What the Tech: Money Resolutions

Local News

No one resolves to spend more money in the new year. We all have good intentions, but then those bills from Christmas start coming in and we’re behind the 8 ball again.

But here are some of the best apps for saving and spending less in the new year.

For keeping track of where the money is going, there’s Mint. It’s from Intuit, the company behind Quickbooks and Turbotax. Mint works by connecting to your bank accounts and monitoring where your money is going. If it detects you’re spending more in one category than you did last month, you’ll get a notification. It’ll also show how much you should save each month for retirement and will search for better credit card offers.

If a large amount of money leaves your account, you’ll be notified.

For saving and investing there’s the Acorns app. Again you’ll connect the app to your bank account and every time you purchase something, Acorns rounds up the price to the next dollar and invests the difference in mutual funds. Buy a cup of coffee for a dollar 86, Acorns rounds up to $2 and invests the extra 14 cents. That doesn’t sound like it could add up to very much but you might be surprised. You can also choose to take a set amount each week and have it deposited into your Acorns account. Set it to $25 a week and by the end of the year, you’ll have about $1,300.

Mvelopes budgets the old fashioned way, with virtual envelopes. Say your phone bill is usually 160 dollars a month, Mvelopes earmarks that amount. By doing that with all your expenses you’ll see beforehand what you should have leftover at the end of the month.

If you’re worried about connecting apps to your bank account, that is understandable. These are reputable companies that encrypt your data for protection. If you do connect any app to your bank account, make sure to set up the new account with a username and password that you aren’t using anywhere else.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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