Money Management Apps

Greetings Frugal Folk, 

Mobile apps are quickly becoming one major way we run our lives. Think about it, you use your phone for more than just texting and calling but also for GPS and a music player; why not use it as a personal finance manager as well? I know how it is these days. Whether you are grinding to the top or just plain busy, here a few cell phone and computer apps that I use or have heard good things about. 

 1. Mint: Mint allows you to organize all of your personal finance accounts into one place so you can manage your money a little better. You can keep tabs on your spending, create a nice budget, and even get bill alerts and reminders from checking, savings, and credit cards.

2. Check: Check lets you recall when payments are due and to create monthly budgets. It stays on top of your bills, budget, and money for you, so that you do not have to worry about missing a payment or late fees.

3. Doxo: This app allows you to combine all of your important family information into one organized space, helping you move way past financial management and into family and home finance management. It lets you back-up important family documents and other neat features as well. 

    

4. SigFig: This app lets you design a professional investment portfolio, check on it, and automatically make changes to keep it on track. You can sync accounts like Fidelity, Schwab, E*Trade, and Scottrade.

5. Toshl Finance: This app tracks all of those morning Starbucks cups, Chipotle lunches, and Circle K gas fill-ups. It was built with the concept that knowing where your money is at all times is the first step to financial freedom.

6. Spending Tracker: Spending Tracker helps you to trace your budget so that you are better able to save money.

7. Expensify: This mobile app is for business owners and aspiring entrepreneurs who have to track their business expenses for reimbursement or tax purposes. They have a “SmartScan” technology that reads receipts and records the expense. Expensify helps track your mileage and record your business related travel.

8. Mvelopes:  Mvelopes is pretty cool because it allows you to put cash into different envelopes, each labeled with a different section from your budget. 

*Links to each app or website are attached above*

As Always......Live Frugal, Stay Gold

Photo credit: http://www.lowestrates.ca/blog/money-management-mobile-world-our-top-5-financial-apps

Automatic Savings

Having a automatic savings plan or method is very easy these days thanks to technology like e-checking , e-savings, and various money management apps. Here are a few ways to get your savings in order:

1. Divide your net income into percentages.

Whether it’s part or full time money, scholarships, or babysitting money all of the money you receive in a month, or a portion of your regular paycheck, should be divided percentage wise into certain funds for savings and investments or personal goals like getting out of debt/saving for a house down payment. I personally save 30% of every check I receive into my savings account for example. Identify an account to funnel these earnings into and deposit them into that account immediately. No amount is too small; even if it is $5/ week starting off, your savings will grow quickly through the benefits of compound interest.

2. Save your tax refund.

If your savings account already contains 6–12 months of emergency expenses(the norm), consider plugging your tax refund directly into your IRA or higher interest savings account. If saving all of your tax refund or any other refund like school is too hard try saving 50% and using the other 50% for needs and not wants.

3. Regularly deposit into savings.

Automated deposits are easy and effective because they take money directly from your paycheck and put it where you need it – into a savings account for living expenses or foreseeable emergencies for example.  Experts say a year’s worth but imo that's a lot starting off. Focus on building the habit of saving then focus on how much you're saving.  Also, try opening multiple savings accounts naming them the reason why you're saving. For example, I have a savings account named: 67 Mustang. I only send $2 a week to it but it's a start.

4. Favor interest-bearing accounts.

Once you’re saving, make those accounts work for you! Do your research online, or call up a bank representative to learn which accounts bear the most interest at your institution. Often something as simple as keeping less in your checking, which typically has a low interest rate due to the fluidity of the account, and more in your savings, can result in larger gains over the course of the year. Also, some banks offer higher interest checking account rates than others, which makes your money work harder for you. Check into Ally , the online bank.

5. Use a cash-back credit card.

When you spend, do so with a credit card that earns you cash back. Like any credit card, remember to treat it like cash, buying only what you can afford at that moment and paying it off regularly.

6. Household accounts.

Some banks offer benefits for “house holding,” or consolidating checking, savings, investment, insurance, and other accounts at the same bank. Others offer cash incentives or higher interest rates to those who meet a certain threshold of net investment with the bank. This is free money, so it’s worth a call to your bank to find out if they offer such a program, or shop around for a bank that does.

7. Know your bank’s rules.

Some banks charge a fee after a certain number of transactions between checking, savings, and/or investment accounts per month, or cap the amount of money that can be transferred in a single transaction or 24-hour period. Know your financial institution’s rules, and plan accordingly. You can also get around these fees by calling your bank and causing enough rucus. Be frugal, every little dollar adds up.

8. Automate bills.

You can’t become wealthy if you are always being hit by late fees. Save yourself the cost of all those stamps, by automating as many payments as you can. Once you have a cash-rewards credit card, paying bills from your card can increase your benefits even more.

As Always.......Stay Frugal, Live Gold.

5 Money Mistakes

Been a while my frugal friends. Hope you all have been thinking conservatively and saving money along the way.

Today I just want to highlight a few common money mistakes that we all make in this money management game of life.

1) You do not save any money:

• Yes, I know a majority of you all are either in college, graduate school, or just beginning your careers, however, setting aside just a small portion of your salary is a good habit to form. Treat your savings account as your most important bill – it’s for you, and you shouldn’t short change yourself!. (Always Pay yourself first!)

2) You join too many clubs: 

• If you have memberships to Sam's Club, Costco, and other club stores you might as well go ahead and cancel that money wasting membership. Instead consider joining a friend's account as an additional user.  

3) You waste food:

• Track your diet! It is not only good money wise, but health wise as well. There are various apps and websites like 9 Organic meals for $100. 

4) You buy things you do not need:

• If you can’t decide between an Xbox One and a PS4 or whether or not you want those Jay Z/Beyonce concert tickets versus new shoes then you might not need either at the present time. Have fun and treat yourself but not at the expense of your financial health. 

5) You Lack Patience: 

• Yes, I know the struggle is real regarding staying consistent with a budget but make sure you are thinking long term! The goal is not to become rich but to have wealth. Also be sure to treat yourself! Don't hoard every last penny like some weird cat lady. 

As always people: Stay Frugal, Live Gold