If you’re part of the Millennial generation, you may be overwhelmed when it comes to thinking about your finances. With tons of investment jargon, acronyms, and advice it can be difficult knowing how to make the first step into the investment world. Just because you’re a newbie investor doesn’t mean you have to fear the stock market or procrastinate saving for retirement!
Luckily, there are also loads of financial apps ready to help you. But that can be just as overwhelming, so we’ve put together this list of our favorite apps for Millennials.
Please note that these are by no means the only apps out there; that’s definitely not the case! However, we have tested and reviewed dozens of apps over the years and have found these to be the best of the bunch. You can find more about these services and reviews of other services.
Personal Finance Software Apps
YNAB (You Need A Budget)
YNAB is a no-nonsense budgeting app ideal for anyone looking to get out of debt or just starting out taking care of their finances. By requiring you to be actively involved with your finances, YNAB offers a more proactive approach than Mint.com.
Why We Recommend It: YNAB is ideal for beginning budgeters who need to stick to their plan.
Personal Capital
Personal Capital is an app offering loads of features primarily focused on investing and retirement planning. However, the app also includes budgeting features and lets you sync your bank accounts and credit cards, as well as any investments you might have and even your mortgage.
Why We Recommend It: Not only does Personal Capital help you budget, but it also integrates your plan with your investment and retirement goals — no matter how far away they might be.
Mint.com
Mint.com is a great app if you are looking for help with your budget for free. Not only does it let you track and review your spending trends from month to month, but Mint also helps you set budgets for different spending categories. In fact, Mint auto-categorizes your transactions, making budgeting even easier to do.
Why We Recommend It: Mint makes budgeting easy both to get started and to maintain.
Microsavings
Acorns
Acorns is a web and app-based service that’s becoming very popular with the Millennial crowd. It offers a simple way to save and invest in the stock market by rounding up your spending to the nearest dollar, and then investing that difference.
Why We Recommend It: This app is extremely easy to use on your mobile phone. You don’t need to understand complicated investment theories to be successful, and since the amounts of money taken out and invested are tiny, you won’t even know they’re missing from your bank account.
Digit
Digit is a microsavings app designed specifically to help Millennials get started in saving. To make transfers all can be access via SMS text.
Why We Recommend It: Digit is a great place to place your short-term savings.
Robo-Advisors
Betterment
Betterment provides a simple approach to investing that’s ideal for Millennials. It provides portfolio management services priced for those on a budget and helps newbie investors focus on simple asset allocation.
Why We Recommend It: Betterment is perfect for Millennials who are just starting out with investing.
Wealthfront
Wealthfront is a very diversified robo-advisor that specializes in helping you invest in the most tax-efficient way. It provides portfolio management services priced for those on a budget and helps newbie investors focus on simple asset allocation.
Why We Recommend It: Wealthfront is perfect for Millennials who are just starting out with investing.
WiseBanyan
WiseBanyan is a totally free robo-advisor service, making it especially attractive to young and beginning investors. Like Wealthfront and Betterment, it invests in ETFs.
Why We Recommend It: Investing with the WiseBanyan app involves absolutely no annual fees and a low initial deposit of only $10.
Stock Brokers
LOYAL3
LOYAL3 is a free stock broker, which sets it apart from the rest. Whereas with traditional brokers you pay a commission every time you buy or sell a stock, LOYAL3 provides these services for absolutely free. That makes it ideal for the younger or beginner investor.
Why We Recommend It: LOYAL3 has no minimum deposit, has an easy-to-use iPhone app, and focuses on beginning investors. Plus, did we mention it’s free?
Robinhood
Robinhood is a no-frills, app-based stock broker that requires no minimum deposit. It is very flexible, allowing users to trade any stocks or ETF listed on the U.S. stock exchanges.
Why We Recommend It: Robinhood is free and easy to use!
401(k) Services
Blooom
Blooom may have an extra “o” in its name, but it also provides extra handy 401(k) services to its users. You might think retirement is too far off to be concerned about, but it’s actually never too soon. Blooom is designed to help younger investors who are in it for the long term.
Why We Recommend It: Blooom gives 401(k) recommendations so you will have more money for retirement – you don’t even need to move your account from your provider.
FeeX
FeeX is a free service designed to help users reduce those huge investment fees you’re plagued with in your 401(k) and other plans. This app could save you as much as thousands of dollars.
Why We Recommend It: Not only is FeeX free and easy to use, but it recommends alternatives to your current situation if it finds funds better suited to you than the ones you’re currently investing in.
In Summary
When you start paying attention to your finances, whether it be for the purposes of investing, planning your somewhat far-off retirement, or trying to pay down your debt, the choices available to you can seem overwhelming. However, these apps are specially designed to be easy and convenient for Millennials’ fast-paced, tech-savvy lifestyle.
Comments