The 5 Millennial Money Apps Everyone Should Use

By Jennifer Holder on 17 February 2016 2 comments

www.stashinvest.com/start-investing/wisebread

The more we become surgically attached to our phones, the more we need apps to help us along. According to a recent study, 68% of Millennials say that in five years, the way they access their money will be completely different, and 70% say that the way they pay for things will be totally different. So it's no wonder there are so many money apps out there, making it easy to do banking, investing, and budgeting on the go.

Most of us money savvy Gen Y-ers have heard of Mint before, which is a great app that helps you budget and track your spending. But there are a number of other apps out there that can help us invest, save, and yes, even spend, easily. (See also: These 5 Apps Will Help You Finally Organize Your Money)

1. Acorns

If you want to invest in stocks, but don't know where to start, try out Acorns. This app invests your spare change. In other words, if you spend $1.75 on a soda, the extra $0.25 goes into Acorns. Once you've reached $5 in spare change, a team of financial advisers (including Nobel Prize-winning economist Harry Markowitz) start investing for you. You can choose how aggressive you want your portfolio to be depending on how comfortable you feel. The app does cost $1 per month if your balance is under $5,000 and .25% per year if you're over $5,000. If you're age 24 or under, it's free. Make sure to do some research before you start investing (especially for a stock market newbie), but this app is well worth your time and investment.

2. Stash

Stash is similar to Acorns, but with Stash, you get to choose how you want to invest. It also lets you know how risky your investment might be. You're not all alone in the process either — Stash provides support and guidance as you go. If you're new to the stock market, this is a good place to start, but make sure you do your homework on any company you invest in. The charges $1 per month with no commissions. Special offer: Wise Bread users can get $5 to get started with Stash!

3. Digit

Digit is a tidy little app that saves money for you. After the app checks out your payment history and spending habits, it starts to calculate ways for you start saving money. Every two to three days, Digit takes out between $5 and $50 and puts it into a savings account. The app helps you save without you even realizing it. And if you need your money, you simply text the app and it sends it to you. There are no fees and no minimums for this app, and they have a no-overdraft guarantee. You can also pause savings at any point if you need to keep your money in your checking account. (See also: Can a Robot Called Digit Help You Save More?)

4. Venmo and Square Cash

Venmo is the fun way to send money with no fees. Set up much like a social media app, you can send money to friends for all kinds of things, and post emojis and jokes in public. While it sounds weird, it's the hippest way for Millennials to send money back and forth.

The less "fun" version is Square Cash, which I use on a regular basis to pay utilities to my roommate. Both apps are free, but do have a small fee for credit cards. Just make sure you never send any money to someone you don't know well. Both apps are good if you have a friend who owes you money for something. You don't have to awkwardly and consistently remind them in person — you can just request the money through the app.

5. Wally

Like Mint, Wally helps you budget your money. The app shows your budgets in easy to understand charts and gives you an accurate look at your spending. The downside is that you have to upload each purchase, but it makes you more accountable. This is especially helpful on work-related travel. The app doesn't link to your credit card or bank account unless you want it to, so you don't have to worry about sharing your personal information. Wally is especially helpful for me so I can write off coffees and lunches and I don't have to keep the receipts! Try out Wally and see if it makes your life easier.

Which money apps are you using? Share with us in the comments!

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Guest's picture
Guest

Digit honestly seems like THE worst idea on the planet. I'm sure it voids your bank's protections, so if the app gets hacked and you get robbed, the bank won't help you out. Also, if you're very money conscious, you're sure as heck going to notice money coming out of your account, especially if you track your spending.

Guest's picture
GuestBecky

Digit does seem strange. I think the type of person that would use the app is probably pretty irresponsible in the first place, so maybe it would work, lol.