Not all FinTech is B2B or strictly geared towards financial advisors. In fact, there are some really cool apps out there to make money management more manageable. Here are 5 free apps to help you achieve your financial goals.
At DNA Behavior, we use Venmo nearly every day to settle up on lunch expenses. Venmo allows users to transfer money between one another using their mobile app. When a user pays someone else, the funds are drafted from their bank or credit card, and when funds are received, they are deposited into their Venmo account to form a balance. If you use a bank account, this service is 100% free.
Pro tip: Have a friend that habitually doesn’t pay you back? Venmo is great because the app notifies users when they have unpaid bills, and even allows users to trigger these same reminders.
Taking turns on expenses or meals on a long trip, in reality, never ends up even. Last month, I traveled to the Pacific Northwest for my 30th birthday. There were four of us on the trip, and each person contributed to various things along the way. I routinely got Starbucks for everyone in the morning, and we then took turns for dinner, parking, and tours, etc.. Splitwise tracks these transactions and allows you to easily split expenses with friends and make sure you get paid back, problem solved. The app figures out the over/under of each person and determines a balance of who owes who what at the very end.
Pro tip: Use the Venmo integration with Splitwise to settle-up for an entirely cashless transaction!
Free stock trading – yes, free. Say goodbye to $10 trading fees with this no frills, FINRA approved, brokerage mobile phone app. Traditionally I have been a TD Ameritrade user, but lately, I have started to use this app for two reasons:
The app credits you up to $1,000 of your pending bank deposits right away, rather than having to wait while your funds are on hold 3-days. The same goes for making funds available for reinvestment immediately after you make a sale.
The app notifies you in advance of scheduled events – like earnings, dividends, or splits, so you can get up-to-date information at the right time.
What is your net worth? If you don’t know, you can find out in about 15 minutes using this app. Mint allows you to tally all of your bank, brokerage, and credit card accounts with your cars, houses, loans and expenses to provide you real-time net worth and budget details on your phone.
Amateur tip: If you’re bad about paying your bills on time, Mint reminds you when they are due, with push notifications.
Pro tip: Use the goals feature to track your funds earmarked for buying a house, saving for college or retirement, etc.
Recently, I bought a pair of high-end hiking boots, but then they went on sale the following week. No buyer’s remorse here! Paribus tracked my purchase and automatically requested a refund. The price difference is on its way, and I didn’t have to lift a finger – not even to open the app!
Each of these mobile money management apps is making the seemingly small transactions ever easier, either tracking or saving our hard-earned money every step of the way. About the time you find yourself toiling away at some ordinary, mundane situation, someone else has figured out an app for that.