Now more than ever, young South Africans need to manage their finances as best as they possibly can and know exactly where their hard-earned money is going, according to Charnel Collins, CEO, National Debt Advisors (NDA).
Tech-savvy Gen Z and millennials are using their knowledge of technology and apps to take control of their savings and investment destinies.
Young people are downloading easy-to-use apps as a smart way to keep track of their money while ensuring necessary financial information is one click away.
Here are five apps that young people are using to track their money:
1. 22Seven
A free budgeting and investing app developed by Old Mutual, 22Seven helps people track their spending across all accounts. People can create a personal or business profile on the app and the app is open to everyone to make use of, not only the bank’s clients. With the app, people link bank accounts, credit and store cards, investments and loans.
App features:
Creates budgets based on your spending.
Helps you invest your money.
Assists you in meeting your financial goals.
2. Wallet
Wallet is a free app that acts like a personal finance manager by allowing users to track their finances, get weekly spending reports and even plan their shopping.
App features:
A blog that offers people advice on their finances.
Bank accounts can be synced with the app to track transactions.
Budgets that can help users plan and save money.
3. Goodbudget
The Goodbudget app makes use of the envelope method. With this method, a person’s income is divided into different categories and the total allocated amount of money for each category is put in an envelope.
People will then have to make conscious decisions before spending their money because the user will have to remove the money from the envelope before making any purchases.
Instead of physical envelopes, Goodbudget has created digital envelopes on the app that will help people track their spending.
There is a free version of the app and a version that people will have to pay a subscription fee for.
App features:
Users of the app can chat with each other.
Resources such as podcasts and articles to help people track their money.
Reports that people can analyse to track their spending trends.
