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Which Apps Can Help Me Keep My Financial Resolutions for the New Year?

Which Apps Can Help Me Keep My Financial Resolutions for the New Year?

Holidays  |  Technology and Finance  |  Financial Wellness

Q: What are the best personal finance apps to help me stick to my money resolutions this year?

A: As you know, there’s always an app for that; whatever “that” is! Here’s our review of four of the most popular personal finance apps.

  1. Mint

A quick look at this app:

  • Function: Full money management
  • Cost: None
  • Free trial: N/A
  • Basic features: The wildly popular money management app lets you track bills, categorize and review your spending and monitor your credit health, all at no cost. 

Mint excels at providing a complete financial picture in one spot. You can link your credit and debit cards to the app, and Mint will read your transactions, categorize them and show you how you’re spending your money. Access your credit score, get a breakdown of how your score is determined and create a budget on the app, too.

The big downside to Mint is the ads, which many users find annoying. 

  1. Personal Capital

A quick look at this app:

  • Function: Budgeting and investment tools
  • Cost: Budgeting tool is free. Wealth management costs 0.89% of the balance.
  • Free trial: No
  • Basic features: Allows you to manage your assets and investments along with your everyday spending. 

Personal Capital shines at investment management. Track your portfolio by account, asset class or individual security and identify new opportunities for diversification and risk management.

The disadvantages of Personal Capital include the high cost for wealth management and complicated budgeting features. 

  1. You Need a Budget

A quick look at this app:

  • Function: Budgeting and tracking expenses
  • Cost: $98.99/year or $14.99/month
  • Free trial: Yes
  • Basic features: Import transactions from your checking account and apply them to each budget category to get a full picture of your spending habits. Adjust budgeting categories as necessary and review detailed reports of spending throughout the month. 

You Need a Budget (YNAB) is an app built around YNAB’s famed four rules for improved overall financial health:

  1. Give every dollar a job
  2. Embrace your true expenses
  3. Roll with the punches
  4. Age your money

The cons of YNAB include a premium subscription price and multiple features that confuse newer users. 

  1. Prism

A quick look at this app:

  • Function: Bill payment and tracking
  • Cost: Free
  • Free trial: N/A
  • Basic features: Track and pay your monthly bills with ease.

Prism takes the stress out of paying bills. Sync the app with thousands of billers nationwide, add your bills and Prism will automatically track them for you. You’ll get friendly reminders when a bill is nearly due, and you can even use the app to schedule payments several days in advance. 

Outside of bill payment, Prism is limited in its money management functions. 

Use this guide to find the perfect apps to help you reach your financial goals.

Your Turn: Which apps are you using to help you keep your financial New Year’s resolutions? Share them with us in the comments. 

About Mutual Security Credit Union

MSCU is a Credit Union in Connecticut, open to everyone who lives, works, worships, or attends school in Fairfield, Litchfield, and New Haven County.