Welcome guest-poster to our website April Cowell! She's got a lot to say about money.
We love the smartphone because it makes our lives easier. This handy device helps us do countless things. We can contact loved ones, do some online shopping, play games — and even manage our finances. Today, a whole host of personal finance apps are available online. Most of them are free. Yet they come at a steep price: many free apps sell your personal information to third parties.
It's true that it's hard not to share at least some of your private data in today's hyper-digital world. Even so, you should take precautions when sharing information with finance apps. One is to research which ones have adequate data protection protocols in place.
At the same time, they should still be effective financial helpers. This list of the 3 best finance apps of 2022 can get you started.
EveryDollar
EveryDollar is a clean and simple budgeting app. Here, you'll learn finance expert Dave Ramsey's zero-based budget. This assigns a purpose to every single dollar in your budget. A monthly spending tracker will help you keep things in check.
The app has a multilayer security approach to keep your information safe. It encrypts and stores all your communications with the app. Your information is then stored in world-class data centers. Company policy further prohibits the sale of your data to third parties.
Spendee
If you have roommates or a romantic partner and want to jointly track your expenses, try Spendee. It lets you import and categorize bank transactions from various accounts. This way, you can better visualize household spending. An added bill tracker helps remind you of bill deadlines.
Spendee only reads your bank transactions upon importing. It accordingly cannot manipulate your account in any way. Like EveryDollar, it encrypts your information and will not sell it. Instead, your data helps form general trends in Spendee's operations. These are then used to inform business decisions.
Mint
Financial software company Intuit, which is the same force behind TurboTax, runs Mint. The app is practically a one-stop shop for personal finance. It helps you budget, track spending, and pay bills on time. It can even manage your investments and help improve your credit score.
Like the apps mentioned above, Mint encrypts your data. If you lose a device with a Mint account, you can delete your data remotely. The app may sell your data, but only anonymously like Spendee. Mint releases it to provide insight into the public's general spending habits.
Something to consider
At the same time, financial apps aren't the end-all-be-all of financial solutions. It's true that they can help with the day-to-day management of your finances. But if your situation is more complex, don't hesitate to seek the advice of a financial advisor. They can help you achieve major goals like buying a home or paying off debt. Any plans they recommend are thoroughly-researched to be suitable and affordable for you. When finding a financial advisor, we recommend you ask them the following: are you a fiduciary? Do you advise on more than investments? Do you give specific tax advice? This will help you discern their level of expertise and ensure you get the best advice possible. When venturing into finance, research is always key. A mix of expert knowledge and the best financial apps will ensure your financial stability for years to come.
Written exclusively for Sullivanmermel.com
by April Cowell