Being financially responsible allows you to save up for your retirement and other future goals, while preventing you from accumulating excessive debt. However, just like any other life skill, taking steps to learn and master it takes time and practice. There are a lot of terms to grasp, various concepts to understand, and a complex economic situation to grasp. All these factors combined often intimidate and prevent individuals from taking their first steps towards mastering their financial health. 

Thankfully with the rise of powerful technology, right there in the palm of our hands, there are great tools that can not only educate us, but also help us stay focused and on track. With easily accessible apps you can install on your phone, you can easily get a hang of financial literacy. Let’s take a look at some of the best tools for beginners:

Money Management and Trackers

How many times a week do you go out to eat instead of preparing and cooking your own meals? Chances are, you also spend way too much on your daily dose of caffeine at big brand coffee shops. These items and other seemingly small expenses can quickly add up, especially when you lack a proper idea of the amount you spend on them over a set period.

Take back control over your funds and with a money management app (or also known as an expense tracker). As you are still starting out, it may be best to consider Goodbudget as your app of choice. Its manual “envelope method” forces users to become well acquainted with each expense in every category. Through continued use, over time, you will then become more conscientious about the value of your money. 

Your Bank’s App

Having your bank’s dedicated app installed on your mobile device saves you a world of trouble because it makes a lot of transactions more convenient, like automating payment methods for your recurring expenses (rent, internet and phone bills, student loans debt payment, and more) or depositing checks. Even better, you can also schedule monthly fund transfers into your savings account for safekeeping. I always say that automating your savings is wise! This way, all your priority items will be taken care of first before you even get the chance to spend the money on something else. 

It also provides you with easy, 24/7 access to your account and system maintenance notices ahead of time so you can conduct transactions accordingly. Make sure to stay on the lookout for more in-app features like withdrawals and deposits, peer-to-peer fund transfers, and interest rate calculation. Depending on your bank, you may have to manage multiple debit and credit cards and review your online payment history. Being aware of how much is in your account allows you to make more financially informed decisions. 

Budgeting Apps

After you’ve automated your major expenses, the next step to becoming more financially responsible is to get into the habit of setting and sticking to your budget. Learn to set limits on yourself to avoid incurring additional and unnecessary expenses that exceed your means. Nowadays, most budgeting apps notify you whenever you overspend (or run the risk of overspending) on a specific category.

Interested in installing your first budgeting app? Check out PocketGuard, Every Dollar, or Mint, which are some of the most popular budgeting apps out there. You can connect it to your savings, checking, or credit accounts and have it automatically deducted your recurring expenses for you. As a bonus, it also informs you of any areas that have better rates. Premium users will also be shown subscriptions they can cancel, as well as receive instructions they can follow to do so, in order to save more money.

Apps for Beginner Investors

Most individuals who have zero experience in investing may be intimidated by the seemingly steep learning curve necessary for such an undertaking. However, after learning what steps to take before investing, along with acquiring more knowledge and guidance, it can be one of your most valuable assets. It’s also worth mentioning that with the proper techniques, over time, your investments will allow you to achieve your major financial goals. Use the returns you gain from them to further your education, start a business, save for a car, home, retirement plan, and more. Check out apps for popular brokerages, like E*Trade, Vanguard, or Charles Schwab.

For a zero-fee investing experience you can gain access to M1’s email newsletter, written to help you learn more about the markets and how you can improve your mindset for the long run. For a similar reason, it also allows you to follow expert-made portfolios as well. 

Summary

Taking care of your financial health empowers you to take even better care of your physical, mental, and emotional health. So, learn to prioritize your expenses to avoid panicking when your next bills are due, maximize the features found in your bank’s app for your convenience, and practice proper budgeting so you can save extra money that you can then invest and grow for your future. Leverage technology for your own benefit!

Most importantly, start installing these apps and get started on your journey towards being a more financially literate individual—no matter how old you are or what stage of life you’re in!

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