
Mint stands out as a favorite financial app among Gen Z and Millennial users for providing comprehensive tools that make budgeting convenient and easy.
“Mint helps budgeting, saving, [accounting] DebtHammer CEO Jake Hill said: “Gen Z appreciates the tracking Mint performs on their spending so they can visually see the impacts, limitations, and possibilities of their financial experience. As such, it helps you plan for the future while providing tips and strategies for paying off debt.”
Mint also comes with a set of free features that are perfect for millennials and Gen Zs just starting to budget. Over time, upgrades can be made as your budgeting needs change.
YNAB (budget required)
You Need A Budget is the ideal app for Gen Z and Millennials looking to get out of debt. Whether you’re feeling the weight of student loans or car and home payments, this app can help. YNAB features a financial responsibility course and a four-rule approach to simplify budgeting and get out of debt.
“This is a great app for making a budget and sticking to it,” says Andrew Lokenauth, founder of Fluent in Finance, a financial site aimed at helping people improve their financial well-being. says. “We provide a simple interface and useful tutorials to guide users through the budgeting process. You can also connect your bank and credit card accounts to track your spending in real time.”
digit
Digit, soon to be known as Oportun, is ideal for those who want to save money but struggle to stay disciplined. The app helps users save money without a second thought by transferring small amounts daily from their checking account to their savings account. A great option for those looking to increase their savings.
Sam Garrison, president of financial wellness app Stackin, said: “Digit automatically deducts a small amount of money (you don’t realize it) from your bank account every few days. It’s based on the idea that if you can’t see a number, you can’t use it. It saved me a lot more money than I expected.”
Goodbudget budget planner
If you’re looking to stay on top of your finances and plan for the future, Goodbudget has you covered with a spending tracker and separate budgets based on your personal finances.
Alvin Wei, co-founder of SEOAnt, an SEO tools app, said: Solutions for e-commerce. “You enter numbers in different categories each month and Goodbudget helps you create a budget and set a fixed amount for each item.”
Wally: Smart Personal Finance
Another great money management app option for Gen Z and Millennial users is Wally. The app allows users to track their spending while providing a calendar view of their spending for the month and the ability to track their net worth.
“As a Generation Zer, I find this financial app very easy and with a clean interface,” said Mark Damsgaard, Head of Client Advisory for Global Residence Index, a visa and immigration agency. I’m here. “It’s great for keeping track of how much money is in, how much is out, and where it’s going. I also synced my other accounts so I have a complete picture of my finances.”
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This article originally appeared on GOBankingRates.com: 5 Go-To Money Apps for Gen Z and Millennials
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