Taking Inventory with Financial Tracking Apps - Rodgers & Associates

Taking Inventory with Financial Tracking Apps

Keeping track of your financial accounts and monitoring your portfolio can be a time-consuming task, especially when your accounts are spread across different custo­dians and you are manually reviewing perfor­mance. But an important part of your retirement journey is just this—taking inventory of your resources and tracking spending, savings, and perfor­mance. Thanks to new technology, smart­phone apps and desktop software programs can make this much easier. You may want to consider these three platforms for viewing and tracking your financial accounts.

Mint by Intuit

Mint is one of the most popular financial tracking apps available today, and it’s free to use. You can sync your bank, investment, retirement, and other accounts within the app and view your progress at any time. By linking your bank and credit cards, Mint gives you the ability to track your spending and categorize expenses so you can create a specific and person­alized budget. Other tools offered include credit monitoring and credit score tracking, portfolio perfor­mance reviews, and investment fee tracking. This could be a smart choice for someone trying to take inventory of their accounts and create a budget and/or savings goals.

Honeydue by Mission Lane

The Honeydue app offers a new way to manage finances with your spouse. This free app allows both partners to link their individual accounts as well as jointly owned accounts. Couples can track spending, coordinate bill paying, and even message each other within the app’s chat feature. The app provides three sections for viewing accounts—one for each partner (where accounts can be made private from the other spouse), as well as a shared section where all autho­rized accounts can be viewed in one screen. If you and your spouse are trying to figure out a more compre­hensive way to coordinate your finances and goals, Honeydue might be the perfect fit.

Simplifi by Quicken

Simplifi is a platform that works on both smart­phones and desktops. This app is like Mint, in that you can link and view all your financial accounts. But, unlike Mint, which uses ads within the app to make it free, Simplifi offers an ad-free experience for a small fee. The platform offers a simple and clean dashboard that may be attractive to those who don’t want an experience cluttered by ads. It has most of the features of the other financial tracking apps (budgeting and savings goals, trans­action tracking, financial reports), paired with the additional inter­esting feature of bill tracking. A calendar within the app lets you list your upcoming bills so there’s never a surprise.

Using this technology to manage your finances helps to put the power to achieve your goals right at your fingertips. If you feel like your current account management strategy is time-consuming or poorly coordi­nated, it might be time to consider a financial tracking app.