In our books, these deserve a spot on your home screen.
It’s no surprise that technology is changing our lives in every way imaginable. We can video chat with relatives across the world, book a SoulCycle class and order groceries (just kidding, order Seamless) all with the apps on our phone or tablet.
The number of personal finance apps that have popped up in the last year is hard to count. There are good ones and there are great ones. All aim to help us simplify the management of our finances because we have better things to do with our time than spend it managing our budgets (read: why budgeting doesn’t work). Here are three of our favourite money apps of 2017 (beware: some of them sound too good to be true!)
There’s an app for that!
Alright, here’s that scary word: credit card debt. A recent study shows that individuals under age 35 have an average of $5,808 in credit card
Quick Math: Assuming you pay the minimum, it would take you 3.8 years to pay off that balance and cost you an additional $1,912 in interest. Racking up an additional $2,000 in expenses is totally avoidable. You have much better things to spend your money on than credit card interest.
Debitize is a free online tool that helps you build your credit score without taking on the risk of going into credit card debt. You start by hooking up your checking account and any credit cards that you’re using. Then, as you start making purchases, Debitize moves money from your checking account and uses the money to pay off your credit card bill for you. By moving the money out of your checking account (on a daily basis) it helps you keep track of what’s left to spend. And you don’t even have to lift a finger. That means it’ll be a lot more obvious if you’re spending money you don’t have. Handy, right?
Saving money is a tricky thing. For most of us, it’s an afterthought – a.k.a. whatever’s left over at the end of the month. The problem is that there’s almost nothing left over. Or if we are able to save, we usually end up having to move some of that money back into our checking accounts to pay bills. Enter Digit. Once Digit is hooked up to your checking account, it’s super smart algorithm monitors your cashflow and sneaks money away from you a few dollars at a time. We swear you won’t miss it.
While, there’s been a lot of controversy over Digit because earlier this year they decided to start charging for the app, it continues to garner rave reviews from it’s users. If you fall into the category of “there’s never any money left over to save” we suggest you try Digit.
Making any major purchases soon? CreditWise is an AWESOME (yes, it deserves all caps) tool made available through CapitalOne Bank but you do not have to be a CapitalOne customer to use it. The app does several things but our favorite is that it allows you to simulate how certain actions may impact your credit score, like not paying your bills on time, closing a credit card or applying for a mortgage. We love this because there’s always been a veil of mystery around credit scores and how they are calculated.
Also, CreditWise acts as a credit fraud monitoring service because it has built-in alerts anytime your credit report changes. So if someone tries to apply for a credit card with your name or changes the address associated with any of your accounts, you’ll know immediately!
We love CreditWise to understand what makes up your score and to find helpful ways to take action to improve it.
For more money saving lifestyle articles like this, click here to read more.