By utilizing the many budgeting apps available, students have the opportunity to gain control of their finances and spending habits. The apps also allow for students to save money and even serve as a way to track investments for first-time investors.
Mint has multiple perks that allows students to track their spending by connecting the app to their bank accounts and credit cards. It also allows users to set specific goals and provide steps to help them reach that specific goal.
Mint is free from the App Store and powered by Intuit — the company behind TurboTax — which allows users to retrieve their current credit score 24/7, for free.
Austin Wegner, a junior marketing major, explained his interactions with Mint and how much Mint has improved his spending habits and budgeting.
“Mint was something that I decided to download on a whim as a way to maybe help save me money, but really as a way to say I was actually doing something not really expecting much out of it. However, it ended up changing my mind and even saving me money,” Wegner said.
“I now use the daily planners, and actually started keeping track of what I spend in a day while being free to make spending decisions,” said Wegner.
2. Pocket Guard
Pocket Guard offers users the ability to track bills, set reminders and create a better financial situation for themselves. For example, this app offers blog posts to inexperienced users that offer education on money management and access to other tools.
There are different levels to the app, such as the free and premium levels. Premium users are granted access to more of the specific tools such as cancelling subscriptions and ways to negotiate better rates.
PocketGuard’s target audience is users who have a problem with overspending and the app even provides daily reminders that notify them about their habits and possible changes that they could or should make.
Personal Capital has multiple features that allows the user to track their spending, connect to their IRA and loans and even beginner investors that need guidance on creating an investing plan.
While the free app may be for those who have a handle on their budgeting, it is great for those who are just starting out in investing and the stock market.
Mike Woods, a sophomore business major, attributed his success with the app to how easy it was to start and how each step was laid out.
“When I downloaded Personal Capital, I was able to look into my student loans while also being able to input my IRA information and track that as well. This was a major step into being more involved in my finances and gave me a better understanding of my financial situation and giving me all of the tools that I needed to be more independent and responsible with my money,” Woods said.
Emily Mays covers jobs and money. Contact her at email@example.com.