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The Best Personal Finance Apps to Manage Your Money

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The idea of managing your own money can be a daunting one. I mean, it's the reason I started ModMoney in the first place. The whole point is to make personal finance approachable, accessible, and simply less scary.

Now here's the good news. New personal finance apps are making money management easier than ever. Nowadays, anyone can track, save, budget, and invest their money with just a handful of online tools. So consider this your launchpad for your long-term goals—a limited, but excellently curated—list of the best personal finance tools to help you manage your money like a pro.

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A Beginner's Guide to Investing Like a Pro

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I’m a firm believer that basic personal finance should be taught in school. So many college graduates emerge with nothing more than a vague idea of how to start investing for a secure future. And this is a huge problem because investing is actually an important part of building wealth! Sure, it may come with a few new vocabulary words, but investing doesn’t have to be that complicated. So let's break it down in a simple, bite-sized, approachable way. Because who doesn’t want to make money from their money, am I right? Here are all the investing basics you need to get started.

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What is a 401(k) Retirement Plan? | ModMoney

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Saving for retirement can be a daunting and faraway concept for a young professional. We're all navigating through busy lives and more immediate obligations, so who wants to think decades ahead? The reality is that it's important to start saving early so we can let our money grow with time. And a 401(k) plan is an excellent place to start!

But what is a 401(k)? And do you even need one? (Hint: probably). Read on for everything you need to know about a 401(k) retirement plan.

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Raise App for Discounted Gift Cards

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It's been a long and toasty summer down here in Austin, which means plenty of time indoors for this girl. You know how it goes: gallons of iced mint tea, quarts of frozen yogurt, and hours of downtime to explore new money-saving apps for my readers. One of my discoveries is just too good not to share in its own post. It's a breeze to implement into your spending routine and will save you money on everyday purchases. At the risk of sounding dramatic, it has completely changed the way I shop and pay bills.

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Creating a Personal Budget

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Making a personal budget is one of those items that always falls to the bottom of our to-do list. I mean, the mere thought of planning a budget creates a bitter sense of restriction, right? The problem is that we’re going about this all wrong.

The right kind of budget should empower us rather than confine us. It should equip us to achieve our long-term goals rather than deprive us of enjoying the present. Simply said, we should be allowed to spend money on things that make us happy, without guilt. This is exactly how to make a personal budget that actually works for you.

Pro tip: Creating a personal budget just got simpler. At the bottom of the post, sign up to download the ModMoney Budget Template.

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Spring Clean Your Financial Life

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Last summer, I painstakingly decorated our new home. All the way down to the Q-tip canister in the guest bathroom—let’s just say I was a little neurotic about it. Well, that went out the window when one book made me rethink my entire living space. Y’all, the first chapter will have you schlepping bags of once-cherished belongings to the nearest Goodwill. There’s nothing like a deep clean to shake off the winter blues, but why stop at your personal space? Organizing your finances can be as refreshing as airing out your linen bedding and scooping up some tulips at the market. Here are a few easy ways to kick off the spring with clean money habits.

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What To Do With An Old 401k

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Think about the last time you started a new job. It was an exciting time, right? A new job is an opportunity to start fresh. It's the time to enter a new office, hone new skills, brew new coffee, greet new coworkers, and most importantly, open a new retirement plan. Many of us have started a new career and wondered what to do with the 401(k) from our last job. We worked hard to save and don't want to sacrifice it with an avoidable mistake. Here are three things you can do with your old 401(k) to keep your savings safe—and one thing to avoid.

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What is a Roth IRA?

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Confession: when I graduated from college, I did not know the first thing about a Roth IRA, much less how it differed from a traditional IRA or a 401(k). It took countless phone calls to my parents and a few "Roth vs. Traditional IRA" Google searches for me to finally get it down. In fact, a Roth IRA may be one of the most baffling personal finance concepts for millennials. And this is a serious problem because a Roth IRA is actually a helpful, tax-efficient way to save for retirement. Especially for young people!

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Best Financial and Money Resolutions

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Happy new year, everyone! I hope you all enjoyed a relaxing holiday with friends and family. Now that it's officially 2017, I have to admit that I have never been good at keeping New Year's resolutions. I tend to focus more on lofty end goals and less on the habits I need to adopt to get there. Inevitably, I lose track, get overwhelmed, and give up within the first month or two. Anyone else in the same boat?

Now don't get me wrong. I'm all for dreaming big. But you also have to be mindful of the journey it will take to get there. This year, I'm resolving to think about my resolutions in a different way. Instead of blindly setting an end goal, I am going to focus on actionable behaviors that will help me get there.

This year, I encourage you to set some financial resolutions with me. But instead of resolving to "save more" or "spend less," I want you to think about specific habits you...

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Best Emergency Savings Accounts

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A recurring theme around ModMoney is the importance of saving early to build wealth. The ability of time to exponentially grow your nest egg is a real thing!

Most of us already save through a retirement account like a 401(k) or a Roth IRA. But your savings should not stop there! Since you can't withdraw from these accounts until retirement, you need to have savings you can access today in case of unexpected events. What if you lose your job? Or your car needs a new battery? Or your AC breaks in the middle of summer? That's where your rainy day fund comes in. But how much should you save, and what are the best savings...

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How to Save Money Automatically With Digit | ModMoney

This post may contain affiliate links. Saving money while you're young is one of the surest ways to build wealth. I talked about the importance of saving early in this post, but here's a quick refresher. When you put money into a savings account, your dollars earn interest. As time passes, you earn interest on your original balance AND on the interest you have accumulated. Earning interest on interest allows your savings to grow exponentially each year.

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How Technology Is Changing Investing

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We've all come to terms with the fact that technology is changing our world. Toddlers have iPads, respectable adults play Pokemon Go, and robots perform human jobs. Well, the investing landscape is no different. Technology is fundamentally changing the way we invest.

It matters because it's important to have a long-term investing strategy, especially at a young age! Your 20s and 30s are when you can afford to take on some risk and allow your nest egg to grow exponentially (thank you, compound interest). While investing as a beginner can seem daunting, technology is making it easier for new investors to get...

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The Importance of Saving Early | ModMoney

We’ve all heard it time and time again. We should start saving as much as we can, as early as we can. But why? As a 22-year-old in my first real job, I was tempted to contribute just a minimal amount to my retirement fund every month. After all, for every dollar I contribute, that’s one less dollar I can spend today on things that are way more fun than a 401k (Soulcycle and brunch are expensive, y’all!). Plus, I’ve got the rest of my life to save, right? This thought process is so common among young professionals who don’t fully understand the value of compound interest.

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FINALLY, A BUDGET YOU CAN STICK TO

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Erica Holland | ModMoney

Meet Erica

Erica is an Austin local, Duke grad, and creator of ModMoney, a platform bringing a fresh perspective to personal finance. She believes financial health is an important part of living well and hopes to empower others to make informed, proactive choices with their money. Find out more.

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