Understanding personal finances can be intimidating. You know how much money you make and you try to save a little here and there, but the reality of increasing the amount of student loan bills and other living expenses can weigh heavily on the millennial generation – c that is why it is difficult to get a more general idea.
Listen: A personal finance application (or two or three) can be your best friend for better money management – and spending it. (We recommend that you start with YNABbut more on that later.)
Believe it or not, about 66% of people aged 21 to 32 have saved nothing for their retirement, according to a survey conducted by the National Institute on Retirement Security. It's no wonder millennials discover it difficult to buy a house.
Although retirement is still a long way off for today's generation, it's important to keep the future in mind so you can find the path to financial freedom for the end of your career, vacation, and even unexpected expenses. or accidents.
The basics of personal finance and savings can be lost for some people who feel that it is almost impossible to save when most of their money runs out a few days after they have received a check of settlement. The cycle starts again and you feel stuck trying to keep your head out of the water. However, financial freedom is very easily accessible through prudent financial management, budgeting, expenditure tracking and intelligent management of savings, investments and credit creation.
The good news is that it's never too late, or too early, to better manage one's finances. After all, the tools you need to help you in your financial journey may well be in your pocket.
Here is a step by step guide to saving money by using financial apps for smartphones and other smart tips:
1. Create a budget
Knowing how much money you make is not the same as spending it wisely.
Staying organized is the key to your financial freedom and budgeting applications such as Mint and YNAB can help you create a budget and respect your means every month. Mint is a free app (it's a very important word) that you can customize and modify based on your income and help you set your financial goals to the nearest cent.
If you still do not know how much you should save each month, Mint You can also set your budget based on your income. It can create limits and categories on your consumer habits, which you can change at any time, while the app can connect to your bank accounts, your credit cards and your lenders to give you a complete picture of your finances.
Waiting, YNAB, which means You Need a Budget, takes your monthly expenses to a higher level by examining each dollar of your bank account in detail. In fact, one of the rules for YNAB is that every dollar should be used. So you know that he is serious about budget and making sure to stay on track instead of "stealing" as the months go by.
With YNAB, you define what is important to you and how to achieve your goals with good expenses and good savings. The app allows you to continue using your money for important things in life such as rent, food, medical expenses, and so on. It can even take place for unforeseen expenses and emergencies without straining the other things that are happening in your life.
YNAB you have a free trial of 34 days, but then it costs $ 6.99 / month.
2. Track your expenses and expenses
Now that you have a realistic and achievable budget, you have to stick to it. Smartphone apps like Quicken can take your way to financial freedom to the next level. Quicken can track all your spending habits by just taking a picture of your receipts, which automatically categorizes your expenses into categories, dates everything and tracks the amounts deducted from your balance with your approval.
In fact Quicken is probably the most detailed of all financial applications on this list because it is so rich in features. The app can track and record your expenses and investments, create easy-to-read expense reports and pay your bills online. Once the application is synchronized to your bank account, you can transfer funds from one account to another with the desktop version of the application. It can even predict and predict your cash flow for next month, thus allowing you to have a better idea of your overall finances.
One of the best things about the application is that it is completely searchable. You can search through all your spending habits, expenses and reports to easily access your personal finances. The Quicken app It's also easy to understand and use with a very intuitive interface that works offline when you do not have a data connection.
In addition, the app sends you notifications and alerts when your bank balance goes down and if you go over your budget for the month, you'll avoid spending too much. Think of the Quicken app as your personal accountant inside your pocket that you do not have to feed or clothe.
The Quicken app works with Android and iOS mobile devices and is free to purchase any Quicken product.
3. Manage your debt
according to More than 44 million millennials are in debt, their debt rising to $ 33,000, mainly from student loans from financial institutions. In fact, most millennials are pushing back the "milestones of life", such as starting a family and becoming a homeowner because their debt is huge, while some are forced to return home with their parents to stay out of business. water. Getting out of debt is not an easy task, but if you have the right tools and a little bit of optimism, you can get out of debt sooner than you think.
Smartphone apps like can help you ease your burden with an overview of how much money you need, with reasonable methods and techniques to get out of your debts faster. The application can track your debt payments and give you time to financial freedom. This means you can track your progress and feel better about your financial situation through a real game plan. The best part of this app is that it is totally free.
Another good idea? Transfer your debts to a credit card with a 0% APR launch period and be aggressive with these payments. This way, you will not pay any interest and you will be able to repay the debt faster than if you only made the minimum payment each month.
