Managing personal finance is no easy task.
More and more people are allowing their finances to control them, rather than the other way around.
In order to reign things in and set your personal finance on the right track, there are a few key steps you must take. Beginning with paying off debts, budgeting and tracking your expenses, saving regularly, and last but not least, investing. Each element holds importance in its own right, and together they create an atmosphere that supports intelligent spending, saving, and investing for a comfortable future. Not to mention, as a business owner, good personal finance can help you grow your business quicker.
However, trying to master each element that goes into managing your personal finance doesn’t happen overnight. And, there’s no shame in seeking help.
Here are four personal finance tools that can help you regain your financial footing:
Whether the culprit is reckless credit card use, student loans, or just poor money management paying off debt is the first step to managing your personal finance.
Unbury.Me can give you a clean slate that will make the following steps easier to execute.
Their website gives you access to an intelligent loan calculator that helps you pay off your debts. And, since everyone approaches their finances differently, they create debt payoff plans based on two popular methods:
Each method approaches paying off debt differently, but both empower you with an optimized payment plan. Once you enter in all your information, you can compare the methods side by side, tweak your payment amounts, and decide which plan works best for you.
2. Daily Budget
This isn’t the first time you’ve heard how important budgeting is to managing your finances. And, it’s no surprise you haven’t been able to stick to it. Most online budgeting tools don’t make the process easy and intuitive. Their complicated graphs and spreadsheets only deter people away from staying on budget.
In contrast, Daily Budget created an app that makes budgeting easy and fun. The founders of created the app specifically for people who typically failed at budgeting.
All you have to do is insert your monthly income and recurring expenses and the app automatically calculates a dollar amount you’re allowed to spend each day.
Knowing how much you can spend every day makes it much easier to stay on track, because the concept is so simple that you’ll actually use it. Once you’re allocated your daily budget, make it a habit to track everything that you spend into the app. This way, your daily budget adjusts to how much your spending and you can see how much you have left.
Saving money is another area where many people are inconsistent. You’ll succeed in collecting a considerable amount, and then you’ll spend it all when the first opportunity presents itself.
To help you begin saving, use Digit. What started out as a text message based service, is today one of the most intuitive and easy to use savings apps.
The app connects to your bank accounts and used Artificial Intelligence technology to intelligently determine the amount of money to withdraw to your savings. If you have a lot of money in your account, the service will withdraw a few dollars a day. If you don’t, then it’ll only be a few cents.
The concept is to allow you to save money for your future without putting in effort. The app withdraws exactly the amount that you won’t even notice in your day to day spending. This way you can continue living like you were, while the app takes care of saving for you.
Once you’ve gotten your debt paid off, your spending on track and your savings in line, it’s time to think about your future. Investing is a great way to take your savings and maximize their returns in the long-run.
If you’re just getting started and not sure how to navigate the investment world, using a tool such as Swanest, can help guide you through the process.
Swanest uses advanced algorithms to empower do-it-yourself investors, and provide them with intelligent advice throughout the investment process. Their goal is to bridge the gap of financial illiteracy and make intelligent investing simple for everyone to understand. You can even test your investment knowledge with this clever investment quiz to make sure you have what it takes to start making your money work for you.