A recent retirement study by Scottrade suggests that Generation Y, the generation of people born during the 1980s and early 1990s, “is getting way behind on its savings. The recession, mounting student debt and freelance or part-time jobs offering few employee benefits may be to blame for what one Scottrade spokesperson called generation’s laissez-faire attitude toward personal finances.”
That is why young people need assistance with the management of their finances. Fortunately, mobile technologies, which they are so comfortable with, and mobile apps in particular, now offer them great solutions to track their expenses and save lots of money. Here are some of such mobile innovations:
Besides offering free credit scores and reports, Credit Karma allows its users to control the nature of expenses by linking to their credit card bank accounts. Credit Karma also recommends the best credit cards and credit offers, allowing its users to improve their financial situation. This app is a free, effortless way to stay on top of once credit. The app has over 32 million users worldwide.
Goodbudget is an app for budget planning and personal finance management. Its users can create “envelopes” for each of their budget category and determine how much money they are going to allocate to each envelope. Then users can track and mark how much money from each envelope has been spent. The app has been downloaded over 1 million times.
Level Money is a simple tool to automatically analyze one’s financial situation. Its users can link the application with their bank accounts, and it will automatically compute their income and calculate optimal daily, weekly, and monthly expenses. Level Money‘s users can also configure the auto-save function and accumulate a certain amount in their savings accounts. Over 700000 people trust Level Money with tracking their money.
Mint app allows its users to easily pull up all their accounts, cards and investments into one place so they can track their spending, create a budget, receive bill reminders, and get customized tips for reducing fees and saving money. Also, the app categorizes users’ spending and alerts them when they approach their budget limit. Moreover, Mint‘s users can request savings tips. Over 20 million people trust Mint app.