Less than 24% of millennials demonstrate basic financial literacy, an astounding statistic considering that millennials are far more educated than their predecessors (not to mention the most technologically adept demographic). This likely stems from a void in financial education in public schools and millennial apathy in regards to finance and the economy. A myriad of apps have subsequently been created to make learning, budgeting, and managing money easier. This article reviews the top 5 most promising financial apps in 2019.
Numerous people are struggling with how to deal with their financial resources. Managing checking or credit accounts and keeping up with bills is time consuming and laborious. Throw investing and savings into the mix and financial management can be a nightmare. Thankfully, managing money, staying faithful to one’s budget, and investing are becoming easier and easier thanks to the plethora of financial apps in todays technology driven society.
Number one on our list is FinX mobile, an app dedicated to teaching novice investors and millennials everything from starting a portfolio to advanced market analysis. FinX is the only application on this list that has yet to fully launch; however, this takes nothing away from their exciting app that is soon to launch. This app uses a modern approach to teaching with a focus on active learning and attempting to get users more involved in the learning process than simply reading an article. To accomplish this, FinX uses interactive video content with accompanying practice tools, socialization with an in-app social media feature, and weekly investment competitions to show off users’ progress.
Video content ranges from things as simple as the various financial markets to more complex topics like the Relative Strength Index (video shown above). As shown in the video, FinX uses an upbeat and active tone in their educational videos, avoiding the dull lecturing methods that college students have grown to despise. After watching videos, users can then test themselves on what they have learned using the app’s quizzes and other practice tools. Heres what FinX TV looks like in the app:
One of the most unique and innovative aspects of FinX is its combination of education with a completely free to use market simulation account. Users can immediately utilize their new investment knowledge in a free, zero-risk stock market duplicate with live pricing and up-to-date listings. To again demonstrate their commitment to teaching and active learning, weekly competitions will accompany the stock market simulator to create a game-like feeling and stimulate learning through competition. Essentially, this app allows users to create a virtual portfolio with zero cost — perfect for learning to invest with zero risk involved.
Furthermore, this app includes an in-app social media feature for users to share (show off) their progress with friends. An in-app social media allows users to completely immerse themselves in the investing world and freely interact with investing experts.
Last but not least, one of the best parts about this app is that it is completely free to use. This perfectly aligns with one of the app’s primary goals: to provide a feasible option for people who may not have had had the same opportunities as wealthier families to learn to invest and manage money. The best way to accumulate wealth in a developed society is to save and invest, learning how to do so is paramount to success.
For more information on FinX, you can visit the links listed below:
Investing Made Fun.
Learn how to invest through interactive video content, socialization with others and live weekly investing…
FinX (@finxmobile) * Instagram photos and videos
1,947 Followers, 533 Following, 49 Posts - See Instagram photos and videos from FinX (@finxmobile)
2: Clarity Money
Clarity Money is an app similar to Mint (4th on our list) in that you can link all of your accounts and finances into one app. The main difference however is that Clarity Money harnesses the power of artificial intelligence (AI) and uses financial experts to analyze your financial standing to give personalized suggestions on how to save money. Not only does this app simply “give suggestions,” the app will even work independently to get you better deals on credit cards and lower your bills. You can take action right there in the app by cancelling unwanted subscriptions and setting up and automated savings account.
Heres an overview in the video below:
The only price you have to pay for this app is when they save you money. Through their “bill negotiation and lowering service,” they will actively attempt to negotiate the pricing of your bills on your behalf. Clarity Money will keep 1/3 of these savings if they are successful in their negotiations (meaning you pocket the other 2/3rds — a win-win for everyone).
Additionally, you can transfer money directly between your connected accounts in the app, see your credit score, and create an automated saving’s account.
This app has almost everything you need to start fixing your spending habits and bettering your financial situation. While the app contains several novel features like negotiating bills and cancelling subscriptions in the app itself, it’s missing a key component needed to start saving money: a budgeting method. Real financial prowess comes when you can create your own budget and stick to it. Clarity Money is excellent in automating savings, but you still need to develop a realistic and beneficial spending pattern.
All in all, Clarity Money is still a technical masterpiece packed with unprecedented features. The app itself is user friendly, easy to navigate, and basically free to use.
For more information on Clarity Money, you can visit the links listed below:
Clarity Money - Finance & Spending Tracker
Take control of your budget and expenses with Clarity Money: the free app that can help you save more, spend less and…
Clarity Money (@claritymoney) * Instagram photos and videos
47.1k Followers, 35 Following, 109 Posts - See Instagram photos and videos from Clarity Money (@claritymoney)
Third on our list is Qoins, an app with a very similar concept to Acorns. Acorns is an app that automatically invests your spare change from everyday purchases, “silently” earning you money with very little user effort. The difference with Qoins is that, instead of investing your spare change, it uses it to pay off debts. This could benefit many Americans who collectively own over $1 trillion in credit card debt alone as of March 2019.