The BankAmericard® Credit Card by Bank of America offers a 0% introductory period on balance transfers and purchases for 18 billing cycles, after which a variable APR of 15.24% to 25.24% will apply in according to your solvency. The BankAmericard® credit card has a transfer fee of $ 10 or 3% (whichever is greater), with no annual fee.
4. Save money
"One penny saved is a penny earned." This phrase is commonly attributed to Benjamin Franklin, who would have "invented" it in the 18th century. If Mr. Franklin was with us today, I'd like to use a smartphone app like Qapital (Pronounced capital), a way to save money by turning it into play.
Once the application is downloaded, create an account with Qapital and link to a bank card with a current account and start defining your financial goals. Why are you saving money? You may have the intention of going to Paris, where you want concert tickets for the summer, or you are looking to buy a car. After setting your goals, add the amount you want to save.
Suppose you want to save $ 1,200 for a new laptop. Now that everything is ready, you can configure the "rule" for the backup. Qapital set "round to the nearest dollar" as the default, but you can choose how you want to save. If you chose the default value, the application rounds the amount to the nearest dollar each time you use your credit card and automatically adds it to your account. So, if you buy something for $ 5.62, Qapital will charge 0.38 cents from your credit card and add it to your account. You can then transfer your savings to a bank account to start all over again. So you save money without even realizing it.
The application features other "rules", such as the "less spending rule", in which you can save the difference if you spend less for one of your favorite expenses and activities, or the "rule of guilt", which allows you to save money from your guilty pleasures. You set goals and rules, and Qapital helps you save money.
Qapital is available for iOS and Android. Although the download of the application is free, there are three membership options for basic plans ($ 3 / month), full ($ 6 / month) and master ($ 12 / month). Discover the company website for more information.
5. Start investing – as now
Now that you have managed to save money, it may be time to invest and earn some personal capital. If you know almost nothing about investing, Robin Hood is a good place to start. This smartphone app gives anyone free access to the stock market.
For years, buying and trading stocks were only for the rich and the connoisseurs. You had to use a stock broker to facilitate purchases and transactions on your behalf, while taking a piece of the pie as a commission.
However, Robin Hood is completely free and allows you to have access to the stock market game 24/7 without any fees or commissions. More, Robin Hood Supports cryptocurrency like Bitcoin, Etherium, Dogecoin, etc. Crypto is supported in more than 30 states at the moment, while the app is planning to do it in more places across the country. This financial application is a great way to build a strong equity and equity portfolio, while gaining the confidence to invest and use cryptocurrency.
Robin Hood is available for iOS and Android.
6. Build your credit
Did you know that only 33% of adults aged 18 to 29 have at least one credit card? About two-thirds of millennials do not have a credit card, according to this surveyand are reluctant to add more debt to their student debts.
If you're worried about getting deeper into the herbs, but want to expand your credit, you need a credit card to boost your credit score. (We recommend Credit cards explained for more information on this topic.) Once you have registered and approved, download the Karma Credit application to help you manage your credit C & # 39; is a free application that gives you access to your credit score and your credit report, while providing credit monitoring.
Karma Credit can also give you information on how to improve your score, including the factors that contribute to good and bad scores, and the types of products and services that can help you obtain outstanding credit.
Karma Credit is available for iOS and Android.
7. Find a financial coach
Everyone needs coaching to get through difficult times. Breaking with financial freedom and happiness could be just an app download with Joy, a financial coaching and savings app for iPhone.
Once you have created an account, you are asked to synchronize your current account so that you can evaluate your purchases and transactions. If spending money on an item makes you happy, it is a great value purchase. If that makes you sad, it's a low value transaction. (It's like the KonMari finance method.) Joy Next, try to make connections between your mood and your prospects and their relationship to your expenses, which should encourage you to save more. In fact, Joy is also a kind of bank because you can open a Joy Savings Account insured by the Federal Deposit Insurance Corporation (FDIC).
More, Joy offers savings strategies by tracking your expenses, as well as a financial backing to help you achieve your financial goals – as well as a steady stream of articles on finance, happiness and money. personal care.
Sorry Android users, Joy is only available for iPhone.
(tagsToTranslate) personal finance finance (t) millennials (t) applications-and-software (t) mashable-shopping (t) tech (t) consumer technologies</pre></pre>