Rebecca Lake
Millennials are the most tech-savvy generation in history. Their fondness of technology carries over into every aspect of their lives, from where they shop to how they manage their money. Approximately 85 percent of 25- to 34-year-olds have a smartphone and more than a third of them say they use apps to guide their financial decisions.
With so many different apps on the market, it’s difficult for millennials to choose the best one to keep tabs on their cash and make financial decisions. To make things a little easier, we narrowed down the field to include the top eight apps.
All of the apps are free to download, but some of them charge minimal service fees for use. Users should note that many of these apps require access to bank or credit card accounts. These apps can make everything from paying your rent to investing in the stock market easier.
#8. RentShare
Availability: iPhone, Android
Cost: Free to download, service fees apply
Taking on a roommate or two is a great way to save money in your 20s, but having to hound them for their share of the rent is a hassle. The RentShare app removes this awkwardness by aggregating all bills, utilities, rent and shared costs evenly so you can you pay your share individually.
You can pay with a credit card, debit card or bank account in exchange for a fee. Paying with a bank account is the cheapest option, since the fee is just $ 1.95. If you use a debit or credit card instead, the fee is set at 2.9 percent of the rent.
#7. Acorns
Availability: iPhone, Android
Cost: Free to download, investment fees apply
There’s no better time to start investing than in your 20s, but that’s tough to do when you’re still living on a college-student’s budget. That’s where Acorns comes in. The app connects to your credit or debit card and every time you spend money, it rounds up the total. Once you’ve accumulated $ 5 in spare change, Acorns automatically invests it for you in a personalized stock portfolio.
As far as the cost goes, the fee is based on how much money you have in your account. For balances under $ 5,000, the fee is just $ 1 per month. Once you go past the $ 5,000 mark, the fee switches to 0.25 percent per year. If you’re under 24, you won’t pay any management fees at all, which is a great incentive to start investing as early as possible.
#6. Robinhood
Availability: iPhone, Android
Cost: Free
The Robinhood app was developed specifically for millennials who want to take a more active approach to investing, but don’t have time to pay expensive commission fees.
The app allows for commission-free trading right through your mobile device and there’s no minimum amount you need to get started. That’s a plus for millennials who might only have $ 25 or $ 50 to get started with, since most online brokerages require you to have at least $ 500 to open an account.
#5. Venmo
Availability: iPhone, Android
Cost: Free to download, service fees may apply
Some might argue millennials single-handedly gave rise to the sharing economy, and Venmo is a perfect example of how technology is helping things along. This app allows you to send money instantly to people who are in your contacts list, so you don’t have to write checks or run to the ATM for cash.
As long as you send a payment with your bank account or an eligible debit card, it’s always free. If you use a credit card or a debit card that’s not included in Venmo’s network, the cost is 3 percent of what you’re sending.
#4. Digit
Availability: Download via SMS text
Cost: Free
Millennials who think that it’s impossible for them to save money might appreciate how simple the Digit app makes it. The app syncs with your checking account and analyzes your spending to look for money that you’re not using.
If Digit spots a few bucks you can spare, it automatically transfers it over to a separate savings account. If you maintain a balance in your Digit account for at least three months, you’ll earn an extra 5 cents for every $ 100 you save. That’s a pretty decent rate of return compared to what traditional savings accounts are paying, and you don’t have to jump through any complicated hoops to get it.
#3. Moven
Availability: iPhone, Android
Cost: Free
Millennials and banks have a notoriously strained relationship these days, as 71 percent of them would rather go to the dentist than listen to what their bank is saying. Moven is trying to change that by offering a completely mobile banking experience for 20-somethings who are tired of paying outrageous fees.
You can use the app to track your spending, keep an eye on your budget and send money to friends—all at no cost. If you need to get some cash, you can use one of 42,000 ATMs nationwide, with no fee.
#2. Tuition.io
Availability: Online
Cost: Free
Millennials are carrying staggering amounts of student loan debt, with approximately 70 percent of grads owing at least one loan when they leave school.
If you took out multiple loans to pay your through college, keeping up with them can be a nightmare, but Tuition.io makes things a little easier. When you sign up for an account, you can link up all of your loans so you can see the balances and track your payoff progress. You can also use the app to find refinancing lenders and get tips on the best way to pay off your loans.
#1. Mint
Availability: iPhone, Android, Windows Phone, Amazon
Cost: Free
Mint is one of the most popular budgeting apps around and it’s particularly well-suited to millennials who want to keep track of where their money’s going without having to deal with a lot of complicated spreadsheets.
The app links to your checking account and credit cards so you can see what you’re spending at a glance. You can also create personalized budget categories so you know where your biggest money leaks are, get alerts when any unusual purchases show up and track your credit score each month for free.
With a few minutes of downloading and some up-front investment to put in your financial information, these apps can help instill strong financial management skills while also simplifying everything from investing to budgeting.
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