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Uzone.id — In today’s digital age, managing finances has never been easier, special thanks to the rise of financial technology (fintech) apps. The awakening era of being more aware of our financial condition has been pushed since the pandemic. Hence, the term “frugal living” arises.
Frugal living itself is known as the lifestyle where people maintain their financial goals by making economic decisions with their finances and resources. In other words, a frugal lifestyle means managing the money more efficiently and carefully.
According to a 2023 report by Statista, the global fintech market is expected to reach USD310 billion by 2025, which is next year. There are a lot of useful applications that can be utilized to improve our money management.
For those looking for digital solutions for financial management, or those who want to start implementing so-called frugal living, here are some of the best fintech apps available for effective money management.
Mint App
There are great personal finance apps out there to handle your budget with their features. Mint App is a highly regarded personal finance app known for its comprehensive features that help you manage their money effortlessly.
The important thing is, this app has a user-friendly interface and robust features, making it an essential tool for anyone looking to take control of their finances.
Mint App provides a comprehensive overview of your finances in a single location. It gathers your transactions by linking your credit and debit cards to your account, categorizes them, and illustrates your spending patterns. With this app, you can monitor your expenses and payments, as well as create and adhere to a budget.
Some of its key features are:
– Expense Tracking: Automatically categorize your transactions and track your spending.
– Budgeting: Create personalized budgets based on your spending habits.
– Bill Reminders: Giving you alerts for upcoming bills to avoid late fees.
– Credit Score Monitoring: Check your credit score for free and receive tips on how to improve your credit score.
YNAB (You Need A Budget) App
YNAB is a budgeting app that focuses on helping users allocate their money effectively. If you’re aiming to eliminate your debt, this app can assist you in achieving this goal with its budgeting features.
YNAB is a bit different from other apps, it’s focusing on future financial decisions rather than tracking past transactions. It employs a zero-based budgeting system, where you allocate every dollar you earn to specific categories.
This approach encourages you to be deliberate with your money, enabling you to make proactive decisions about its allocation. Its unique approach ensures that every dollar is assigned a job, promoting disciplined financial habits.
This app’s key features are:
– Goal Setting: Set and track your financial goals, such as saving for a vacation or paying off your debts.
– Real-Time Tracking: You can sync your accounts in real-time to see where your money is going.
– Educational Resources: You can access workshops and resources to improve your budgeting skills.
Acorns App
The main focus of this app is saving your money with a unique approach. Acorns is an investment app that simplifies investing by allowing you to invest your spare change from everyday purchases.
It makes investing easier for beginners, this app rounding up your purchases to the nearest dollar and investing the spare change into a mix of different investments. It costs USD3 a month, and you can withdraw your money whenever you want.
This app is also perfect for you to start investing without needing a large sum of money. Its automated features make it easy to grow your investment portfolio effortlessly.
Key features that might be useful:
– Round-Ups: you can automatically invest your spare change from purchases.
– Found Money: you can earn cashback from participating retailers and have it automatically invested.
– Recurring Investments: you can set up recurring contributions to grow your investments.
– Educational Content: you can access articles and videos to learn more about investing.
Personal Capital App
Personal Capital offers a suite of tools for budgeting, investment tracking, and retirement planning, making it a comprehensive app for managing your finances.
The most important thing is, it’s free! The app gives you all these features without any extra charges. This budgeting tool helps you keep track of your income, spending, and savings regularly. It sorts your spending into categories and lets you see your transactions by date, merchant, or vendor, so you can understand your purchases better.
You can also plan your spending by looking at your minimum payments and due dates, you can review your bills and credit card statements, and use the budgeting feature.
Recommended key features are:
– Net Worth Tracking: You can link all your financial accounts to track your net worth.
– Investment Checkup: You can analyze your investment portfolio and receive personalized recommendations.
– Retirement Planner: You can also manage your future finance by planning your retirement with detailed projections and scenarios.
– Cash Flow Management: You can also monitor your income, expenses, and cash flow in real-time.
So, by leveraging these digital tools, you can take control of your own financial future, you can make well-prepared decisions and achieve your financial goals. To change your financial habits, you can start using these apps today to streamline your financial management and secure your financial well-being.
(Vina)
