Are you setup financially to realize your dreams? What system do you use for money management? After traveling to Europe this summer, I developed a new strategy for money management to ensure my budget accommodated my travel goals.
I had been using Bank of America and Regions Bank as my bank accounts for bills and day-to-day expenses. Remember that Kevin Hart line? “I got a checking and a savings, but all the money is in my savings, So I gotta switch it to my checking, but it’s gonna take 3 business days…” Long story short, I needed a new system.
Some time ago I learned about Simple, Qapital, and Personal Capital. These apps have been financial game changers for me primarily because of their automation features and easy to use interfaces. See links below for app referrals. We both get credit if you sign up.
Simple has an awesome budgeting feature that lets you move money into budget categories and/or goals within the app. There’s a Safe-to-Spend feature that shows all money that’s not allocated to a budget item or goal. They also added a 2% interest-bearing savings account in the app. No more spreadsheets for day to day money management. I still do use the awesome spreadsheet I got from @drkishasimmons that gives me a high-level view of my financial goals. Download Simple.
Qapital is great for creating savings goals using a wide-array of rules. Save $100 every first of the month. Save $5 every time I buy something from Starbucks. I cut my Starbucks spending by about 75% after realizing how much I spent there each week. You can even say I want to save $1,000 for a specific item over 6 months and the app will determine the amount either daily, weekly or monthly. You decide. Qapital also has a savings feature. Join Qapital.
Personal Capital gives you a complete view of your net worth (assets and liabilities. You can input checking, savings, retirement and investment accounts. The app syncs account balances and transactions with most financial institutions. This is a must-have app for analyzing your complete financial picture. Get Personal Capital.