Five Financial Apps for Millennials

Financial Apps for Millennials

  • Mint
  • Venmo
  • Credit Karma
  • Digit
  • Your Bank's App

Financial independence is one of the most important markers of the transition from adolescence to adulthood. Attaining true financial independence is a difficult journey, but the modern age has made it easier than ever. Millennials have many resources available literally at their fingertips to help them become money gurus. Keep up to date on your financial data, set a budget, transfer money, and more with these five (free!) financial apps every millennial needs.

Best Financial Overview App: Mint

Intuit's web-based Mint has long been offering some of the most widely used personal finance services, making it easy to track your finances and set budgets. Mint is a complete overview of your finances, including bank accounts, credit cards, and student loans. It breaks down your financial information into useful, easy to read charts that make it easy to set budgets. Mint will then remind you stick to your budgets and offer custom spending tips. It also offers bill pay and credit score watching. For a comprehensive financial hub, look to Mint.

Best Financial App for Transactions: Venmo

Called "the future of payments" by Forbes, Venmo has emerged as an essential for all college students. The service, which is a subsidiary of PayPal, is a completely free virtual wallet. It connects to your checking account and can instantly deposit money into your friend's account. It also incorporates a social aspect that celebrates transactions with emojis and specialized messages. No more worrying about splitting a pizza with friends– simply Venmo it!

Best App to Improve Credit: Credit Karma

Your credit score has a major influence over your life, and Credit Karma offers an easy way to watch and improve your score. Credit Karma shows free credit scores and reports from both Transunion and Equifax in a clean interface broken down into several categories. It also allows you to monitor spending patterns. Using that information, they offer ways to improve your finances with better credit cards, loan offers, mortgages, and even insurance. Perhaps their most useful function is the credit score simulator that examines how certain actions will impact your score. Credit Karma is invaluable in laying the foundation for your future by building good credit today.

Best Financial Savings App: Digit

This clever app makes use of AI to create a personalized experience while helping you save. Digit scans your financial information for income and spending patterns, then transfers small amounts to a separate FDIC-insured savings account. The ability to automatically save money that you won't miss is a major attraction to this app. Digit also texts bank updates every morning, and within the app users can chat with the Digit bot to learn more about their spending patterns and saving. The unique chatting interface and hands-free saving opportunities make this perfect for a busy student.

Most Necessary Financial App: Your Bank's App

If you have only one financial app, make sure this is the one. It is absolutely vital that you have an eye on your bank account at all times– not just the end of the month when your statement arrives. Now, you can view your balance, recent transactions, pay bills, and even deposit checks all through your mobile phone. Before you head out for a full day of shopping, you can easily check your balance and avoid running it into the ground.

There is a persistent stereotype of college students as a broke, frazzled group avoiding their bank accounts. The best way to stay out of this stereotype is to remain vigilant. Stay on top of your finances and build a better future with these five financial apps.

Related Resource: The 25 Best Graduate Certificates in Financial Management Online Programs