Money Management

December 8th, 2018

It’s easy to let your spending get away from you. Online shopping, going out to restaurants, buying tickets to shows - these simple purchases add up, and lead to that dreaded moment when you open your bank account and feel your heart drop. However, by using money management services, it’s possible to avoid feeling that way ever again. 

Money management services do more than help regulate your spending. They can help you find the perfect loan, streamline the paperwork at your small businesses, or save for the things that really matter. People don’t often think about it, but money wasted in the short term has long term consequences. Poor spending habits can prevent you from saving for retirement, making down payments on a house, or paying back debts that you have acquired. It’s not sustainable to live paycheck to paycheck, and with a good management service watching your back it becomes easier to save money for the times when you really need it. 

All of the services suggested on this list are tried-and-true. Thousands of people have used them to reach their financial goals and to help spotlight poor spending habits that would otherwise go unnoticed. The right money management service is like a financial guardian angel, making sure that you make wise spending decisions that will set you up for a comfortable future. 

Digit

Digit was designed to be as useful as possible while requiring almost zero attention. Once you download the app it starts working in the background, monitoring your spending habits while comparing them with financial information such as your monthly income and savings goals. It makes some calculations and then automatically places very small sums (between $2-$17) in your tiered savings accounts every few days.

By using Digit, you can save for vacations, pay off outstanding loans or debts, or save for the unexpected. It uses advanced calculations that know when it’s okay for you to save and when you need to keep the money in your primary bank account. You can use the service for free for 30 days, and then it’s only $2.99 for every following month. 

Trim

Trim has been featured on the New York Times, Fortune, ABC News, TechCrunch, and several other major news outlets. All of them sing Trim’s praises. It’s an automated system that begins by analyzing your spending habits, and from there will do everything from negotiate your internet bill to find you better car insurance. Even though it’s an automated system, it’s basically a personal financial accountant. 

While Trim’s primary function is to help you save, its genius lies in the way it identifies how you’re being ripped off or overcharged. Negotiating with large companies can be intimidating, but if you have access to solid information that helps you make your case, they will almost always cave in order to keep your business. Trim gives you a valuable leg up when you need to negotiate. 

Credible

Paying back loans is a nightmare. Student debt is a massive problem in the United States, and no one seems to have a good solution. That’s where Credible comes in. Online, it’s received thousands of 5-star reviews, and has become an essential tool for people who are overwhelmed with payments. 

The average Credible user saves $18,668. That kind of money can be the difference between financial freedom and an extended period of stressful debt. They analyze your financial situation, you tell them how you want to pay, and they’ll find a lender that will meet your needs. Because they want you to get the best deal possible, they’ll present several different offers, and give you the luxury of choosing the best one.

Truebill

By helping people manage their budget and take control of their finances, Truebill has helped people save over $14 million dollars. It was founded by a trio of passionate and accomplished entrepreneurs who realized that money management was the only thing standing between people and financial health. 

Truebill was designed to work as a financial control center. It surveys all of your finances and helps you identify places where you can improve your spending habits. It analyzes your bills, figures out if you’re being ripped off, and then will offer suggestions for improvement. By using their system, you can regularly save hundreds of dollars while also calculating personalized budget plans that fit your lifestyle. Their app is free and easy to use, so you can stay on top of your finances from anywhere in the world. 

Empower Finance

Many people consider Empower the premier money management app. It takes a snapshot of your entire financial life and then makes personalized suggestions according to your income and spending habits. If it notices if that you’re subscribed to a service that you no longer use, it will suggest you cancel. If you’re invested in cryptocurrency, it can connect with your different wallets and offer advice. It’s truly the total package for people who want a detailed money management service. 

On average, people report saving about $350 per year with Empower. However, some people have found that Empower has uncovered thousands of dollars that they’ve unnecessarily spent or wasted on unused services. With that much money on the line, it’s hard to think of a reason not to sign up. 

Even Financial

If part of your financial plan involves managing loans or acquiring loans, Even Financial is a professional grade and highly respected online service that’s worth looking into. It can match you with lenders, offer suggestions, and even has some educational services for those who aren’t confident about the loan process. 

Even Financial works with both sides of the loan equation. It not only helps those looking to borrow find ideal lenders, but helps lenders get in touch with borrowers who best fit their business. 

Dosh

The best money management strategies involve several steps. If one of those steps is actually making money, you’re on the right track. Dosh helps you do this even when you’re spending. It’s advertised as the “easiest money you’ve ever made,” and after understanding how it works it’s no exaggeration. 

Dosh is free to use. You can download the app from the app store and begin earning immediately. Whenever you spend money using a card that’s linked to Dosh, you receive cash back. Similar services will offer you points, but Dosh actually puts money back into your account. At any time, you can transfer this cash into your bank account, PayPal, or donate it to charity. Their website offers a list of companies that Dosh is affiliated with, which includes everyone from Forever 21 to Exxon Mobile.

FreshBooks

Designed for small business owners, FreshBooks has been ranked the #1 solution for companies who want to simplify their paperwork. It’s used by over 10 million businesses worldwide, and has a “ridiculously easy to use,” website which offers features that make accounting and invoicing a stress-free process. Instead of worrying about paperwork, FreshBooks allows you do the actual work that makes your company run.

Because FreshBooks is a cloud-based service, you’re able to take it anywhere you go. If you own a business but you’re always on the move, it’s the ideal way to make sure that your accounting stays up to date when you’re not at home or in the office.