When it comes to getting started managing money, it’s crucial to find a budgeting method that helps you stay organized and achieve your financial goals.
Check: Best Online Savings Accounts and Neobank from GOBankingRates 2023
Consider: Protect your financial future with gold and silver
Learn: Why 1 in 5 Americans Consider Switching Banks
If you’re a Gen Zer or Millennial, you’ve probably seen an ad or two on your phone for a handy management app. However, you might be wary of how useful this type of tool really is when it comes to tracking your money. While budgeting within an app is different from the paper-and-pencil method of tracking your funds, it’s an incredibly convenient – and less cumbersome – way to track your money in today’s digital landscape. today.
If you’ve never budgeted before – or are a fan of pen and paper budgeting – and are interested in the benefits and features that money apps offer users, Discover the benefits of budgeting this way and learn about five financial apps that Gen Z and Millennials love.
Why are money management apps useful?
Everyone has different habits when it comes to saving and spending money, and different budgeting apps cater to different financial goals, giving users the flexibility to use apps that suit their preferences. .
Typically, money apps connect your bank account or credit cards and let you easily see your budget when you’re on the go with friends or on vacation.
Take our poll : What are your financial priorities in 2023?
The one thing that holds many people back from budgeting is trying to figure out how to budget. If you fall into this category, following a budgeting app is ideal because an app helps you create an achievable budget based on your income and spending habits. You can also create budgeting categories that help you track how much money you’re spending on different areas.
Here are some additional benefits of using these apps.
Saving for financial goals
If you’re struggling to save money, a money app can help you set up savings categories and schedule automatic deposits of your money into a monthly or weekly savings category to help to stay on top of your goals.
Expense tracking
One of the biggest benefits of using an app rather than a paper-based method of budgeting is that the apps automatically link your credit and debit accounts and automatically track your purchases for you.
Ease of use
You can’t beat the convenience and ease of use of a money app. These programs remove the stress and anxiety that comes with tracking finances and itemized budgeting for users in a manageable way.
5 Money Apps Gen Z and Millennials Love
Now that we’ve looked at why these apps are so great, let’s take a look at some of our favorite money management apps for Gen Z and Millennials.
mint
Mint stands out as the preferred financial app for Gen Z and Millennial users for the comprehensive tools it offers that make budgeting convenient and easy.
“Mint is a fabulous app for all your budgets, savings and [accounting] needs,” said Jake Hill, CEO of DebtHammer. “Gen Z will appreciate the tracking Mint runs on their spending, so they can visually see the effects, limits, and possibilities of their financial experiences.” This app can help you plan for your future while providing advice and strategies on how to best pay off your debts, which Gen Z is more than familiar with. »
Mint also offers a suite of free features that are perfect for millennials or Gen Z looking to start budgeting; over time, they can upgrade as their budget needs change.
YNAB (you need a budget)
You Need a Budget is the perfect app for any Gen Zer or Millennial looking to get out of debt. Whether you’re feeling the brunt of student loans or paying for a car or house, this app can help. YNAB offers courses in financial responsibility and a four-rule approach to simplifying budgeting and getting out of debt.
“It’s the best app for creating and sticking to a budget,” said Andrew Lokenauth, Founder of At ease in finance, a financial site that aims to help people improve their financial well-being. “It offers a simple interface and helpful tutorials to guide users through the budgeting process. It also lets you connect your bank and credit card accounts to track your spending in real time.
Figure
Soon to be known as Oportun, Digit is ideal for anyone who wants to save money but struggles to stay disciplined. The app helps users save money without thinking about it by transferring small amounts daily from their checking account to a savings account. It’s a great option for anyone looking to grow their savings.
“Numbers have long been one of my favorite ways to save because they make it mindless,” said Sam Garrison, president of Stack, a financial wellness app. “Digit automatically takes a small amount—you don’t even notice it—from your bank account every few days. Digit works on the basis that if you can’t see it, you can’t spend it. After a few months of using Digit, I had saved way more than I expected.
Goodbudget budget planner
If you’re looking to stay on top of your finances and prepare for the future, Goodbudget offers you individualized spending and budget tracking tools based on users’ personal financial situation.
“I’ve been using Goodbudget for about six months now, and I love how easy it has made managing my money with its digital twist to the traditional envelope system,” said Alvin Wei, co-founder of SEOAnt, an SEO tools application offering solutions for e-commerce. “Each month, I can enter numbers into different categories, and then Goodbudget will help me set a budget and set a certain amount for each item.”
Wally: smart personal finance
Wally is another great money management app option for Gen Z and Millennial users. This app allows users to track expenses while providing a timeline view of their spending over the months and a feature to track their net worth.
“As a Gen Zer, I find this financial app quite simple and seamless with its clean interface,” said Mark Damsgaard, head of client consulting at Global Residence Index, a visa and migration agency. “It’s great to know how much money is coming in, how much is going out and where the money is going. I like that it can automatically categorize transactions and gives real-time updates on account balances. I also synced my other accounts – bank, PayPal, etc. – to get an overview of my finances.
More from GOBankingRates
This article originally appeared on GOBankingRates.com: 5 Go-To Money Apps for Gen Z and Millennials