Don’t let the title fool you, even if you are not a Millennial you may benefit from these fantastic apps. These tools could help you save for your first home, new car or your next holiday adventure. But most importantly, they can help you build your wealth which seems to be an area that millennials are struggling with the most.
GoodBudget is a budgeting app that allows the user to create a budget that is easy to stick to, making saving money a lot easier. GoodBudget uses a virtual form of the old envelope system where you put your money into an envelope for each expense and when an envelope is empty to stop spending. You start with a savings envelope then allocate funds to your expenses. You have planned your savings before your expenses so you don’t overspend.
GoodBudget comes with a free plan that includes 10 regular envelopes and can be used on 2 devices. This allows you to share your budget with your partner to ensure you are both aware of your spending. The free plan will save 12 months of your spending history to show patterns so that you can correct any bad spending habits.
The “Plus” plan will cost you $5 USD per month or $45USD per year and will give you unlimited envelopes and accounts. It can be used on up to 5 devices and will track 5 years’ worth of spending.
If you are struggling with your budget, Goodbudget may be the key to saving up for your first home deposit. For more information, Click Here to view their website.
Acorns is an app that allows you to instantly invest your savings and does so in its own unique way. It is essentially a virtual piggy bank, except your spare change gets invested. It uses your “round ups” meaning they round up the cost of each purchase you make to the highest dollar and invest the difference in one of their investment portfolios.
You will need to link your bank account to Acorns to make this happen automatically. However, if you choose to use the round up system, you can set up recurring daily, weekly or monthly payments so that you can control exactly how much and how often you invest in Acorns. Or, you can also simply transfer lump sums when you feel like it and you have unlimited deposits and withdrawals from your Acorns account.
Finally, you do have some choice in how your money gets invested as Acorns has 5 portfolios to pick from. They range from conservative to aggressive investment portfolio. Acorns will provide you with an infographic that allows you to see the projected value of your Acorns Investment in X amount of years based on your monthly investment into Acorns.
Acorns will cost you $1.25 per month for accounts under $5,000 or 0.275% for accounts over $5,000. You will not be charged any transfer fees and can withdraw your money at any time. A review of the software by The Wealth Guy revealed that to get the most value from your Acorns account you should aim to have $2,000+ so the annual fee is 1% of the value of the portfolio.
If you are wanting to invest but have no idea where to start, this could be your solution. I have been using the app for 4 months now and it has worked so well that I don’t even notice that I am saving money. For more information, Click Here to view their website.
If you would like to invest with more control but need something to give you the information you need to make decisions Simply Wall St could be for you. Simply Wall St allows you to do away with the mind-numbing spreadsheets to provide the highest quality of data on stocks from various stock exchanges and presents them in an easy to follow infographic.
Simply Wall St uses a unique “Snowflake” graphic (shown below) to show the 5 key areas to researching stocks: value of the investment, the future and history of the investment; the health of the company and the income the investment can provide.
Simply Wall St also provides estimates of the stocks’ future to give you an understanding of that company’s potential direction. It starts with a free plan for you to learn how to use the software and then there are two more plans which offer greater functionality and more benefits to your research at affordable prices.
Portfolio analysis and research has never quite been so easy and Simply Wall St will absolutely make you a better investor. In my opinion, Simply Wall St is a must-have for any self-directed investor.
Simply Wall St also comes with a beginner mode which helps you learn about investing whilst staying in control.
For more information, Click Here to view their website.
If you would like to start building your wealth and need some advice on how to start, the exceptional team at Quill will definitely be able to help. To get in touch Click Here or give us a call on (07) 3840 4700.