Having a personal finance management (PFM) tool that meets your needs, keeps you motivated, and provides educational resources that helps you navigate your financial health can be the foundation of building the financial future you want.
For years, Mint was the go-to choice for many when it came to financial planning. However, with its departure, it's time to look at some
First, it’s important to establish what factors are important to you when choosing a platform to invest your time, and more importantly, your finances. Two major factors to consider upfront are (1) the cost and (2) the actual services the product offers. These two go hand-in-hand, so understanding where you stand on both is important.
Cost.
There are several alternatives that have similar features to Mint, and each seems to have their own angle. Products like YNAB, Quicken Simplifi, and Rocket Money all offer various levels of financial data and planning, and with that have varying costs. Often, the more expensive, the more in-depth the financial forecasting is. However, even those options that are free are not without cost, and that cost is your data and information.
Another thing to consider when it comes to cost is that the free products will likely have advertisements. These advertisements can be triggering if you’re trying to avoid certain behaviors (i.e. getting credit card ads when you’re trying to get out of debt).
Financial services.
Consider what actual financial services you need your new PFM to provide. Everyone’s financial situation is different. Prioritize what levels of your financial health you need to work on the most and invest your time into a tool that helps you do that, and then helps you take your next steps when you’re ready.
Someone who has poor credit and needs to work to better it has different needs than someone who wants to learn how to invest. List your priorities and start there.
If saving money and keeping it saved is a top concern for you, as it is for most people right now, a tool like Plinqit could be a good option. Plinqit is an automated savings platform that helps you set savings goals, puts the money away for you, and pays you to learn more about various financial topics.
The bottom line.
In addition to these tools, don't underestimate the power of financial advice from professionals or online resources. Websites like Investopedia, The Balance, and NerdWallet offer valuable insights into personal finance topics, investment strategies, and money management tips.
Knowledge is power — and it’s important to empower yourself and your financial decisions by learning how to most effectively manage your finances. When looking for a PFM tool, consider what tools not only help grow your bank account but also help you grow your financial literacy. Being financially literate will allow you to confidently manage your money.
Ultimately, the key to successful personal finance management lies in consistency, discipline, and adaptability. Establish your priorities and how much you can spend, and find the tool that can help you get where you want to be. It’s your money and you should spend it, save it, and plan with it according to YOU.