With 2020 rapidly approaching, many of us plan on making healthy New Year’s resolutions, which may include getting on top of our personal finances.
Gone are the days where we have to rely on our checkbook register and bank statements to manage our money and keep track of our spending. With new advances in technology and software, financial management has become much easier and way more convenient.
For those looking to improve their personal financial health in 2020, staying in control of your finances has never been easier thanks to these impressive apps and tools for financial management.
Top 3 Personal Financial Management Tools
1. You Need a Budget (YNAB)
Cost: $84/year (Free 34-day trial).
YNAB is a fan favorite. It has transformed how many people perceive managing money, with its proven method of “aging” your money, where you use last month’s income to cover this month’s expenses. Though it does require an annual investment, it’s worth considering for managing your finances with all its impressive and easy-to-use features:
- Budget planning, with in-depth and customizable categories for spending, expenses, etc.
- Account syncing, allowing you to link your bank accounts, credit cards, etc., for a complete picture of your finances
- Easy reporting, making it easy to track your financial habits
- Goal tracking, motivating you to track your progress towards reaching your financial goals and getting out of debt
- Instant updating across all platforms, for exact tracking
- Alert notifications, letting you know when you’re overspending, etc.
Mint is one of Intuit’s—the financial software powerhouse—online financial management tools. Intuit has the widely-used QuickBooks and TurboTax in their arsenal, as well. Mint has introduced many to effortless money management with its versatile features:
- Budget planning, with recommendations and advice based on your money habits, etc.
- Unlimited free credit score access, so you can monitor your credit without affecting it
- Account syncing, for a complete view of your finances and expenses
- Alert notifications, reminding you of upcoming payments, low funds, etc.
- Boosted security measures, like multi-factor authentication, etc.
Cost: Free (Optional premium plans: EveryDollar Plus, 15-day Free Trial, then $129.99/year)
EveryDollar is an app and online budgeting tool created by financial expert, Dave Ramsey. Infused with his famous financial guidance, EveryDollar simplifies money management and motivates you to achieve your financial goals with the app’s thoughtful features:
- Comprehensive, easy-to-build budget planning, based on Dave Ramsey’s envelope-system approach to manage money
- Expense tracking visual, allowing you to see how much of your money goes to different spending categories and debts
- Instant budget syncing and updating across all devices, making it a great option for couples
- Two-step authentication security measures, keeping your data secure
- Budgeting support and resources from experts, like Dave Ramsey’s Baby Step approach to taking control of your finances and managing your debt
Trusted Financial Management Partner
If 2020 has you excited to take control of your finances, you may consider working with an independent financial planner who can ensure you’re heading in the right direction and create an individualized financial plan that keep you and your family on track.
At Focus Financial, our team of experienced independent financial advisors can help you make the best decisions to strengthen your financial health, from controlling debt and planning for big purchases to investment management and retirement planning. Contact us today, and we can help you find an independent financial advisor near you who specializes in areas that will help you achieve your financial goals now and in the future!