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Writer's pictureAnnette Harris

Valuable Budgeting Apps, Investment Platforms, and Robo-Advisors

Businessman working on investments on a laptop

Are you feeling overwhelmed by your finances? You're not alone. The good news is that navigating the world of personal finance has been revolutionized by cutting-edge tools. I've discovered a few apps and tools that can help you manage your finances successfully. I've also contacted a few financial experts to uncover the most helpful features they've encountered. From key budgeting app features to a comprehensive financial overview with Personal Capital, here are the top budgeting apps, investment platforms, and robo-advisors to consider.


Top Budgeting Apps, Investment Platforms, and Robo-Advisors


Top Budgeting Apps


You Need A Budget (YNAB)


Unlike traditional budgeting, where you estimate future finances, YNAB focuses on what you have right now. You assign every dollar you own (income) a job by allocating it to specific spending categories (rent, groceries) or future expense buckets (vacation fund). This ensures you avoid overspending and plan for infrequent costs by regularly setting aside smaller amounts. YNAB is flexible, too, allowing you to adjust your plan as needed. To get started, you create categories for your expenses and goals, enter your income, and then assign available funds to those categories until there's nothing left.


Personal Capital


According to Brandon Thor, CEO, Thor Metals Group, he uses Personal Capital to manage his money and monitor the investing world with a variety of simple tools that make everything easier. "I'm especially fond of Personal Capital. It combines all my financial accounts and gives me a clear picture of my spending, investments, and retirement plans. This kind of big-picture view is incredibly valuable to me."


Personal Capital goes beyond budgeting, offering a holistic view of your finances. This app also provides educational resources to help you make informed financial decisions.


According to Stephen Boatman, Principal & Financial Planner, Flat Fee Financial, he's found that the most useful features in a budgeting app would be one that has the following:


  1. An intuitive user interface

  2. The ability to sync with bank accounts and credit cards

  3. Auto-categorizing of expenses

  4. The ability to manually categorize expenses

  5. Notification of recurring expenses



Investment Platforms


Industry Leaders: Education and Choice


Charles Schwab and Fidelity Investments are well-established platforms offering a wide range of investment options, including stocks, bonds, mutual funds, and ETFs. They cater to beginner and experienced investors with educational resources and commission-free stock and ETF trades. Their user-friendly platforms and vast research tools empower you to make informed investment decisions.


Vanguard: The Low-Cost Champion


Vanguard is a haven for long-term investors seeking a diversified portfolio at minimal cost. They specialize in low-cost index funds, which offer broad market exposure without the burden of high fees. Vanguard provides various investment accounts and educational resources to help you invest confidently.


Robinhood and E*TRADE: Geared for Different Investors


Robinhood and E*TRADE are popular for their commission-free stock and ETF trades. However, they target different investor types. Robinhood boasts a user-friendly mobile app ideal for beginners but offers limited investment options. E*TRADE provides a more robust platform with advanced tools for research and analysis, catering to active traders.


Thor is always looking for ways to maximize his investment, so he looks for ways to trade stocks without paying commission fees. To do this, he's turned to Robinhood and E*TRADE. According to Thor, they're fantastic because they allow him to make fast and smart decisions about his investments. When it comes to keeping an eye on super useful prices, he also trusts apps like Kitco and BullionVault. He states they're great for staying on top of market trends and getting price alerts.


Boatman has found that the most valuable features to look for when choosing an investment platform are ones that have the following:


  1. Easy account setup and money movements

  2. No trade fees

  3. Not selling your data to hedge funds, such as Robinhood

  4. Best-efforts execution

  5. Access to high-interest-rate cash holdings

  6. Educational resources for account types, investment options, and phone/email support


Robo-Advisors


Betterment & Wealthfront


Betterment is a pioneer in robo-advising. It offers automated investing with low fees, caters to a wide range of investors, and has a user-friendly interface.


Wealthfront focuses on tax-optimized investing and offers advanced features like portfolio risk parity. It's a good fit for those seeking a more sophisticated approach.


Thor prefers Betterment and Wealthfront because they automate a lot of the investment process.


These apps consider my financial goals and how much risk I'm comfortable taking, which saves me a ton of time and effort. These tools don't just help me manage my finances—they keep me informed and ready to adapt as opportunities or challenges arise. - Thor

Schwab Intelligent Portfolios


This service from Charles Schwab provides automated investing with a focus on low costs. It's a solid option for those who trust Schwab's brand and investment philosophy.


Boatman also has the following advice when choosing Robo-Advisors and prefers ones that have:


  1. Low fund fees

  2. Flexibility within pre-determined portfolios

  3. Low educational need of the user when using a robo-advisor

  4. Factor-tilted funds


Choosing the Right Tools


The best tools for you depend on your financial goals and experience level. Here are some tips:


  • Budgeting Apps: Consider your budgeting style. Do you prefer a zero-based approach (YNAB) or a more traditional method like Personal Capital?

  • Investment Platforms: Evaluate your investing goals. Are you looking for low-cost index funds (Vanguard) or a platform with extensive research tools (Schwab)?

  • Robo-Advisors: Assess your comfort level with managing investments. Robo-advisors are ideal for hands-off investors, while experienced investors may prefer a more traditional brokerage account.


Remember: These tools are meant to empower you, not replace financial planning. Schedule a time today for more guidance on planning your path forward!


For complex situations, consider consulting a professional financial advisor.


By leveraging budgeting apps, investment platforms, and robo-advisors, you can take control of your finances and build a brighter financial future!

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