7 Must-Have Personal Finance Tools 2023 to Manage Your Money

Personal finance is that thing you didn’t learn in school, including personal finance tools. Sadly, the modern education system has left millions without any knowledge of financial matters, including bills, credit cards, and taxes.

 

And this means many have had to learn from black financial influencers and other figures if they ever learn at all.

 

But it’s never too late to brush up on your financial knowledge. With the right personal finance software, you can streamline how you manage your money.

 

Let’s cover the best personal finance software for your finances.

 

What is a Personal Finance Tool?

 

Did you know that only 30% of U.S. households have a long-term financial plan?

 

Although that’s bad enough, countless others don’t know the basics of finance, such as how to get a debit card or how to pay taxes. This long-standing knowledge gap means that many are already sleepwalking into financial disaster.

Using personal financial tools equips you to get all your ducks in a row. Generally, any tool you come across will fall under one of the five basic principles of personal finance:

 

1. Budgeting
2. Building your credit score
3. Saving money
4. Debt management
5. Investing

 

Even if you happen to surpass the average personal saving rate of 6.4%, there’s always room to improve. And that’s where a personal finance app can change your life.

 

7 Best Personal Finance Tools

 

What is the best personal financial software?

That depends on who you ask and what their goals are. Some people need to learn how to create a budget, whereas others are analyzing the top secured credit cards. That’s why this section covers a broad set of personal finance tools.

 

1.             Mint – Track Your Spending

 

Mint lays claim to being the best free personal finance software in the world today. Intuit’s Mint app provides insights while tracking all of your spending. Just add your bank and credit card information to get started.

 

Mint breaks down your spending by category, and this personal finance app will provide tips and motivation along the way. If you aim to find out how to buy a house or you’re looking to start freelancing, Mint will help you save.

 

Plus, Mint even offers credit score monitoring for free.

 

2.             Trim – Subscription Management

 

Thousands of Americans are wasting their money on unused subscriptions every year. According to the latest stats, Americans blow $348 annually on subscriptions they don’t use.

 

Trim is designed to help you manage your subscriptions to support you as you create a personal budget. The app will help you trim unused subscription costs and plug those financial holes.

 

Moreover, Trim doesn’t just cancel unused subscriptions. It’ll also renegotiate your other costs, including Internet and medical, on your behalf.

 

Note that Trim costs $99 per year, but a 14-day free trial is available.

 

3.             Betterment – For New Investors

 

On the Urban Income Show, we regularly push the idea that you must invest if you’re going to enjoy a happy retirement and achieve your life ambitions. We’re not the only ones, either. You can earn thousands of dollars annually by doing nothing through the power of compounding.

 

This is why so many Hispanic financial influencers recommend platforms like Betterment. With limited portfolio options and detailed explanations for each, low-risk investing is a matter of pressing a button.

 

As a robo-advisor, Betterment wields the power of technology to help you invest in ETFs, which are funds consisting of a variety of companies to build a balanced portfolio. It even comes with automated tax optimization strategies to help you keep more of your money.

 

So, if you’re wondering how to invest money, Betterment and its 0.25% annual investment cost is an excellent deal.

 

4.             Honeydue – Budget Together

 

Money is a factor in every relationship. For example, 32% of Americans claim money is a major source of conflict in their relationships.

 

Honeydue is more than mere personal finance software for free. It helps you and your partner to get on the same page.

 

This app includes features like bill reminders, unfamiliar transaction notifications, and real-time balances for each person. Honeydue also offers a Joint Cash feature, a joint account with bonuses like access to 55,000 fee-free ATMs.

 

5.             Mvelopes – Zero-Based Budgeting

 

Mvelopes is perhaps the best personal finance app because it takes advantage of the traditional envelope system.

 

Download and connect by choosing your most important financial goals. Add information about your income and your bank accounts. The app can then keep tabs on your finances and segregate your spare dollars into “envelopes” like gas, eating out, retail spending, and more.

 

It’s the app designed to make budgeting as easy as spending.

 

6.             Sora Finance – Debt Optimization

 

Most of us have debt, whether student credit cards or a mortgage deficit. Sora Finance uses a “set it and forget it” approach to help you manage your debts.

 

It constantly monitors U.S. lenders to help you find the best deal on your liabilities. Sora will pick out the best loan option and automatically secure it.

 

With Sora, you don’t have to search for the best rates on online shopping credit cards or consolidate your auto loan manually. The app does it on your behalf, making it one of the best personal finance tools.

 

7.             Debt Payoff Planner – Manage Your Debt Repayments

 

The Debt Payoff Planner can bring order to the chaos if you’re struggling to juggle your debt repayments.

This app’s simplified interface allows you to log your existing debts, including amount, interest, and how long it’ll take to pay them off. It’ll then tell you your remaining monthly budget so that you always know where you stand.

 

We recommend this solution because managing debt via a dedicated app is far easier than a confusing array of Excel spreadsheets.

 

Conclusion

 

Whether you’re looking to create a passive income through investing or build your credit score, personal finance tools empower you to take control of your finances.

 

At Urban Income, we aim to support minority groups in increasing their incomes and reaching their potential. The first step is getting a handle on your finances with our personal finance tools. For more handy guides on managing your finances, browse our platform today.