What Financial Apps Are Actually Helpful?
here's a few digital tools and apps that local banking professionals say are worth the download
Budgeting has likely always been a sometimes frustrating, often vulnerable experience, whether as an individual or in a relationship/family dynamic. With the abundance of supposed digital “tools” out there, one kind that, while appealing, is saturated: financial apps.
Advertisements for apps like Rocket Money play constantly online (or is that just our feeds?) but there are a bajillion others in that financial category.
In reaching out to a couple of local banker professionals in the area (we asked them to share tools that weren’t connected to their place of work, given most banks and credit unions have their own nowadays), here’s what digital tools and apps came to their minds.
Whether or not every single person finds significant benefit from them is completely subjective, but hopefully, you’ll have a place to start.
From Eau Claire Merchants Bank Market President, Melissa Peterson, a couple of apps came to mind:
“If you are looking for an app that helps with managing your overall picture such as budgeting, investments, your credit and goals, then Monarch is an excellent app to help you stay on track, pay down debt and save for large purchases,” Melissa shared.
“If you are looking for a free app that works well to monitor your credit scores, balances and notify you of activity related to your credit, then Credit Karma is a great choice,” she added.
From Madison Lee, a local banker professional, a sort of non-app was her suggestion: AI chatbots.
“I recommend using ChatGPT or your preferred AI chatbot to better understand your finances rather than just track them,” she said. “With thoughtful prompts, AI tools can help build personalized budgets, create realistic debt payoff plans and think through financial decisions in a very effective way when combined with the knowledge from your bank, credit union, or trusted financial advisor.
“Whether I’m asking, ‘What would happen if I put an extra $200 a month toward this loan?’ or ‘Can I comfortably afford this purchase?,’ it helps me understand the tradeoffs and create a plan that truly fits my goals,” she continued. “Everyone’s financial situation is different, so the best financial plan should be too. I recommend giving it a try as another tool in your financial toolbox.”
Reach out to your bank or credit union for personalized recommendations on what digital tools could be of benefit.
