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By Julia Faletski (Sponsor Content)
For many people, managing your money means simply checking your bank account every month and paying your bills. That’s a great starting point. But if you want to get on a strong financial footing and maybe even retire a millionaire, you’ll need to set goals and have a plan for how to get there. That means budgeting, saving, building a strong credit score, and more.
Fortunately, today’s technology means you don’t need to be a math wiz to make these smart money moves. In fact, you don’t even have to look at a spreadsheet. There’s an app for that.
To help you get started, we’ve curated a list of apps that will help you automate — and dominate — your personal finances:
Budgeting
To start out your financial journey, you’ll want to know how you’re doing today. Budgeting is probably the most fundamental aspect to personal finance. There are lots of budgeting apps out there, but Mint is one of the more well known ones for a good reason. Mint allows you to manage your finances from beginning to end: you’re able to link banks accounts, credit cards, investment accounts (like WealthBar!) and bills. You can track your spending, create a budget, and see a complete picture of where your money is going, all in one place. It’s great for both keeping track of your day-to-day transactions and long-term goals.
If you want more of a step-by-step guide to creating and following a budget, take a look at You Need A Budget (YNAB). Not only are you able to link accounts and track expenses, but you can also get advice on how to pay down debt, manage monthly expenses, and accumulate savings. It’s always a bonus when a company infuses their features with financial education. Knowledge is power!
Taxes
We get it, tax season probably isn’t your favourite time of the year. Luckily, apps like TurboTax aim to make filing your taxes painless. The app will take you through a number of easy-to-answer questions — prompting you to provide the pertinent information — and then it will do the calculations for you. No need to go through all the tedious steps yourself! The goal is making sure no money is left on the table in unclaimed deductions.
Credit score
Having healthy credit goes a long way when you need to borrow money for a big purchase like a house or even get a credit card. Credit Karma allows you to take the guesswork out of understanding your credit score. They make it easy to access your credit rating for free, understand what is positively or negatively affecting the rating, and see how you can improve it.
It’s also an incredibly powerful tool for preventing identify theft. Unfortunately today, anyone can become the target of an online scam. This app can give you some peace of mind. You’ll receive an alert when a new account is added, eliminating the worry of identity theft through credit applications.
Investing
With an online investing app like WealthBar, you can effortlessly start investing to grow your money for the future, no investment knowledge required. We’re all about making it easy and convenient for Canadians to have more money in their pockets. We give you access to the same investment strategies that millionaires use to save for retirement, with low fees and automatic portfolio management.
And while you can always check in on your money via our app, our professional financial advisers are just a message or call away when you need a little more help. WealthBar offers unlimited financial planning, regardless of how much money you have invested.
Rate Comparison
Here’s a bonus one. Although offered only online and not via an app, we felt that RateHub is worth mentioning.
The best way to save money is to spend less, and reducing fees is a great place to start. If you’re looking for a mortgage or a new credit card, RateHub is a one-stop shop for Canadians to compare interest rates between different lenders and ensure they’re getting the lowest rate possible. Shopping for rates is particularly important when it comes to big financial decisions like mortgages. After all, you may be entering into one of the biggest contracts of your lifetime. Taking into account the high dollar value and the long time frame of the loan, getting a good lending rate may mean thousands of dollars kept in your pockets.
There you have it. Getting set up with these financial apps is a great way to start taking control of your money.
Ready to take your finances to the next level? Start investing today.
As a Certified Financial Planner® and key member of WealthBar’s financial advisory team, Julia Faletski strives to increase the confidence of Canadian investors by providing straightforward investment education and advice to help them reach their financial goals.
