Managing finances is challenging, particularly with the rapid rise in inflation. Most people struggle to stay within their budget and find it challenging to monitor their spending constantly, mainly due to limited skills, access, and resources. Luckily, technology has streamlined this process by making it easier and more accessible for people to take control of their finances with the help of wealth management tools.
Wealth management is an approach to managing one’s financial resources to attain long-term financial objectives. It includes considering your financial situation, assets, expenses, income, investments, and debts. The main aim of wealth management is to make a curated plan that aligns with your goals, values, and risk tolerance. Ultimately, it allows you to improve your financial well-being. Wealth management apps are designed with many resources and tools tailored to offer financial oversight, automate investment strategies, boost one’s net worth, and attain financial goals.
There are many wealth management apps, each with unique benefits and features. However, in this article, we have rounded up the top wealth management apps that can take your financial goals to the next level.
PocketSmith
PocketSmith is a very convenient personal finance software that allows users to manage their budgeting, cash flow forecasting, and money management. A key highlight of this software is that it offers information on how your financial situation will look in the future based on your current earnings and spending habits. This type of financial forecast is a great motivator to propel positive financial actions right now.
PocketSmith offers a free plan, albeit with limited features. However, if you want to take full advantage of this app by connecting your accounts to a single dashboard and having a better view of your financial projections in the future, it will be worth paying for a premium plan.
Empower
Known previously as Personal Capital, Empower is among the most popular wealth management tools available online. It offers an array of free-to-use tools, and its powerful and versatile features allow users to better control their finances. A paid service is available for anyone who wishes to reap the full benefits of the app.
Upon signing up, users can link their financial accounts, including credit cards, banks, loans, retirement, investments, savings, and so on, and access a real-time look at their net worth. This app also allows users to set budgets, monitor cash flows, and utilize special tools like a Retirement Planner, Savings Planner, and Fee Analyzer. All this is available for free, making it one of the most downloaded wealth management tools.
Mint
If you’re looking for a convenient budgeting app that comes with wealth-tracking features and allows you to track your financial progress, then Mint is a great option. It is equipped with an extensive array of features, including generating reports on financial habits, saving tips, categorizing expenses, syncing bank accounts, giving bill alerts, automating savings, and investment features.
If you struggle to manage your finances, Mint is an app you must download on your smartphone immediately. Mint can streamline financial management by allowing you to track your spending habits, offering insights into your financial behavior, proposing budgeting strategies, and alerting you when you’re overspending. What’s more, the free version of this app has many features, including access to investment insights, credit scores, and much more.
Betterment
This all-in-one financial dashboard is an excellent tool for simultaneously tracking your wealth and investing. The app has a robo-advisor, a digital financial advisor who manages your investing accounts depending on your risk tolerance and goals. By syncing your bank accounts, you can gain access to a bird’ s-eye perspective of your goals, finances, investing progress, and savings.
Betterment offers two service tiers. If you are on a budget and plan on investing less than $100k, you should opt for the Digital service. The other service option is the Premium package.
YNAB
YNAB is one of the most beneficial wealth management tools out there, and it takes a unique approach. Short for You Need A Budget, YNAB certainly lives up to its namesake by allowing users to stick to a budget with creative techniques centered around four basic rules:
- Give every dollar a job and be intentional with your money by allocating your earnings to specific expenses.
- Tackle more significant expenses by breaking them into smaller bills you can save each month.
- Go with the flow by forgetting about rigid budgets. It encourages users to move money from budgeting categories that are not so important when you overspend somewhere else.
- Age your money by spending less than you earn.
Final Thoughts
In today’s highly digitalized environment, wealth management tools can be indispensable for anyone who wants to manage their finances and attain economic success. With technology continuing to advance at breakneck speed, the future of wealth management apps holds greater promise with better innovation and personalization. You must stay ahead of the latest trends and developments to leverage these powerful wealth management tools to manage your finances and build net worth.
