Saagar Gupta, Fund Manager at SG3, on the Best Finance Apps

When it comes to getting a handle on one’s personal finances, there are a plethora of options to choose from. For instance, one could consult a personal financial advisor, glean insight from credible experts online, or take their finances into their own hands by downloading and utilizing finance apps on a mobile device. Unsurprisingly, many opt to download advisory apps, as they are more accessible than a physical professional, and they present information in a way that is easier to digest.

However, seeing as there are hundreds, if not thousands, of personal finance apps available on every mobile operating system, it can be difficult to choose which one is the best fit for one’s personal goals and needs. Therefore, with that in mind, let us take the time to explore the most useful finance apps for providing simple advice.

Mint

If your primary goal is to get a better handle on your money and discover exactly what it is being spent on, Mint is the best tool to put in your arsenal. Developed by Intuit, the driving force behind TurboTax and QuickBooks, this app allows its users to develop a budget and track spending all in one fell swoop.

Additionally, users can link their various bank, credit card, and loan accounts to their Mint app, eliminating the need to log into multiple sites to discover one’s account balance, amount due, and so on. Furthermore, users can allow the app to send reminders of when bills are due, giving them a decreased chance of being hit with a late fee.

Acorns

If you wish to build a stronger savings account but do not have the means to do so yourself, Acorns could be your best bet. Simply link your debit and credit cards to your app, then spend your money as you normally do. Acorns will then round up your purchases to the nearest dollar and invest the difference into the low-cost exchange-traded funds (ETFs) you selected during the account creation process.

While the app itself is free, it is important to note that the service is not. However, in following the mission of making financial control inclusive, Acorn grants college students free access, while virtually everyone else must only pay $1 per month.

You Need A Budget (YNAB)

If you are in search of a financial accountability partner, You Need A Budget (YNAB) is your perfect solution. This app aids you in forming a budget that is tailored to your actual income, thus ensuring you do not live outside of your means or accumulate more debt.

Additionally, YNAB allows users to stop living from paycheck to paycheck, instead making every dollar count toward paying down debt and gaining financial stability. According to the product’s description, most users pay down an average of $500 in debt in their first month alone, making the service’s small monthly or annual fee entirely worth paying.

Evidently, there are a number of ways one can take their money into their own hands with the help of finance apps. However, it is important to point out that this technology was only developed to solve relatively simple financial issues. If you have found yourself in a more complex situation, it would be in your best interest to consult a trusted financial expert, who is far more equipped to help you develop an effective plan of action.

Saagar Gupta is a seasoned financial professional with nearly two decades of experience under his belt. A fund manager and principal of SG3 Capital, Saagar hopes to make a positive impact on the public by sharing his insights. To learn more about Saagar Gupta, please visit his website.