When it comes to personal finance, the US isn’t doing so well. The overwhelming majority of Americans owe money in some form, and a recent study found that nearly two-thirds of US citizens can’t pass a basic financial literacy test.
The tech world has acted on this, releasing a stream of useful apps, websites and programs that can help people with their finances. From online banking apps that allow people to automate payments to handy budgeting apps, there are hundreds of tools that people can take advantage of.
Here are four of the best personal finance tools that are currently available.
Budgeting Tools
There are lots of useful budgeting tools that can help people to spend less and save more. One of the most popular budgeting websites comes from My Spending Plan, and it isn’t hard to see why. The website has a simple, no-frills planner that allows you to set weekly, monthly and yearly budgeting goals, and it will also send reminders when bills need to be paid. This is very useful for forgetful people, and users will also receive coupons and offers that make it easier for them to stick to their budgets.
Savings Tools
There are hundreds of apps and websites on the internet that are dedicated to helping people save money, but one of the best has to be the official app from Acorns. The app helps users to save money by taking a small fee every time a transaction is made. It does this by rounding up, so if you make a purchase of $9.50 the app will round the number up to $10, and then put the $0.50 into an investment portfolio. This is a great way to save money as it requires zero effort from the person, and the amounts deducted are so small that most people won’t even notice that they are saving.
Tools For Paying Bills
Bill paying apps are useful for people who often forget to pay their bills on time, as the app automates the process so that the person doesn’t have to remember anything (other than to make sure that there is money in their bank account before bills go out, of course!). One of the best free apps available is Prism, as it allows users to check out their account balance and bills at the same time. The app can be used to pay or schedule bills, and it can also send bill reminders in advance. The app is also available on all smartphone devices, as well as Kindles, so it is very easy to download and use.
Comparison websites
Another helpful personal finance tool is loan comparison websites. People who struggle with financial literacy may struggle to find a low interest loan without help, but comparison websites make it much easier for people to choose low interest loans that suit their finances. This can help people to avoid high interest rates that they can’t afford, making it possible for them to clear their debt quickly.
Technology has provided the world with lots of online personal finance tools. These tools have the power to help people with their finances free of charge –but only if people choose to take advantage of them.
