According to a recent survey, Americans are having a hard time making sense of their personal finances. Less than half of a focus group over the age of thirty could confidently say what a 401(k) is. The same source also reveals that there is very little interaction with a professional financial advisor, which leaves the door wide open to unscrupulous brokers and investment specialists. But all’s not lost on this front, as technology has a way of making things better. Discover some of the best tools to track personal finance.
Stay on track with the budget
Seven in ten budgeters struggle to stick to their budget, with many going more than $50 over every month. This makes it tough to set aside funds to pay the debt off sooner or even to put away some cash for that emergency fund. It also means always looking to debt to fund emergencies or even special events. With an online budgeting tool such as EveryDollar, PocketGuard or Wally, users have the ability to set up a realistic budget and have access to it on the go. With the budget being updated all the time, it allows users to think about unnecessary purchases twice before going ahead, and know exactly where they stand with their cash flow.
Simplify cash flow and create breathing room
Sometimes it takes more than just a dream chart and a spreadsheet to meet personal financial goals. Online apps like Unbury.Me and LearnVest provide users with the ability to manage their loans and create realistic savings strategies in order to meet future financial goals. Sometimes, debt is unavoidable and when this happens, it helps to have a tool to manage them all. It’s also a simple way to seewhich loans are a better optionfor future use in terms of overall cost.
Get on that retirement bus
One of the hardest financial commitments to make is that of retirement. Because it’s so far ahead in the future, those who are still fresh in their careers often overlook this uber-important savings commitment. In fact, those in their 30s regret not making bigger strides in their savings, particularly in the areas of emergency savings and retirement. Thankfully, apps like Vanguard and Mint help with those retirement goals, whether it’s managing an investment portfolio or doing retirement calculations.
When it comes to money matters, it’s often hard to talk to someone about it, even a professional. Online tools seem to make big strides in getting consumers to manage their personal finances more effectively.