Combining Tech and Personal Finance

In previous blog posts, we’ve warned about the potential dangers of having your financial information available digitally. However, with modern technology and safety standards, there are many websites and apps that can greatly enhance your personal financial planning.

 

Apps like Mint, Acorns, Wally, YNAB, and Credit Karma are very popular in 2017 – but there are thousands of financial management tools to choose from. When searching for the right app, make sure to ask yourself these three key questions:

What’s Your Goal?

Most financial apps serve a specific purpose. Before downloading, make sure you’ve found an app that fits your needs. You’ll find tools with financial planning services that include passive and aggressive saving, day-to-day financial tracking, credit building, getting out of debt, investing planning, and much more. Determine what you’re looking for first, and you’ll have a much better chance of success.

Is it Trusted?

Safety is key. While popularity may have been superficial in high school, it is a relatively good measure of performance in the digital world. Look for apps that have strong ratings and a large number of reviews, and make sure your recommendations come from respected sources. When downloading an app, always download from an official app store.

Is it Easy to Use?

No matter how powerful a tool may be, if it isn’t convenient, it’s unlikely that it will be helpful. You may need to try a couple of apps before finding one that you like. Remember, the app is only worth it if you actually use it!

It’s also important to note that an app cannot replace a strong, custom financial plan. When you meet with our independent financial advisors, ask for their thoughts on complementary tools. To learn more about good resources and making your goals achievable, find a financial advisor to speak to through Focus Financial.