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I have always been a massive fan of using financial tools for managing my finances. These tools have helped me stay organized with my money and efficiently help me analyze any financial decisions I need to make.
There are many financial tools out there that may be overwhelming when you are just getting started. I am confident that the tools listed here will help you narrow down some of the choices out there.
Based on my personal experience, here are some of the best money management tools.
YNAB is short for a You Need a Budget. I am the kind of person who doesn’t quickly pay for any subscription-based service. YNAB is one of the few subscription-based apps that I have happily paid for the last five years.
YNAB is best for:
– Money Management
– Debt Reduction
Cost: 34 Days Free Trial then $11.99/month or $84/year if paid annually.
If the cost of YNAB is too much, then I suggest trying out Mint, which is free.
For anyone familiar with Excel or Spreadsheet, this option is hands down the most flexible and cheapest way to keep track of finances. You can find a variety of pre-built excel template to get you started. I use Excel to forecast my finances and as well as to calculate my early retirement date.
Excel is best for:
-Visualization and Analytics
Cost: Free (Google Spreadsheet). Office 365 subscriptions $70/year
Personal Capital is easily one of the best apps to keep track of your net worth. Personal Capital is great for tracking all your investments in one place as well as cash flow.
It also provides a nifty retirement calculator tool. All these cool functionalities are available at no cost. Obviously, in most cases, if you are not paying for the product, then you are the product.
Personal Capital also provides financial advisory services for a fee.
Personal Capital is best for:
– NetWorth Tracking
– Viewing all investments in one place
– Retirement and Savings Calculator
I don’t really buy individual stocks anymore but when I do I use Robinhood. This app pretty much started the trend of no-fee stock trading. Big giants like Schwab, E-trade were forced to no-fee ETF trading. Pretty amazing!
Robinhood is best for:
– Buying individual ETF stocks
– Buying Cryptocurrencies
Cost: Free. Premium option starting at $5 a month
Vanguard is definitely the most popular brokerage among the people that like to invest in index funding. Founder of the Vanguard, Jack Bogle, is credited with creating the first index fund. I use Vanguard for my Roth IRA and IRAs that I rolled over from my old jobs. I am also planning on opening the SEP-IRA account with Vanguard as well.
Vanguard is best for:
– ROTH IRA, SEP-IRA, Investing
– Index Funds
Cost: Free Platform. Funds have inbuilt fees