As millennials, we use our phones constantly, so why not use them for personal finance? There are some really helpful and easy-to-use apps out there that are well worth investing the time in downloading.
Tracking Your Accounts: Mint
As you enter college, you may find that—between your bank account, credit card and student loans—you suddenly have a variety of financial accounts you should keep track of. The app, Mint, allows you to add these accounts in one place and see their individual summaries all on one interface for free. It can also send you bill pay reminders, help you set monthly budgets and track your expenses. You’ll be able to see when you’re exceeding your budget as well as make payments directly from the app. Mint saves you the trouble of logging into different websites, since you can check them all in one place. This app will help you better manage your money.
Making Payments to Others: Venmo
If you don’t already have it, every college student should consider downloading Venmo, which is essentially a digital wallet that allows you to make payments to others. This app is super convenient, especially if you’re splitting restaurant bills or Uber rides with your friends. You can link your bank account to your Venmo app to ensure that you always have funds, and it also allows you to transfer your Venmo balance to your bank account. You can also choose to finance your Venmo purchases through your debit card to the app, so it won’t matter if you don’t have enough money in your Venmo balance. The app is free and makes sharing payments super easy.
Starting to Invest: Robinhood
Robinhood is an app that allows you to trade stocks for free, and it’s a great app for newcomers to investing. You simply send funds from your bank account directly to your Robinhood account, choose which stocks you want to purchase and manage your portfolio directly from your phone. With fast execution, realtime market data and updates, and notifications, you’ll be able to stay on top of your portfolio management.
Saving Smartly: Tip Yourself
This app allows you to save money as a reward for completing tasks. For example, if you want to tip yourself for finishing your homework or going to Yates, the app will let you take money from your account and send it to various “tip jars” that allow you to save up for different goals. Similar to Venmo, there is a social aspect that allows you to share your progress with friends. This app is great because it allows you to take ownership over your personal finance and make progress with your financial goals. You can read a more detailed review of this app as well as other similarly financial-savvy apps here.
Starting to think about your personal finance while in college is a smart move that you won’t regret. Downloading any of these apps will make your life easier and get you started on reaching your future financial goals.