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Best Investing Apps for Minors/Teens and Young Adults

Posted on July 15, 2022April 12, 2022 By Avantika Ginodia No Comments on Best Investing Apps for Minors/Teens and Young Adults
Investing

Money management is a skill, not a natural talent. While some people are more mathematically or organizationally oriented and find finances easier, the concepts are not given to us at birth. Classrooms educate money ideas early, and preferably, parents reinforce the lessons at home; but, financial literacy and its practical applications are lifetime pursuits.

Fortunately, in this day and age of technological innovation, there are a few apps for that. Teens and young people who have grown up with technology have an edge when it comes to becoming financially smart and self-sufficient. Smartphones, which are always within reach, can serve as auxiliary teachers and enforcers of financial management.

  • Toshl Finance

Toshl Finance, the chequebook ledger for the digital era, assists young adults in creating monthly budgets and tracking costs. The user logs and categorises expenses. While the programme requires more upkeep than Mint, it offers the added benefit of bringing financial responsibility into the equation.

  • Left to Spend

The Left To Spend software, like Toshl Finance, simplifies budgeting. While the app is not as flashy or as linked as others on our list, its simplicity is what sets it apart. Users set a spending limit and deduct their expenditures.

  • Manilla

The Manilla app serves as a digital file folder as well as a bill pay service. Manilla touts ease of use and efficiency by allowing consumers to pay bills and track spending. Manilla’s customizability allows you to set up alerts for incoming and unpaid invoices, which is a unique feature.

  • Debt Repayment Calculator

Debt Payoff Planner, as the name suggests, assists customers in developing a reliable debt management strategy. The software enables tracking customisation based on the greatest debt, balance, or interest rate. Another useful feature of this software is that it can forecast when the debts will be paid off based on the repayment plan and interest rates.

  • BillGuard

BillGuard lifts the veil on “grey charges” and provides consumers with a more open financial status. BillGuard assists users in staying on top of their money by identifying hidden expenses such as auto-renewal fees, membership fees, and monthly fees.

  • Mint

Mint, named PCMag’s Editors’ Choice for personal finance smartphone software, has been lauded for its utility by many renowned personal financial advisers and businesses alike. Mint provides quick access and tracking by integrating any personal accounts, loans, and credit cards.

  • Spending Spree

Parents’ Choice Gold Award winner. This programme, designed as a game, teaches through play, presenting the concept that modest purchases throughout the day, week, or month add up, and that the opposite is also true – that even small savings, made consistently, can add up to large savings over time. One of the app’s most compelling features is its subtle emphasis on risk and reward, all in the name of educational enjoyment.

  • P2K Cash

P2K Money takes the concepts taught in Savings Spree and expands on them by documenting and tracking allowances. One built-in feature of the software allows the user to earn extra money by completing household chores.

  • Wise Pig

This progress-tracking tool is great for pre-teens and teens who are just starting to learn about the practical aspects of financial literacy. The programme allows users to set financial objectives and then update them as milestones are reached. Unlike other monitoring applications, Smarty Pig allows other app users to contribute to the specific goals of friends and family members.

  • iAllowance

iAllowance, like Smarty Pig and P2K Money, is a money-tracking app. What distinguishes it from the other two is that it is aimed at the more mature teen. Furthermore, iAllowance is unique in that it provides a forum for parents/guardians and kids to collaborate on money management habits and applications.

Using money-management software can be a fantastic addition to a regular financial regimen. Choosing the most useful one is a matter of personal preference, based on your specific needs and the level of involvement that is most beneficial.

Tags: Finance Tips Investing Personal Finance

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