Qoins works through a “round-up” system. Every time you make a purchase, the app will automatically round the purchase price up to a whole dollar amount and this difference will go toward paying off debt. For example, if you pay $1.75 for a coffee, the app will round this to $2 dollars and take an additional 25 cents to go towards debt.
A check will automatically be mailed to your listed creditor once enough money has been added to your Qoins account, requiring very little effort on your part. Depending on the user’s preference, payments to a creditor will be paid either through a frequent payments option or through a monthly check. Once a threshold has been met, or enough money has been saved through saving spare change, Qoins will automatically send this money to the creditor in the form of a check.
After everything is setup, users don’t have to think about it anymore: the process is completely automated. Automation is what sets this app apart. Nothing is stopping us from doing this process ourselves and bypassing the app, but life gets in the way for all of us. As we all know, just because we can do something doesn’t mean we will. Automation makes this app perfect for busy people to easily pay off some of their debt. While probably not enough to pay off everyone’s debt completely, this app promises to at least alleviate some of that debt.
On their website, Qoins already boasts paying off more than $4.5 million in debt for its users. The app has reportedly been very successful in its first 6 months with over 1,200 users paying off more than $30 thousand in debt each month. The the only downside for this app is its price of $1.99 per month. This fee is required by Qoins to pay off any bank fees incurred while transferring your money to your creditor.
For more information on Qoins, you can visit the links listed below:
Home - Qoins App
Use spare change from everyday transactions to make an extra payment towards your debt, every month.
Qoins (@qoinsinc) * Instagram photos and videos
3,151 Followers, 553 Following, 190 Posts - See Instagram photos and videos from Qoins (@qoinsinc)
Mint is an exceptional resource for all-in-one money management and budgeting. Mint is a platform that combines all of one’s financial resources into one easy to manage place, giving a complete overview of your own personal financial standing. You can link all of your accounts and resources in just minutes. As previously stated, managing all of one’s checking and credit accounts, investments, bills, loans etc., can be time-consuming and a hassle for young adults. This app allows you to organize all of this into one convenient place.
Mint lets users know when upcoming bills are due and allows you to create a personalized budget to accommodate for your every need. This app sends alerts to your phone about late fees, going over budget in a certain category, and any bill reminders to ensure that you avoid any extra unnecessary costs.
This app is great for millennials who are learning to budget money and manage their finances. This app is extremely simple to use and completely free of charge.
For more information on Mint, you can visit the links listed below:
Budget Tracker & Planner | Free Online Money Management | Mint
Take charge of your finances with Mint's online budget planner. Our free budget tracker helps you understand your…
Mint (@mintapp) * Instagram photos and videos
15.9k Followers, 274 Following, 1,027 Posts - See Instagram photos and videos from Mint (@mintapp)
5: SoLo Funds
SoLo Funds is quite different from the other apps we have listed. SoLo funds is an app meant to link borrowers and lenders together for amounts less than $1000. It’s the first app with a low value lending exchange platform. Essentially, lenders can directly pay other users (borrowers) a predetermined amount as a way of helping them in difficult times with zero interest. While there is no interest involved, borrowers can choose to “tip” their lenders anywhere from 0–10% of the borrowed amount.
This app is excellent for people who are going through difficult financial times and need a quick loan to pay off car bills, rent, electricity etc. Basically, this app allows people to get a quick loan to avoid predatory payday or title loans. On the other end of the spectrum, this app is great for wealthier people to assist others and give back to the community, while also earning a little money for themselves.
Borrowers set the loan amount and payback date, giving much more freedom than other loan options. Furthermore, there is no long wait to receive the loan as there is no tedious loan approval or denial process. While borrowers determine the loan amount and payback date, lenders have complete control over their money and there is no guarantee that a borrower will receive their desired loan. Lenders can utilize the “SoLo Score” system in the app to determine a borrowers credibility.
This app is excellent for helping people in times of financial hardship while also allowing wealthier people to engage in social impact or aiding someone less fortunate. There is some incentive for loaning money thanks to the tipping option, but this can not be viewed a quick and easy way to make money.
This app is still not ideal for someone looking to make money through investments. Sure, if every one of a lender’s loans is repaid then they will likely profit anywhere from 0–10% through tips. However, the app does not appear to have any true punishment system for borrowers who do not pay their loans back. The app requires no collateral and therefore has very little penalty for a defaulting buyer. The app itself is completely free to use, unless of course you plan on being a lender.
For more information on SoLo Funds, you can visit the links listed below: