Keeping track of your finances is hard enough when you are an adult. It is even harder for those who are also in college. College life is not easy. One of the most common things on campus is getting into money trouble.
In order to avoid money trouble, you will have to understand some financial basics. If you are new and not familiar with this kind of thing, there is a good video on Youtube posted by Money Talks News on September 25, 2015. The title of the video is Money Management 101 for College Students. You can just enter the title on the search bar of Youtube. As the results include some other ones, you will have to find the one by Money Talks News. By clicking on the video, you will be able to watch it.
According to the video, the one lesson that you have to start doing as a student is to avoid running out of money by tracking your expenses. To make it easier, there are plenty of apps that you can get. One of the so called apps is called Mint: Personal Finance Manager & Budgeting App. This app was made by Intuit Inc. and is available on Google Play Store for the Android users and on App Store for those who are currently using iOS. It seems like many people agree that this app is one of a kind as it has been installed by more than 10,000,000 users.
Details:
On Google Play Store:
- Updated: September 3, 2021
- Size: 101M
- Current Version: 8.166.0
- Installs: 10,000,000+
- Requires Android: 6.0 and up
- Content Rating: Rated for 3+
- Offered by: Intuit Inc
On App Store:
- Seller: Mint.com
- Category: Finance
- Size: 779.4 MB
- Compatibility: iPhone (requires iOS 13.0 or newer), iPad (requires iPadOS 13.0 or newer), iPod touch (require iOS 13.0 or newer)
- Language: English
- Age Rating: 4+ Infrequent/Mild Contests
- Price: Free
- In-App Purchases: $0.99 (the add free experience)
Pros:
- The app is free.
- The TransUnion credit scores are free.
- It is the best investment tracking.
Cons:
- There are in-app product ads.
- Some technical issues might occur.
- Lack of spending categorization.
Mint: Personal Finance Manager & Budgeting App is the new and refreshing way to manage money. It will help you to reach your goals with personalized insights and custom budgets. The way it works is like the money manager that will guide you to be a smart spender. Basically, you will be able to do a lot of things in just one tap, including tracking the transactions and account balances, monitoring your monthly expenses, controlling spending with the money spending tracker, getting bill reminders, connecting your cash, credit cards, loans, investments and some other ones.
Aside from the app known as Mint, there are some other apps that you might want to consider, including:
- YNAB (best overall)
Details:
- Free Trial: 34 days
- Price: $84 per year
- Bank Sync: Yes
- Security: Bank Level Security and Encryption
Pros:
- There is a 34 free trial.
- It has a strong customer service and comprehensive education.
- It is a great budget makeover.
Cons:
- It costs $84 per year.
- It needs more time to learn.
- Sync issues might occur.
- Simplify by Quicken (best for cash flow)
Details:
- Free Trial: 30 days
- Price: $35.99 per year
- Bank Sync: Yes
- Security: Bank Level Security and Encryption
Pros:
- It has strong cash flow tools.
- There are watch lists for mindful spending.
- There is a free 30-day trial.
Cons:
- It costs $35.99 per year.
- Some technical issues might occur.
- Pocket Guard (best for overspenders)
Details:
- Free Trial: The free version is available and there is no free trial of the paid version.
- Price: Free (free trial) / $79.99 per year (paid version)
- Bank Sync: Yes
- Security: Bank Level Security and Encryption
Pros:
- The app is free, simple, and easy to use.
- There is a cash flow at a glance.
Cons:
- The thing known as PocketGuard Plus is not free.
- There is no phone support.
- Some technical issues might occur.
- Personal Capital (best for building wealth)
Details:
- Free Trial: N/A
- Price: Free
- Bank Sync: Yes
- Security: Bank Level Security and Encryption
Pros:
- This app is a free wealth management app.
- There is a Retirement Planner tool.
- There is an Education Planner tool.
- There is a Fee Analyzer tool for your portfolio.
- It can track the net worth.
Cons:
- This one does not really focus on budgeting.
- There is no option to manually add transactions for budgeting.
- ZETA
Details:
- Free Trial: N/A
- Price: Free
- Bank Sync: Yes
- Security: Bank Level Security and Encryption
Pros:
- This app is free.
- There is no fee for a joint bank account.
- It is especially good for couples.
- It is rich in features including early direct deposits, contactless payments, and bill pay.
Cons:
- The APY for joint accounts is low.
- There are in-app product recommendations.
Aside from using the money management app, the second most important thing for you as a student is to find the right bank. When looking for a bank, please consider a lot of things such as the fees and the locations. Try your best to get the one with low fees and the one that is close to your home and school.
If it is hard to find a decent bank, you can also consider credit unions. Compared to the common banks, credit unions are usually cheaper. You can ask people who have experience with credit unions. Do not rush a thing and take your time before making a final decision.
Talking about money management for college students, it is always recommended to stay away from debt. Debt is not your friend. Do not ever try to make a debt as even a small one can lead to a bigger one. Always make an effort first and think about the consequences. Discuss with some people that you think know about it every time you have a hard time.
