Is There An App For That?

Financial apps are all the rage ranging from budgeting to investing, to keeping track of our bills. There seems to be plenty of apps available. However, are any of these apps useful? Will they make a difference in your financial life? We have reviewed four apps for personal finance to see if they are worth the snuff. Bear in mind the date the apps are reviewed. Technology is always changing and newer, better features may come out in the future. Here's our take:

1. Mint

Mint is an app that covers your holistic financial life. Mint is free, and it allows you to key in your online login for financial accounts. Mint is helpful for budgeting, creating goals, and aggregation of all accounts. Intuit acquired Mint. Mint is for the masses, but one drawback is that it does not hone in on investing capabilities. If you are looking for a holistic "snapshot" of your financial life, Mint is a great choice.

Our Rating: 8/10

2. YNAB (You need a budget)

You need a budget focuses on budgeting only. It does one thing, and it does it very well. YNAB does not have bill pay or investment tracking capabilities. YNAB is free for the first two months then charges $6.99 per month. YNAB is great for reducing debt and trying to manage your cash flow. YNAB is also extremely user-friendly which allows for a more comfortable experience overall. YNAB is a great option if you're looking to get out of debt and better manage your daily or family finances.

Our Rating: 8.5/10

3. Personal Capital

Personal Capital is a leader in the industry and meshes budgeting and investing seamlessly. Personal Capital is the most robust app out of the four. Personal Capital does not have bill pay capability. Personal Capital has a retirement planner, 401k analyzer, and a wealth management service if you need help figuring out your finances. Personal Capital also has a beautiful design that makes it easy to use and understand. Personal capital is our personal favorite. Personal Capital is an excellent option if you can handle many numbers at one time. If you are looking for a simpler experience, you may want to pass on personal capital.

Our Rating: 9.5/10

4. Dave Ramsey's Everydollar

Everydollar is a budgeting app that utilizes the zero-sum budget. The zero-sum budget is where every month, you are telling your money where to go so that you "give every dollar a job." YNAB also follows the “give every dollar a job” theory if you prefer to use that app. There is a free and paid version of Everydollar for $99 annually. Bear in mind, Everydollar follows Dave Ramsey's baby step methodology. The interface is easy to use, but the free version has a minimal capability. Everydollar is the option you should use if you subscribe to Dave Ramsey's teachings.

Our Rating: 7.5/10

final thoughts:

You can't go wrong with any of these four apps. However, they are each designed for different purposes. Pick Mint if you want a simple, overall view of your finances. Pick YNAB if you are trying to figure out how to budget and stay on track. Pick Personal Capital if you have a good grasp on your finances and want to manage your investments. Pick Everydollar if you like zero-sum budgeting and are new to budgeting. 

Also, if apps aren't your thing, please remember to do what works for you! Your financial situation does not have to revolve around technology. Just like a diet, a budget and healthy financial life should fit in the parameters of what you will use and what will work.

What are your thoughts? Have you used any of these apps?