5 Apps for managing your money

Coronavirus is getting us all- in every way possible, but where does it hurt the most? The bank account.

A lot of people are nervous right now, and that seems to be leading to some panic-buying at the grocery and drugstore. From new sweats to live in, to online subscriptions— It’s safe to say we are buying more than we're used to, and there's nothing wrong with that, but it does put a strain on a lot of people's budgets in the short term.

That’s what really underscores why it's so important to have an emergency savings funds - so we can cover situations like that when we see our expenses suddenly go a different direction.

I’ve rounded out 5 of my favorite apps to lower your bills, earmark your cash, save automatically, and more with these wallet-fattening apps and services. I know we all need it right now!

MINT
Mint has been the gold standard for budgeting apps for some time, and I’ve been working with the company for a while, here's why it takes the top spot: The app automatically updates and categorizes transactions, creating a picture of spending in real time. Users can add their own categories, track bills, split ATM transactions into the purchases made with that cash, and set budgets that alert you when they start to top out. The service also comes with a free credit score.

Cost: Free.
Availability: iOS, Android.

GOODBUDGET
Goodbudget is budgeting based on the envelope method. Sound familiar? That’s probably because you remember sweet ol Grandma used to put cash in envelopes, each one earmarked for a specific expense. This is the same. You make envelopes for all your budgeting categories – rent, groceries, eating out, date night, etc. After that, you set aside money up front in each envelope to spend based on categories and not your account balance.

It’s a way to plan your spending instead of just tracking your spending.

Cost: Free for limited envelopes; monthly plans starting at $5.99 for unlimited envelopes
Availability: iOS, Android.

ACORNS
Acorns isn’t a budgeting app, but a savings tool. It automatically rounds your everyday purchases up to the nearest whole dollar and then deposits the difference into an investment account for you. Basically a modern day loose-change jar on steroids.You link it up to your bank account, so it can grab the difference initially and, in turn, transfer it back over to you once you’re ready to spend it. It’s a mindless way to invest, with reasonable fees.

Cost: $1, $2 or $3 per month, free for students.
Availability: iOS, Android.

YNAB
If you’re serious about your money try, YNAB or You Need a Budget.  Link up your accounts, and when you get paid, the idea is to “give every dollar a job” so that you become more thoughtful about how you’re spending your money. If you overspend in one category, you’ll need to adjust by taking dollars away from a different category. The service costs $12 a month or $84 a year after a 30-day trial. Sounds hefty, but YNAB claims to save people an average of $600 in the first month

Cost: $83.99 a year or $6.99 a month (34-day free trial), free for students for 12 months.
Availability: Browser-based; apps for iOS, Android and Amazon Alexa devices.

POCKETGUARD
PocketGuard boils budgeting down to the only thing many users want to know: how much they have for spending. It crunches the numbers to show how much money is available after accounting for bills, spending and savings goal contributions. All users can view how much money is left “in their pocket” for the day, week or month.

Cost: Free.
Availability: iOS, Android.

Remember, we’re all in this together! This Friday March 27th we are going LIVE on IG at 1pm PST to discuss how to manage this time and help with your bills during the Coronavirus with financial expert and coach, Chelsea Galicia. IN the mean time, here are some of her tips:

So what should you do if your income has taken a sudden hit or has been cut off entirely?
 
It is unlikely that you’ll get evicted or have your utilities shut off for failure to pay right now.
 
Some of your bills will be automatically frozen. I’ve seen gyms send emails that they’re freezing memberships and not charging for the time being.
 
Right now is a good time to look through your bank and credit card statements to cancel subscriptions and services that you don’t need.
 
Call your credit card company (or companies, if you have more than one). I’ve received an email from mine that they are working with people if they can’t pay. I have no idea how generous they’re being or what’s required for them to cut you a break. But you’ll have no idea if you don’t ask. I urge you to pick up the phone and find out today. Be prepared for a long wait on hold. I recommend doing it now, rather than waiting for the day your credit card payment is due.
 
Try calling your car insurance to see if they’ll work with you. I haven’t heard anything from mine, but it’s worth a shot. Same goes with your car payment, if you have one. If you have to choose between your car payment and your credit card bill, the vehicle takes precedence because it has a bigger impact on your life and credit.
 
More good news. The California Franchise Tax Board, who collects the state’s taxes, has provided a three-month extension to file 2019 returns. The IRS is also providing a 90-day deferment. Check to see if you qualify; most of us will.

Stay tuned for more and DM’s with your questions.