My Favorite Finance Apps for Crushing Budgeting & Savings Goals!

It’s the first of February, and the New Year’s resolutions are already looking a bit shaky. If saving more money and/or purchasing a new home was on your to-do list for 2021, you might be rethinking your ability to get it done. Don’t fret! You can do this.

Today, I’m sharing an honest review of my two favorite financial apps. Neither company even knows I exist, so this article definitely is not sponsored in any way. However, I can attest that I have personally saved thousands of dollars by using these two apps.

A word of caution: Both of the apps require that you connect your bank account in order to track transactions and make withdrawals with your permission. I’m always wary of this, so please keep in mind that you are sharing your banking information at your own risk.

Now, let’s get down to the nitty gritty:

Best for Budgeting: Mint

Turn to The Nerds: Full NerdWallet Review

Mint is a FREE all-inclusive budgeting app backed by Intuit (the same company that produces QuickBooks), so you know it’s real. Mint connects to your bank account and begins to learn your spending habits to assist you in categorizing expenses. I love this app because every. single. cent. is accounted for. If you spend some time setting it up properly, you will be able to get a very clear financial picture. You’ll likely be blown away by how much you spend on food alone in a month. I sure was!

Once you have an understanding of your spending, you can then set a realistic budget — and Mint will help you stick to it. There are notifications when you go over budget, and alerts when something seems way off. Staying within budget becomes a sort of personal challenge, and Mint encourages you to stick with it. I have never been able to stick with a handwritten budget or a spreadsheet, but I update and review my Mint data daily with no problem. In addition to categorizing transactions and budget tracking, Mint can assist with goals, credit scores, credit cards, and investments; however, we’ll solely focus on it’s budgeting power in this article.

For an even more detailed review, Turn to The Nerds: Full NerdWallet Review

Best for Saving : Digit

Turn to the Nerds: NerdWallet Review – #3 Best Money Saving Apps

Although Digit charges about $3 per month, it’s worth it if you aren’t diligent about putting money away. Did you know that you can save over $10,000 per year just by putting away about $28 per day? Yup.

Digit helps you do that by withdrawing small amounts from your bank account daily and holding the cash in your Digit account. You’ll set your goal(s) and a deadline, then digit will calculate how much to pull from you account each day. Pro Tip: Set a daily maximum! If your goals are pretty lofty or the deadline is near, Digit can pull more than you might expect each day.

I love this app because once it’s set up properly, you can stash some serious cash without realizing it! So if you’re not great at remembering to move money from checking to savings each month, Digit could work very well for you, too.

** Note: If you are in the process of purchasing a home, please talk to your lender prior to using Digit. You can retrieve clear statements showing that the withdrawals and deposits are all from your account, but get confirmation that this won’t be an issue when it’s time to fund your loan.

Budgeting & Saving… the Perfect Pair!

If homeownership is on your list of goals for 2021, budgeting and saving should be your two favorite words. Use tools to assist you in hitting those targets, and enlist the help of a professional to ensure you’re prepared when the time is right. Download my free Buyer Guide to learn more about the homebuying process, and contact me with any questions or concerns you may have. I am happy to assist!

The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific financial advice or recommendations for any specific individual. The views expressed are not representative of Wilkinson ERA Real Estate, and are in no way sponsored by any entity mentioned. This Blog is only intended to provide information and does not constitute financial, accounting, or legal advice. By using this site, you agree to hold Paris Williford, REALTOR | Broker harmless from any ramifications; financial or otherwise, that occur to you as a result of acting on information found on this site.