According to Forbes,be global fintech app usage rose to 72% last year. The spike in app adoption can be
attributed to the health crisis, as the threat of economic instability drove more people to think about their
finances. Moreover, given that fintech apps were already growing in popularity in the years prior, the
increased digitization of finance is here to stay.
That said, if you want to set yourself up for financial success, the following apps could help you manage
your money.
1. Cash App
Carrying wads of cash around is not only inconvenient but also risky. Unlike with cards, when your paper
money gets stolen, it’s nearly impossible to get it back. And with the ongoing pandemic, there’s an added
risk of transmission when making cash payments.
With Cash App, making payments through your mobile phone is both easy and safe. All you need to do is
link your bank account to the app, then load money in. Since Cash App uses encryption and fraud
detection, any funds you add are secure. Cash App comes with no service charges, monthly fees,
inactivity fees, or external transaction fees. You can also use Cash App to buy investments like stocks or
Bitcoin. It also partners with sellers like DoorDash to give you discounts on purchases.
2. You Need a Budget
You Need A Budget (YNAB) isn’t your everyday “set it and forget it” budgeting app — rather, the app
encourages you to actively set financial goals, adjust your budgets, and change your spending behavior.
It does this by syncing up with your bank account and cards to track debit and credit transactions in real-
time. Then, you can set specific budgeting categories, allowing you to allocate certain amounts of money
for different expenses, such as rent, utilities, or groceries. YNAB uses the zero-based budgeting approach,
which means that it gives all the money you earn a purpose, whether that’s saving, investing, paying debt,
or covering monthly expenses. If you want a hands-on approach to money management but still need
guidance when it comes to budgeting, YNAB is the app for you.
3. Petal Card
There’s a lot of mystery surrounding credit. When it comes to mainstream credit companies, for example,
the factors for qualifying for a credit limit increase are often unclear. That's exactly what the creators of
Petal Card aim to solve with an app feature called Leap. Leap, which comes with the Petal app, shows
cardholders the steps they need to take to get a guaranteed credit limit increase. That is: consistently pay a
percentage of your monthly statement balances within a 6-month period, and keep your credit score
healthy.
And since the app tracks your progress for you, you get a clearer picture of how close you are to your
financial goals. By providing tangible goals and tracking your accomplishments, the app motivates you to
commit to better financial health.
4. Wealthfront
For many, investing can be a tricky terrain to navigate. Seeking help from a financial advisor is too
expensive, but doing research on your own can be confusing. Enter Wealthfront, an automated investment
service that uses AI to plan out personalized portfolios and provide financial advice for a small 0.25%
management fee.
Wealthfront lets you connect financial accounts and assets so its roboadvisors can assess your current
financial situation. Then, you’ll be interviewed on your personal financial goals and your view on risk.
Once Wealthfront gathers all relevant information, it will show you a portfolio that fits your
circumstance. Aside from investment, you can also use Wealthfront to manage cash, save money, and
make automatic payments.
The increased digitization of finance has undeniably made money management easier for consumers.
Thanks to mobile apps that let us manage budgets and investments, make safe payments and even build
credit, consumers are better empowered to get on track for financial success.
