6 Tools For Understanding And Planning Your Financial Future
Keeping track of finances and sticking to a budget can be complicated, and sometimes a little help keeping everything organized can reduce stress and save money. Whether you want to track your investments, teach your kids the value of a dollar, or just find a bank account that works for you, check out the six helpful resources listed here. This video was made with Ezvid Wikimaker.
Resources For Managing Personal Finances
| Name | Description |
|---|---|
| YCharts | Cloud-based research platform for tracking, analyzing, and managing investments |
| Everplans | Estate planning resource that helps families organize their assets and documents |
| BankMobile | Fully digital division of Customers Bank that offers low-cost financial services |
| Greenlight | Company that offers parent-managed debit cards for children |
| Earnin | Community-based app that allows employed users to access their money without waiting for payday |
| Money Dashboard | Personal finance app designed to make it easy for users to understand and manage their budgets |
Quick Tips for Being Frugal
- Make a budget and plan expenses in advance
- Keep track of your daily spending habits
- Reduce your usage of water and electricity
- Maintain an emergency fund
- Save up by storing money in an adult piggy bank
- Cancel services you no longer use
- Think of prudent alternatives, e.g., cooking instead of eating out, or making a gift instead of purchasing one
The Psychology of Money-Saving
Finance Blogs That Offer Helpful Advice
| Blog | Creator | Focus |
|---|---|---|
| Even Steven Money | Steven Donovan | Shares information on topics including grocery budgets, emergency funds, and self-employment taxes |
| Skint Dad | Ricky and Naomi Willis | Offers tips, tricks, and resources to help readers become more financially literate |
| Get Rich Slowly | J.D. Roth | Helps anyone seeking increased financial freedom, with resources including a free seventy-page book and a road map that charts a path to fiscal independence |
| Early Retirement Now | Karsten and Kristal | Tackles topics such as safe withdrawal rates and alternative investments |
| Jessica Moorhouse | Eponymous | Teaches about passive investing and Canadian finance, and hosts the Mo' Money Podcast |
| The Thought Card | Danielle Desir | Combines areas of travel and personal finance to show how saving, planning, and budgeting are integral to fiscally responsible trips |
What's The Fastest Way To Pay Off Debt?
In Depth
As transactions around the world become increasingly digitized, it's no surprise that consumers are turning to technological solutions for managing their money. The rise of the internet has made it easier than ever for spending, savings, and investments to be organized through web and mobile platforms. In no particular order, here are six digital resources for those looking to take control of their finances.
Heading up the list at #1 is YCharts, a cloud-based research platform for tracking, analyzing, and managing investments. Launched in 2009 as a means to visualize stock metrics in an intuitive and accessible manner, it offers users the ability to rapidly compare companies based on numerous indicators, assessing their performance relative to one another and to the market as a whole. Using data sourced from industry stalwarts, as well as the company's own independent research, YCharts lets clients create in-depth graphics detailing the fundamentals of selected securities.
The YCharts platform offers numerous tools for financial managers, such as the Stock Screener, which enables users to apply their own investment philosophies to select between securities, or the Model Portfolios function for simplified assessment of projected stock performance. The program produces visually appealing charts in order to allow for better communication with clients about complex financial metrics. The company's website hosts case studies from firms and individuals that have made use of their technology, along with articles discussing new features, market analyses, and industry trends.
The company's website hosts case studies from firms and individuals that have made use of their technology, along with articles discussing new features, market analyses, and industry trends.
Next up at #2 is Everplans, an estate planning resource aimed at streamlining the process of preparing for some of life's most difficult events. The company's founders, noticing the lack of digital tools for multi-generational financial planning, designed this tool to serve as a comprehensive platform for organizing inheritance, living wills, funerals, and other difficult but necessary steps in end-of-life preparation. Their digital archive and expert guidance enable the creation of a unified plan for distributing assets, and recording clients' wishes.
Recognizing the often surprising complexity of the legal and financial procedures surrounding death, Everplans provides informational resources exploring details ranging from disposal of digital accounts, to arranging for posthumous pet care, to organizing documentation of personal history. With functions like easy importation of bank records, or the ability to designate and manage Deputies to carry out client wishes, the tool serves as a single hub for settling end-of-life questions. It also has a suite of features for professional users such as financial advisors.
#3 in our review is BankMobile, a fully digital division of Customers Bank that aims to offer convenience, by providing a complete array of services through online and mobile platforms. They strive to make it easy for customers to perform traditional banking transactions from anywhere, with options like cash deposits through retail stores, fee-free ATMs, and rapid online personal loans. Users can manage their finances directly from their computers or mobile devices.
Users can manage their finances directly from their computers or mobile devices.
BankMobile provides specialty features tailored for students, like the Passport program, which offers rewards for academic success and smart financial behavior, or their scholarship and student loan refinancing options. They also have platforms for employers, universities, and corporations looking to offer new services to their customer base. And their banking app makes use of mobile capabilities to enable features such as a digital on-off switch, which can immediately freeze payments on a misplaced card.
Entry #4 is Greenlight, which provides parent-managed debit cards for children as a secure option for providing a spending allowance and teaching about financial responsibility. The adults load money into the account using the app; because the card functions as debit rather than credit, kids can't spend beyond their balance. Parental control settings allow for restrictions on particular purchase categories, or even on specific stores, and the app monitors and logs all spending activity.
Along with managing their spending money, the Greenlight app gives children a savings account, with interest rates set and paid by their parents. They gain first-hand experience with budgeting and saving, including setting targets and monitoring their progress. The platform also includes a chore tracker, with the option for parents to tie deposits and allowances to completed tasks. The company's website posts articles offering information and suggestions about how to teach kids to manage money wisely.
The company's website posts articles offering information and suggestions about how to teach kids to manage money wisely.
Coming in at #5 is the community-based finance app Earnin, which offers users with a job and a bank account the option to access money immediately, rather than waiting for payday. Founded by entrepreneur Ram Palaniappan out of concern about the burden of fees that faces many workers who are living paycheck to paycheck, Earnin does not charge for services or engage in debt collection. Users pay voluntarily, with the option to contribute extra to cover someone else within the network.
As part of their efforts to create alternatives to existing financial systems, Earnin offers users assistance with medical bills, negotiating for balance reductions or manageable payment plans. Other services include fee-free overdraft protection, and cash back rewards for purchases. The company also organizes advocacy against financial practices that make life difficult for wage earners. Their blog shares advice on topics like smart budgeting, and perspectives on the future of finance.
Closing our list at #6 is Money Dashboard, a personal finance app designed to make it easy for users to understand and manage their budgets. Created by a team based in Edinburgh and partly supported by equity crowdfunding, it was named the UK's Best Personal Finance App at The British Bank Awards in 2017 and 2018. The platform integrates all of the user's accounts in one system, allowing them to view their balances and activity with a single login.
Created by a team based in Edinburgh and partly supported by equity crowdfunding, it was named the UK's Best Personal Finance App at The British Bank Awards in 2017 and 2018.
Other key features of Money Dashboard include a simple tool for budgeting across multiple types of spending, and an option for forecasting future financial health based on income and expenditures. Users can set specific saving targets, track outgoing funds to get debt under control, and easily view the breakdown of their spending. Through the company blog, Money Dashboard also shares advice on financial planning, and stories from people who have had success in building wealth.
