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Covid-19 vaccination rates are increasing, restrictions are easing and Americans are getting back to a new normal — including spending.
For some, that may come with a need to reconfigure their personal budget after a year inside.
Those in that situation have a number of free or low-cost tools at their disposal. In fact, anyone with a smartphone can use it to help accomplish their financial goals, be that budgeting, saving, investing or more. Companies such as Robinhood, Stash, Mint and others have platforms to meet an array of needs.
“Financial technologies are here to make your life easier and do a lot of the heavy lifting,” said Douglas Boneparth, a certified financial planner and president of Bone Fide Wealth in New York. But, if you aren’t sure what you need help with, it will be difficult to find and effectively use any financial application, he said.
Here’s what to consider before you hit download.
Establish what you’re hoping to accomplish
Before signing up for any financial application and handing over your banking information, personal finance experts recommend being crystal-clear on your goals, or what you’re hoping to accomplish by using this tool — do you need help saving, or are you looking to start investing?
“You have to know why you want to use the app,” said Cathy Curtis, CFP, founder and owner of Curtis Financial Planning in Oakland, California, and a member of the CNBC Advisor Council. That…
