Technology has given us a great advantage in the world of finance. From research to the flow of money, the way finance is viewed now compared to 10 years ago has evolved greatly. Now, more than ever before, we rely on our phones more and more to pay bills, deposit checks, and help us calculate equations. Specifically in terms of personal finance, it has been easy to created apps that allow people to save and invest, thanks to the brilliant minds of many. In this article, we are going to focus on applications you can download on your phone that can help you save or invest.
Robinhood is a relatively new investing app that allows the user to invest in the stock market right from their phone, with no trading fees. Along with no trading fees, the company does not charge a fee to use the app. This is appealing to people who want to invest and not have large overhead in respect to their investments. Also, people who only want to invest a couple hundred dollars won’t be offset with fees. Recently, the application has added margin trading which can give you more buying power, but can bring on unnecessary risk. Depositing into the app is easy as all you do is hook up your desired bank account and transfer money as you please. Go give this app a try if you’re looking for simple investing. A side note is you have to invest in equities that trade on the US stock exchange as the app does not offer international equities.
Acorn is an application that allows you to round up to the nearest whole dollar on debit card transactions and invest them. They currently charge a dollar per month to use the application, but if you’re a frequent debt card user, that cost is minimal. People who should use this app are the people who want to passively save without much effort on their own part. This is not lazy investing but rather a passive way to save your change in a jar that earns you a little money. You will not get rich using this app but it will push you in the right direction to better managing your personal finances.
For the people out there looking to get into cryptocurrencies, Coinbase is the app for you. This company allows you to buy, sell, send, and hold Bitcoin in a safe environment while being easily accessible. With Bitcoin becoming more and more popular, this company allows you to purchase as little as a dollar worth of Bitcoin. They also have an exchange where you can trade Bitcoin, which is a strong point for traders of the product. If you’re looking to save, trade, or use Bitcoin, Coinbase certainly is an app to check out and add to your portfolio of financial applications.
There are many different ways to invest and save money beyond these three apps. If you’re interested in saving pennies or saving thousands, there is an app that will fit your needs. Most are free or have low fees so explore for yourself and determine which one will fit you best.