6 Financial Management Apps and Tools for Young Adults

A topic few high school or college students learn much about in the classroom is personal financial management. Some families focus on financial management tools as part of their children's responsibilities and family participation, but many only have cursory conversations about the importance of budgeting, planning, saving, and investing. Many young adults faced with limited budgets and financial education find that managing their money can be difficult. Apps and online tools can be the first place young adults go to get started with understanding the various topics to grasp to be fiscally smart and successful.

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Money Under 30

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With an abundance of useful financial topics of all kinds, Money Under 30 can be a very helpful online resource, especially for young adults. With a focus on topics that are relevant to you, Money Under 30 clears away the noise of more advanced topics that you may not be interested in yet, and offers simple, informative and relatable content. 

Do you need help with filing your income taxes? Money Under 30 has an article for you.

Do you have a few thousand dollars to invest and don't know where to start? Money Under 30 can help with that.

Money Under 30 won't leave you feeling talked down to or like you're in over your head. It's a great place to start your research and education about the basics of financial planning, money management and investing.

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Gen Y Planning

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As a young adult, finding a financial advisor who understands you, your lifestyle, and your goals and plans may mean going beyond who mom and dad depend on for their financial insights. Foodie and karaoke-loving Sophia Bera, founder of Gen Y Planning, is a young adult who wants to give the best advice and guidance she can to her peers. For additional millennial and young adult financial planners, check out this list.

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Start Planning for Retirement

In your twenties, retirement seems like a far-off goal, if it's even something you think about at all. Saving, from the very first paycheck, is a great way to get started planning for your future, even if you're not sure what next week may bring. If your company offers a 401K plan, jump on it as soon as you can, contributing the maximum allowed, especially if your company matches contributions. It may cost you a few lunches or bottles of good wine each month, but you'll be very glad you did it in the future.

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Wally: Track Expenses as You Go

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Figuring out where your money goes each month, especially if you are being reimbursed for expenses related to your job, is essential to planning and budgeting. It's fine to create a spreadsheet and decide what you want to spend, but seeing what you do spend can be a wake-up call and can motivate you to be more conscious of your unnecessary expenses (those lattes add up). Wally is an app that makes it easy to get a picture of where you spend your money every day. You can take photos of your receipts, log expenses, and so much more with Wally.

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You Need A Budget

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Once you get a picture of where your money is going, it's time to start planning a little more carefully. You Need A Budget is an app that will make starting and keeping a budget simple, if not easy. You Need A Budget can help with:

  • Planning expenses
  • Planning savings
  • Adjusting your goals
  • Understanding the potential results
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Home Budget for Families

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Young adults starting their lives together as couples and those with young families have so many concerns about finances. Day-to-day expenses are always a priority, of course, but planning for their children's future adds another dimension to their financial point of view. Home Budget is an app that can be shared by multiple users to allow everyone involved to participate in planning, evaluating, and budgeting family funds. With a lot of options for customizing the app to your own needs, Home Budget is a good platform for those who like hands-on experience and want to be very pro-active in their planning. 

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