5 Tools Millennials Are Using to Manage Their Money
Money management is essential for anyone who wants to take a mindful approach to spending and saving. Although past generations used brick-and-mortar banks and accounting offices, millennials are swiftly turning to tech-based solutions for their financial needs. These innovative tools streamline everything from tracking money to making investments in a fresh new way.
Flexible Personal Loans
Millennials have realized that you don’t have to turn to a bank to secure a loan. The internet offers a wealth of nontraditional lending opportunities that can provide cash to those who otherwise might not be able to get a loan. Upstart is an excellent example of this type of modern lending. This platform considers not only applicants’ FICO scores and credit histories but also their job histories, education, and areas of study.
Upstart’s distinctive approach to lending makes it more affordable for young borrowers to get the funds they need. The company offers interest rates that save customers an average of 28 percent and eliminate the prepayment penalty to give users more control over how they manage their loans.
Integrated Money Management Platforms
There’s an overabundance of money management apps and websites available today, but savvy millennials aren’t biting on all of them. Using multiple apps for similar purposes muddies the waters and makes it difficult to achieve your goals. Integrated tools such as Mint are far more appealing.
Mint offers an online interface as well as a handy app that will give you access to the basics of your spending and saving habits in an instant. Delve deeper and you’ll find a wealth of tools that will help you understand your financial trends and set important goals. Mint integrates seamlessly with your financial accounts, so you don’t have to waste time gathering and inputting data: It’s all laid out for you to see.
Smartphone Apps for On-the-Go Savings
Smartphones are an essential tool for millennials, and for good reason. Newer generations recognize the incomparable value of a good smartphone on a reliable network. A phone such as the Samsung Galaxy S7 offers up to 256 GB of disk space to help you store important information. The 5.1-inch AMOLED display makes every app crystal-clear. Combined with the speed of T-Mobile’s 4G LTE Network, this smartphone puts a huge number of financial management possibilities into the palm of your hand.
With the right phone, you can load up on money-saving apps that will help you clip coupons, find store sales, and snag deals. From Groupon to Ebates to RetailMeNot, the opportunities for savings with a smartphone in hand are extensive.
Miniature Investment Opportunities
You don’t always have to sink a significant sum into your savings plan to yield worthwhile results. Millennials, harried by student debt and a lack of available funds, aren’t big on the stock market. However, a little company called Acorns is changing that. Acorn invests spare change, rounding purchases up to the nearest dollar and automatically investing those extra pennies. This small-scale approach is less intimidating to those millennials who aren’t familiar with the stock market. It offers an easy way to dip a toe in and grow funds without a major investment of time or money.
Gone are the days of making an appointment at a brick-and-mortar office for financial advice. Millennials are finding all the information they need online. Although much of this is available in the form of educational resources such as blogs, white papers, and news sites, there are also many sources for live personal advice on the internet. Sites such as FutureAdvisor connect users with service specialists who can offer online advice for everything from simple money management to foreign equity investments.
The internet has also given birth to robo-advisors, which use complex algorithms and digital automation to offer financial advice. Though less personalized, they’re available at a fraction of what you might pay to get similar wisdom from a live individual.
Whether you’re seeking a more detailed view of how you’re spending your money or you want a handy tool to help you build investments, these tech tools will give you a solid start. Live like a millennial at any age with these approaches to your money management.