Every financial plan needs to make assumptions on spending. Getting accurate information on spending is often most challenging but critically important. If you don’t get the inputs to your plan right, good luck with the outputs.
We’ve rounded up our favorite apps to help track spending. Here are our top three recommendations:
1) Mint
Mint is one of the oldest and widest used apps. Many advisors at True Wealth Design use Mint as do many clients. Mint may be your new best friend for tracking spending and avoiding penalties and fees. Mint allows users to easily track all of their bills and set up payment alerts, making late fees and penalties a thing of the past. The Mint app is free and simple to set up.
2) Digit
If budgeting isn’t your strong suit, Digit can help. This app offers money-saving decision advice by evaluating your current income—plus all of your expenses—and computing the exact amount you can afford to save. Over time, users develop a better understanding of how much to save depending on their expenditures and income. Digit charges a monthly fee starting at $2.99 after a 100-day free trial.
3) Clarity Money
This app does exactly what its name implies—it provides clarity with your finances and helps you understand where all of your money is going. Clarity Money recognized how common it is for people to forget about paid subscriptions. This app does help you find those forgotten subscriptions and will remind if you are paying for something you aren’t using. Similar to Mint, if you don’t know exactly where your money is going, Clarity Money can get you that clarity.
Once you have good spending information, your advisor can then take that information, adjust it as necessary, and make quality retirement projections for you. With good spending data up front, your plan will be on target to create the lifestyle you’ve become accustomed to into and throughout retirement.
References:
Want To Save Money Without Thinking?
NerdWallet- USA Today – https://www.nerdwallet.com/blog/banking/best-money-saving-apps/#qapital
15 Money-saving Apps For People Tired Of Being Nickle-and-dimed
Renzo Costarella – https://www.entrepreneur.com/article/306015
