Getting organized and controlling finances are the 2nd and 3rd most popular New Year’s resolutions — unfortunately 92% of Americans are gonna fail in these attempts, with over 1/3 of us giving up by Feb. 1st! Despite these grim stats, experts have found that in order to keep New Year’s resolutions, the goals have to be simple and tangible.
With that in mind, Tyler Griffin, CEO of PrismMoney, a top-rated bill pay and budget app, suggests a five-point financial resolution plan to help folks budget and save money, along with five easy-to-use apps that can help them stick to that plan during the year.
Financial Resolution: 5 Great iOS Apps To Keep Your Budget On Track
- Financial Resolution #1: This year, I will pay down my debt. Debt Free (iOS: $0.99) helps users pay down debt using the “debt snowball method”, which targets one debt to pay off while making minimum payments on other debts. Debt Free presents a quick summary of your total debts via an intuitive progress bar, projected debt free date, early payoff date, and interest savings graphics.
- Financial Resolution #2: This year, I will save more money. You Need a Budget (YNAB) (iOS, Android: free) allows you to track spending in a clean, easy-to-understand interface. The app is great at identifying the places your money is going that you didn’t budget for.
- Financial Resolution #3: This year, I will get control of my bills. PrismMoney (iOS, Android, Windows Phone 8: free) offers consumers a single interface to track finances, manage money, and pay bills from a mobile device. Prism makes it instantly obvious how much each bill represents relative to the others and relative to one’s paycheck. Track paydays to better synchronize with bill payment due dates; a tap function enables users to view instant status on individual billers, and users can also see how paying individual bills late/early will affect income and budget before they actually start paying bills.
- Financial Resolution #4: This year, I will protect my credit. BillGuard (iOS, Android: Free) provides a central location for all your accounts so you can monitor every transaction and better protect against fraud and errors. The app allows you to verify or flag new charges, and it also alerts you if your card is used in an atypical location. If you notice an unfair charge, you can get your money back with a few easy steps.
- Financial Resolution #5: This year, I will get on top of my spending. Level Money (iOS, Android; free) is a simple, no-frills budgeting app that syncs with your credit card and bank accounts to show you how much money you can afford to spend on any given day, week, and month. It estimates your income, detects your fixed expenses, and allows you to set a percentage of your income to savings. It can create a daily budget for you out of your overall spending pattern.
By Tyler Griffin