Children aren’t taught money management at school which often leads to financial issues future in life. We usually depend on our parents’ decisions when we are small and don’t know how to make smart financial decisions and avoid their mistakes with personal finances.
Some people may hire a financial advisor to help them manage their funds but others can’t afford such costs. Luckily, there are many free tools for money management today. Keep on reading to find out about the best ones.
Reasons for Learning Money Management
You can’t understand anything about your personal finances without learning about money management. This is an important strategy for every person who wants to make savvy decisions in their lives. Without having financial education and at least some knowledge in this sphere, you won’t be able to realize why certain things happen in your financial life.
According to the Bureau of Economic Analysis (BEA), consumers spending increased by 3.3% in the fourth quarter of 2021, while spending on goods increased by 0.5%. The lack of money management skills may lead to such unpleasant consequences as overspending and deep debt. If you can’t get out of the vicious debt cycle, you may need to learn about money management. Ask yourself the following questions to find out if you can really manage your finances:
- Do you live paycheck to paycheck?
- Do you have some type of debt? (a loan or a credit card)
- Do you have issues with debt repayment?
- Do you spend more than you earn?
- Do you want to improve your spending and saving skills?
If you have several positive answers, you need to take immediate action. You may find all the answers and understand what you can do to avoid mistakes and have a better life if you follow our tips and use these tools for money management.
You will be able to boost your financial life if you regularly evaluate the things you are doing with your funds and make the necessary changes. Consider the following tools and useful strategies for your money management.
Mint
This is one of the top-rated tools for money management among consumers. It is very popular because it allows you to keep track of your expenses and improve budgeting skills while using an online platform. This is a special website designed for people who can’t afford to hire a professional financial coach to help them improve their personal finances.
You can obtain useful advice and analyze your current monetary situation with the help of this tool. It is especially helpful when you want to learn the basics of budgeting and how to save your cash. Mint allows consumers to understand how their credit history works and why it is important to repay the existing debt on time. You can even download a free app to your cell phone and learn how to improve your savings.
PaydaySay
Another helpful tool for money management is the PaydaySay app. This is a special app for helping people meet their urgent money needs. You can experience a certain emergency when you are low on funds and simply can’t wait. This loan app allows you to receive additional financing and improve your current financial stability. The interest rates are affordable and the lending terms are flexible. This loan app helps consumers to meet their financial needs, avoid mistakes, and obtain a small loan even with less-than-stellar credit. It is one of the few options for low credit holders today.
SmartyPig.com
This is another helpful website for saving your personal funds. It is meant for helping people without a savings account to learn how to set aside a portion of their income and establish a solid savings fund. This fund is important to have for planned expenses.
You will be able to have additional money that may be utilized for expensive purchases, vacations, home renovation projects, weddings, etc. You are the one responsible for setting goals and achieving them. SmartyPig allows people to track their progress and check how well they save. Also, you may redeem your savings for discounts and gift cards.
Personal Capital
This is probably one of the most useful apps for money management. It is free to use for consumers who need some assistance with their income flow, credit card usage, bank accounts, spending, and saving. You can easily keep track of your investment or retirement accounts and manage your income.
This particular tool is great for people who are new to investing but want to learn more and avoid mistakes. This app connects to your bank accounts and creates your portfolio based on the incoming information. You will be able to get your investment costs and asset allocation analyzed. Investment Analyzer is able to evaluate the client’s portfolio and offer advice based on your tolerance for risk.
GoodBudget
This is also a useful budgeting tool. There are two versions, so you may choose a free or a paid subscription. You will be able to set certain financial or savings goals, repay existing debt, and manage your personal finances. People who struggle with making regular loan payments or paying down their credit card debt should try this budgeting tool.
You can easily download it on your mobile device or laptop. If you are new to this topic and have little financial education, GoodBudget is ideal for you. It will help you establish your emergency fund and a savings account.
In conclusion, there are many online tools for money management today. You can choose between free and paid versions that will help you keep track of your monthly income and expenses, improve your spending and saving habits, and help you overcome financial difficulties.
Every person may experience certain issues with managing his personal finances due to a lack of knowledge. Luckily, you can avoid common errors and improve your monetary skills if you choose one of the mentioned tools and use it to your advantage.
