Technology has been hit or miss when it comes to our money. While fintech apps promise to make managing our money simple, even enjoyable, not all of them deliver. I’ve tested hundreds of personal finance apps and tools over the years. Here are 5 of the best financial apps I’ve found to manage just about every aspect of your finances.
Personal Capital is arguably the best money app on the market. In fact, for many it might be the only financial app they use. For starters, it covers just about every aspect of financial life, from budgeting to investing to retirement. Personal Capital includes tools to assess whether you’re on track for retirement and the effect the fees will have on your wealth over time.
It requires users to link financial accounts. These accounts can include bank accounts, credit cards, retirement accounts and brokerage accounts. Personal Capital then imports transaction and balance data. For investments, Personal Capital provides an interactive tool showing the asset allocation of a user’s portfolio.
The Personal Capital dashboard is free. Keep in mind, however, that Personal Capital operates as a registered investment adviser. As such, they will contact dashboard users and offer an assessment of their portfolio. One can use the financial dashboard whether or not you accept its investment analysis offer.
Where Personal Capital handles just about every aspect of our finances, Kubera focuses on tracking net worth. He does it so well. Users can connect their financial accounts to extract data. It also allows users to automatically import data on real estate, car appraisals (using VIN), crypto and even domain appraisals.
Users can also manually enter the ticker and share quantities. This is ideal for those who do not wish to enter login credentials to their financial accounts. It also offers a feature for a designated person to receive information about your accounts in the event of your death. Finally, it offers a feature that allows users to track all of their insurance policies.
What I love about Kubera is its simplicity. It shows you a snapshot of your finances, using simple data lines and graphs.
It can be strange to see Chime as an app. After all, it is best known for its banking services. Yet, these banking services are provided in an app that contains a number of useful money management features. Most importantly, the Chime app makes it easy to track your expenses. You can configure balance and transaction alerts.
The feature I particularly like for those just starting out is its Save When You Spend feature. Similar to other rounding apps, this feature automates savings by rounding up purchases made with the Chime debit card. Roundups go into a Chime savings account.
I started using Truebill about a month ago. Perhaps best known for its ability to negotiate lower costs on monthly bills such as a cell phone, I was impressed with its expense tracking and budgeting features. After connecting a bank account and credit cards, Truebill imports and categorizes transaction data.
Overall, I found his expense categorization to be accurate, if not perfect. Changing or adding an expense category is easy to do. The user interface on a smartphone is one of the best budgeting apps I’ve used. And it’s super easy to see where your money went and how much you have to spend until the next payday. You can also track your net worth and monitor recurring monthly bills.
The last tool on our list is New Retirement. This sophisticated software is designed for those who wish to plan their retirement. Unlike simple retirement calculators, New Retirement is also designed to help people who are already retired.
It offers a host of sophisticated retirement planning features. He handles Roth conversions, Medicare premiums, and Social Security claim strategies. It includes a Monte Carlo simulation to test a thousand potential investment returns and inflation scenarios. You can also run what-if scenarios to see how changes to your plan affect your retirement readiness.
New Retirement uses colorful charts to display financial projections. Here you can see projections of your savings balances as well as your annual expenses. It also shows tax projections, including your future tax brackets. As part of these projections, New Retirement includes the required minimum distributions as well as any Roth conversions you have included in your plan.
It is the most sophisticated financial planning software designed specifically for individuals rather than advisors (although advisors also use it).
Financial apps can help us better manage all aspects of our finances. The five tools listed above are some of my favorites. For more of my favorites, check out an extended list here.