Mind Your Money

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What Are the Best Budget Tools and Why?

Many people struggle with their personal finances, but it doesn’t have to be that way. Having the proper budgeting tools can make a big difference in how good you are at managing your money. A budgeting app is a great way to stay on top of things, and luckily there are plenty of great ones out there. Here are a few apps that are highly useful for those looking to improve their personal financial situation.

PocketGuard

This budgeting app is great for helping you stay on top of your expenses and track your spending. It has a very simple user interface and an easy-to-read pie chart that shows you where your money is going each month. One of the nicer features it offers is showing you how much spending money you have available.

Personal Capital

If you’re into investing, then Personal Capital might be the right budgeting app for you. This app offers a financial dashboard that helps you get your budget under control, but it also has retirement planning and investment features that let you keep track of those aspects of your personal finance as well.

You Need a Budget

You Need a Budget is a comprehensive app that has tons of different features. For those new to budgeting, it might be a little overwhelming, but the high levels of customization mean that you can really get into the details of your financial situation. It also comes with educational classes that help you actually learn personal finance instead of just relying on your apps to handle things.

Albert

Albert is a great budgeting tool—and an even better savings tool. It helps you automate your savings, and it can even give you a percentage return on your savings account if you use the upgraded version. The budgeting tools are simple yet effective.

Cleo

As far as overall budgeting apps, it’s hard to beat Cleo. Cleo offers budgeting, tracks spending, tells you how much you have left to spend, and much more. Cleo also comes with a personality that you don’t really see in many other budget apps. If you like your budgeting apps with a side of sass, this is definitely a great pick.

Read a similar article about money savings app here at this page.

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Second Round of PPP Loans: Everything We Know About Eligibility, Tax Breaks and More

Democratic and Republican leaders announced Sunday that they’ve reached a deal on a coronavirus relief package that includes $284 billion to reopen the PPP, an initiative designed to help small businesses retain employees during the pandemic. The proposal was approved by Congress Monday and now heads to the president’s desk for approval read more

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How Do I Start Planning my Retirement in my 20s?

Entering your 20s is one of the first times that most people have to start looking at their finances seriously. The adult world comes fast and when you get out of college or enter the workforce, it can be pretty hard to get a handle on everything you're supposed to be doing. With bills, student loans, and more, one of the last things people this age are thinking about is saving for retirement. After all, isn’t retirement a long ways away? Well, that all depends on when you’re planning on retiring and how much you’re able to stow away. In this blog, we’ll break down how you can start planning for retirement while you’re in your 20s, and suggest the best personal finance app to help you do it.

Start Saving Early

The earlier you can start saving for retirement the better. If you start putting away money in your 20s, you’ll be well on your way to retiring on time and maybe even early. A good rule of thumb is putting about 10% of your income away for retirement when you’re first starting out. Remembering to save isn’t always the easiest thing, but luckily the age of technology has plenty of apps out there to help you. Try one of the best personal finance apps out there, like Cleo, to help you remember to set a little aside.

Take Advantage of Employer Programs

If your employer offers a 401k, it’s a good idea to jump on that plan and start putting away at least how much your employer is willing to match. Since your employer is matching you up to a certain amount, you’re able to put away more than you’d be able to put away for yourself.

Use a Roth IRA

It’s also not a big deal if your employer doesn’t offer a 401k, as you can always open a Roth IRA instead. Roth IRAs are nice for those who don’t have a 401k, because when you take out the money, the money you’ve saved will be tax-free.

Utilize the Best Personal Finance App Out There

The easiest way to start saving money is by using the best personal finance app you can find. An app can offer helpful tips on ways to save, budgeting features, and much more. Download one today to see why it’s great for anyone trying to save money.

Read a similar article about money management here at this page.

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As COVID-19 Vaccine News Boosts the Stock Market, Here Are the Biggest Winners (and Losers)

The stock market soared Monday after investors learned some very good news about a potential COVID-19 vaccine. But some stocks are faring better than others read more

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Is Having A Savings Account Worth it?

Saving money takes time, dedication, and discipline. So, is it really worth establishing a savings account? Or is keeping all your money in a checking account essentially the same thing?

When it comes down to it, financial experts agree: It is absolutely worthwhile to have a savings account. Establishing a personal savings account is a great way to ensure that you have the funds to cover unexpected expenses (like those pesky car problems) or sustain yourself for a few months if you lose your job.

If you don’t currently have a savings account, don’t stress! Better late than never, right? Here are some of the easiest ways to build a savings account and get started right away.

Easy Ways to Build A Savings Account

Open an account online.

