4 personal finance apps for people who hate thinking about money – Business Insider | Vette Leader

  • Some people love budgeting apps. But others find them overly involved and want practical help.
  • Digit can help you pay your bills and know what’s left while Acorns invests behind the scenes.
  • Prism makes sure you never forget your bills, and Varo can help you build risk-free credit.

If we’re honest about our relationship with money, the goal of “good” money management for most of us is to enjoy life every day without worrying about money. So why do most budgeting methods and apps require so much attention?

I’m constantly looking for tools and techniques to get money out of my head. Unfortunately, many money management apps rely on you to actively create and maintain a budget and regularly review your spending to get the full benefit of the app.

But I’ve found a few who understand that most of us don’t want to be constantly checking on our money – we want technology to do it for us!

4 Personal Finance Apps That Truly Automate Money Management

Here are four apps to help you wager your money right and forget it.

Digit: Always know what you can spend

Digit launched in 2015 as an automated savings tool that uses AI to find small amounts of money in your bank account that you can stash without feeling the effects. Now it’s expanded to include banking and investing, applying the same technology to help you pay your bills, save and spend with ease.

You’ll spend a little time setting up the app when you open your Digit account (an online bank account backed by FDIC-insured MetaBank). Enter amounts and due dates for your recurring bills — like rent, insurance, or loan payments — and Digit creates a bucket for each bill. It slowly fills them up throughout the month, choosing how much is safe to move based on your deposits and expenses.

Digit also saves you money without forcing you to set an end goal or date like many apps do. It will simply set aside what you have left over and split it across as many goals as you wish to create.

While Digit takes care of your bills and goals, your spending account only shows the amount you can spend. No more quick – admittedly imprecise – calculations before the purchase. If the money is there, you can spend it!

Prism: Never forget your bills

Prism is a bill payment app that connects with thousands of utility companies, financial institutions, and other providers to automatically track your bill amounts and due dates. You can pay bills automatically or manually using a bank account, credit or debit card, or prepaid card.

Prism gives you more options than setting up auto-pay with your service providers, which can be especially useful if you have mixed incomes or split bills with a partner, parent, or roommate.

If automated payments aren’t for you, Prism can still help you get bills out of your head by tracking due dates in one place and pinging you with reminders. You don’t have to worry because you know the app keeps track of things for you. You can also connect multiple payment accounts and view balances in the app, making it easy to switch between accounts when checking out.

Acorns: Invest with spare change

If you’re interested in investing (or don’t have one) beyond your 401(k) but don’t know where to start and If you don’t have the energy to connect with a human financial advisor, Acorns can get you started.

Micro investment apps in general are attractive to anyone who doesn’t have a lot of money to invest. But most of them waste your time and money by requiring or allowing you to pick individual stocks, decisions that—don’t get this wrong—you’re not qualified to make. (And neither are most professional fund managers.)

Acorns makes investing easy in two ways:

  • It snags your loose change by rounding up credit and debit card purchases to the nearest dollar, letting you invest with money you’ll never miss.
  • It invests in exchange-traded funds (ETFs), investments that span multiple stocks and track the performance of specific sectors or indices.

A personal Acorns account costs $3 per month. That’s a relatively high rate when your invested capital is just a few hundred dollars — but You might decide that the price is worth a low-risk investment strategy that you never have to think about.

Varo: Build credit without risk

Varo can help you build a credit history without the stress of managing a credit card balance or risking mounting debt.

Varo is an online bank that offers all the advantages of a typical neobank – high-yield savings, almost no fees, cheap overdraft protection and early direct deposits. Its credit builder account sets it apart from the rest.

Varo Bank customers can open a secured Varo Believe credit card without a tough credit check and with a deposit of any amount.

The Varo Believe card is interest-free and your credit limit is never more than the cash deposited into your secured account – so no bloating credit card debt. You can automatically pay your balance from this account, and your payment history is reported to credit bureaus to build a credit history.

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