4 Best Apps to Organize Your Money in the New Year
Are you ready to turn over a new, improved financial leaf in 2015? The beginning of another year is a great way to hit the reset button and start making serious progress on your money situation.
Take advantage of this opportunity to set some fresh goals and refocus your mindset around money. That can sound (and can be) overwhelming, but here's the good news: you don't have to go it alone.
Money management apps constantly making their way onto the market, making it easier than ever to automate your finances. Putting your finances on autopilot means things don't keep slipping through the cracks and you don't keep missing the details.
These are the four best comprehensive apps that will help you to organize your money in the new year. All sync up with your various accounts so you only have to worry about logging into one program to get an overview of your finances.
Mint helps you track your spending, keeps tabs on your bills and accounts and allows you to set goals for your money. It links up with your various accounts (credit, debit, loans, investments, etc.) so that you have a full view of your financial picture at any given point.
Additionally, you can set spending limits for certain categories, and Mint will alert you when you're close to overspending. That's because it's truly automated and categorizes your spending for you.
Mint will also send you suggestions on how you can save more and improve your financial situation. If that's still not enough of the bells and whistles for you, the program can provide you with charts and graphs that allow you to analyze every last detail of your financial picture.
2. Personal Capital
Personal Capital is similar to Mint and also dives into your investments. When you become an investment client with Personal Capital, it pairs you with a team of advisers who create a personalized portfolio plan. It's not a replacement for a professional, fee-only financial planner, but it may be a stepping stone or starting place if you're starting to establish yourself.
While Personal Capital does offer budgeting tools, it's more for those looking to maximize cash flow and grow their net worth. It's a great tool for those who want to get more into investing, and who are looking to get organized.
3. You Need a Budget
You Need a Budget will do much more than just help you create a better budget. It will leave you feeling empowered about your finances, and it will help you keep all your spending organized.
Here's how the app describes itself: "Letting the budget interface show you what needs to happen now so you can handle what happens next is a strong suit."
That's the unusual feature: It gets you on a plan that uses your last month's income for this month -- instead of spending your current income in the current month. A big advantage to this system is that you can plan for irregular expenses like gifts and insurance premiums months in advance.
ReadyForZero is focused on those wanting to get out of debt. You can link all your accounts to it (credit card, student loan, car loan, medical loan, and more), and then it will personalize a debt payoff plan.
You'll have a much easier time paying the bills with everything in one place, and ReadyForZero will give you reminders when bills are due. Along with that, you can sign up for credit monitoring and see the impact paying off your debt is having on your credit score.
Sophia Bera is a virtual financial planner for millennials and the founder of Gen Y Planning. She is location-independent but calls Minneapolis home. She offers a free Gen Y Planning newsletter and is getting ready to publish her first ebook to provide a Gen Y guide to empowered personal finances.