Most banks have a website and app that their customers can use to easily access and manage their money. If you aren't already, consider using these tools to open a savings account online. The app or website should walk you through the process and give you options to help you determine which type of savings account is right for you. You can always visit your local branch to speak with a banker for more details too.

Use a personal budgeting software app to automate your savings.

Manually transferring money to your savings account can be a pain. Not to mention, you may even accidentally spend the money before you have a chance to save it! Fortunately, you can build a savings account with a personal budgeting software app that automatically saves for you. These types of apps can review your budget, recommend a manageable monthly amount to save, and schedule the regular transfers for you, so you can sit back and relax while you effortlessly save.

Find An Accountability Partner

If you want to build a savings account, you should know that it won't always be easy to stick to your savings plan. However, finding an accountability partner can help you stay strong and resist blowing your money on that new pair of shoes. Whether it's a close friend, a family member, or your spouse, share your financial goals, and establish a plan to stay accountable.

Read a similar article about budgeting app here at this page.

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Fresh Voices in Personal Finance

Not long ago, I was on a panel at my alma mater, St. Bonaventure University, speaking to a group of business and journalism majors about career opportunities that spanned both fields. One of my fellow panelists was Erin Lowry, a 2011 SBU grad who created the Broke Millennial franchise and wrote Broke Millennial Takes On Investing and other financial books read more

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How to Manage Your Money Wisely

Money management is a skill that not enough people have at first. That’s mostly because it’s learned through experience, though preferably you don’t have to learn things the hard way. Luckily, there’s plenty of good advice out there so you don’t have to go through the same troubles that others might have. In this blog, we’ll talk about some money management tips.

Budgeting

One of the oldest tips in the book is budgeting. But it’s old advice for a reason. Budgeting properly is one of the best ways to manage your money. The simplest way to set up a budget is to calculate your net income and then subtract your necessary expenses, like groceries and bills. Whatever is left over is money that you can use in whatever way you choose. Generally, it's a good idea to use some of this leftover money for investing or saving.

Track Spending

Money management is all about knowing where your money is going. Once you get a handle on that, you’ll be able to figure out your spending habits and where you can cut back. Tracking your spending can be a bit tedious, but it’s a great way to learn how you spend money. Fortunately, there’s some great personal finance apps out there that makes tracking spending a breeze.

Set Savings Goals

If you want to make a big purchase, you should set a savings goal instead of just spending the money out right. A savings goal allows you to gradually save the money over time, so you keep a good amount of cash flow on a weekly basis. Once you’ve reached your goal, you can make the purchase you’ve been wanting to make without any of the guilt of throwing down a large amount of cash.

Use a Money Management App

The 21st century has made a lot of things easier, and money management is one of them. Thanks to personal finance apps like Cleo, you can get your finances in order with the help of a virtual assistant. No more spreadsheets and putting budgets to paper. Now all that info can be tracked in the palm of your hand.

Check out this website to learn how to save money.

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Are You Constantly Worried About Money? Follow These Tips to Live More Stress-Free

One of the biggest stressors in modern society is being constantly worried about money. Especially in these strange and uncertain times, when unemployment is at its highest in decades. With the wide variety of factors contributing to mental stress, finding ways to worry less about money can help make life just a little bit easier. In this blog, we’ll give you some tips to ease your worries.

Define Financial Success for Yourself

The first thing you should do is to create your own definition of financial success. You don’t have to hold yourself to the highest standard possible. As long as the amount of money you have makes you happy or satisfied, you shouldn’t let other people’s, or society’s, opinions of your success affect your mental well-being. Just because you don’t have a retirement account with a large amount in it by the time you’re 30, doesn’t mean you can’t change things in the future.

Realize that Worrying Doesn’t Change Your Situation

Being constantly worried about money is draining, and a step you can take toward being happier is reminding yourself that worrying won’t help or change your situation. Even if the financial situation you’re in right now isn’t ideal, maintaining a positive attitude that you can turn things around will prevent the mental toll from sapping you of energy.

Make a Plan

Finally, you can start working on a plan to turn things around. There are plenty of ways you can start making changes for a better financial future. Make a budget, start making small payments to pay down your debt, start building up an emergency fund, and look for alternative sources of income. Taking the time to make a plan, and implementing that plan, will start to gradually reduce the financial pressures you’re facing.

Life can throw a lot of financial curve balls your way, but being constantly worried about money isn’t the best way to change your life. Living day by day and taking the financial situations as they come, while also slowly building your wealth, will help you be a lot happier and ease your burdens. Break your bad habits and start making small changes and you’ll see how much better your life can be.