According to the Office for National Statistics (ONS), in July 2024, 45% of adults stated that the cost of living had increased over the past month, highlighting the importance of using tools for financial management.
Luckily, there are various financial apps designed to simplify your money management. These apps cover budgeting, investing, and more.
This article will explore five essential apps to streamline your financial planning and help you avoid overspending.
Financial Applications to Manage Your Financial Life
Here are the five financial applications to help you manage your finances.
-
IQ Wealth App
The IQ Wealth App by Investment Quorum, supported by moneyinfo, is a valuable tool for people looking to consolidate their financial portfolio in a single location. This application is designed to better understand your finances and take control of your money. It uses advanced technology to give you an easy way to keep track of what you own, what you owe, and all your financial responsibilities, all in one convenient place.
The app allows you to:
- Securely communicate with your financial advisor.
- View personalised reports.
- See how your investments are doing.
It’s great for keeping track of your investments and getting updates on the latest market trends. With its robust security measures, the IQ Wealth App makes it easier to manage your financial situation.
-
Mint
Mint is an excellent tool for keeping track of your spending. Mint connects to your bank accounts, credit cards, and bills, providing real-time updates on your spending through an easy-to-use interface. It also sorts your spending into categories automatically, so you can see where your money is going at a glance. It even sends you reminders for upcoming bills and tips to save money. Whether you’re new to budgeting or want an easy way to manage your money, Mint is a great place to start.
-
YNAB (You Need A Budget)
YNAB goes further than simple budgeting and delves into in-depth financial knowledge. The core belief of this application is to assign a specific task to each dollar. Individuals assign their income to expenses, savings, and debt payoff in a manner that is consistent with their future goals. In contrast to traditional budgeting apps, YNAB motivates users to anticipate future costs and offers them resources for attaining financial freedom.
Appic Softwares reported that 10 million people visited the YNAB application in April 2024. This means that the application helps users manage their finances.
One of the app’s main attractions is its wide range of educational resources. YNAB aids people in developing a proactive budgeting mindset, enabling them to address debt and gradually grow their savings. The application connects to your accounts and offers fast updates on how you’re doing. If you want to reduce debt or increase savings, this app provides clear steps to follow, fostering a sense of success as you reach your financial objectives.
For those looking for a planned way to manage their finances, YNAB is a necessary tool. It offers advanced budgeting abilities that promote proactive financial management.
-
Revolut
Revolut provides a flexible banking and currency exchange option for global business professionals and regular travellers. The application allows its users to transfer money worldwide with low fees and offers opportunities to:
- Invest in cryptocurrency
- Open savings accounts
- Use budgeting tools
Revolut’s standout feature is its capability to store and convert various currencies, catering to those involved in international transactions or frequent travellers. It offers quick alerts for each transaction, enabling you to stay informed about your finances, regardless of location.
Moreover, Revolut’s investment options enable purchasing stocks, commodities, and cryptocurrencies within the app. Whether you want to handle your day-to-day finances or broaden your investment portfolio, Revolut offers a variety of financial tools to aid in growing your wealth worldwide.
-
Robinhood
Robinhood has transformed the investing landscape by expanding access to more people. Recognised for its trades without commissions, this application is attractive to younger investors and stock market beginners. It enables users to trade stocks, ETFs, options, and cryptocurrency without commission fees.
The app’s interface is designed with the user in mind, making it simple for new investors to navigate and start investing. With live market information, news alerts, and the ability to create personalised watchlists, it provides the tools to make informed decisions and reassures users about their investment choices.
Robinhood aims to make investing more accessible by eliminating elevated fees and account minimums, enabling millions to engage in the stock market. If you’re interested in investing, Robinhood is a great platform to begin with low initial costs.
Conclusion
With these five essential financial applications you can effectively manage various aspects of your finances. If you need assistance with budgeting, investing, and handling global finances, these applications provide the best resources to support your success. By utilising appropriate technology, you can guarantee your financial goals remain on course despite any challenges that come your way.
