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10 Best Financial Wellness Apps in 2024

A comprehensive assessment of the best Financial Wellness Apps in 2024, with a detailed overview of their types, trends, benefits, challenges, pricing, and more.
Last Updated on 18 November, 2024
10 Best Financial Wellness Apps in 2024
10 Best Financial Wellness Apps in 2024

Introduction

Managing personal finances can be quite overwhelming, but thanks to the increasing availability of financial wellness apps, keeping track of your money has become more convenient than ever.

What are Financial Wellness Apps?

Financial wellness apps are software solutions that help you manage your finances by keeping track of all your expenses and budgets in one place. These applications offer various tools and features to enhance financial well-being, including debt management, investing, saving, and budgeting. In other words, it enables you to track your financial activities, establish and achieve financial goals, and take control of your finances with the help of technology.

Key Features of Financial Wellness Apps

Below are some essential features that top financial wellness apps typically offer:

Budgeting Tools: Track income and expenses, categorize spending, and set and monitor budget limits.

Saving Goals: Create specific savings goals (e.g., emergency fund, vacation, down payment), automate savings plans, and track progress.

Investment Management: Track portfolios, receive investment advice and recommendations, and automate investing (robo-advisors).

Debt Management: Track outstanding debts, receive payment reminders, and set debt repayment strategies.

Financial Education: Find articles, videos, and tutorials on personal finance topics as well as tips and advice for improving financial literacy, and access interactive tools and calculators.

Expense Tracking: Enjoy real-time expense tracking, categorize and analyze spending patterns, and receive notifications and alerts for overspending.

Bill Management: Track bills, set payment reminders, view a consolidated list of upcoming bills, and automate bill payments.

Credit Monitoring: Track credit score, receive alerts for changes in your credit report, and get tips for improving your credit score.

Types of Financial Wellness Apps

Financial wellness apps come in various types, each designed to address specific aspects of personal finance. Here are the main categories of financial wellness apps:

1. Budgeting Apps: Help you track your income, expenses, and spending patterns. By imposing spending caps on different categories (such as food and entertainment) and offering instantaneous financial status updates, they help you set up and follow a budget.
Examples: Credit Karma, YNAB

2. Savings Apps: Help you build and manage your savings. They often include features like automated savings plans, goal-setting tools, and round-up savings, where the app rounds up everyday purchases to the nearest dollar and saves the difference.
Examples: Chime, Oportun (formerly Digit)

3. Investment Apps: Designed to make investing accessible to everyone, regardless of experience. These apps often provide tools for buying and selling stocks, managing portfolios, and even offering robo-advisors that automatically invest based on user preferences.
Examples: Acorns, Betterment at Work

4. Debt Management Apps: Help you keep track of your debts, create payment plans, and stay on top of payments. These apps often include features like interest calculators, debt payoff strategies, and reminders to ensure you never miss a payment.
Examples: Qapital, Debt Payoff Planner

5. Expense Tracking Apps: Allow you to monitor your spending in real-time. These apps categorize expenses, analyze spending patterns, and provide insights into where your money is going. They are especially useful for cutting unnecessary expenses and improving your financial habits.
Examples: Expensify, Rocket Money (formerly Truebill)

6. Credit Monitoring Apps: Help track your credit scores and monitor changes in credit reports. These apps can provide alerts for significant changes, offer tips on improving credit scores, and sometimes include identity theft protection.
Examples: Credit Karma, Experian

7. Bill Management Apps: Help you track your bills, due dates, and payments. These apps often offer features like automated bill payments, reminders, and consolidated views of all upcoming bills to avoid late fees.
Examples: Rocket Money, Finovera

8. Comprehensive Financial Management Apps: Provide a wide range of financial tools in one platform, including budgeting, saving, investing, debt management, and every other function that helps you manage your finances better. They are ideal if you want an all-in-one solution.
Examples: Personal Capital, Albert

How to Choose the Best Financial Wellness App?

When selecting a financial wellness app, consider the following factors:

  • Security: Ensure the app uses strong encryption and security measures to protect your data.

  • User Interface: Choose an app with an interface that you find intuitive and easy to navigate.

  • Features: Consider what features are most important to you, such as budgeting tools, investment tracking, or educational resources.

  • Customer Support: Find apps that provide dependable customer support in case you face any issues.

  • Cost: Determine if you will need to pay for premium features or if a free version will meet your needs.

List of the Best Financial Wellness Apps in 2024

YNAB (You Need a Budget) : Master budgeting with YNAB, designed to help you break the paycheck-to-paycheck cycle.

Acorns : Invest your spare change automatically with Acorns, ideal for beginner investors.

Qapital : Goal-based savings app with automated rules to build better financial habits.

Peanut Butter : Attract and retain talent with Peanut Butter’s student loan repayment benefits.

Credit Karma : Track your spending, bills, and credit score effortlessly with this all-in-one budgeting app.

Betterment : Boost your financial future with this platform offering 401(k) plans and investment tools.

PayActiv : Earned wage access and financial wellness platform allowing early access to earned income.

Oportun Set and Save : Effortless and automated savings based on your spending habits.

Rocket Money : Budgeting and subscription management app that tracks expenses and helps cancel unwanted subscriptions.

Albert : Comprehensive app offering budgeting tools, savings automation, and access to human financial advice, among other things.

Detailed Overview- Best Apps for Financial Wellness

YNAB (You Need a Budget)

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YNAB

YNAB is a proactive budgeting tool designed to help users gain total control over their money by ‘allocating every dollar a job’. The goal of the software is to help users stop living paycheck to paycheck, save money, and get out of debt. It provides tools for tracking expenses, creating a budget, and connecting with other users to keep you encouraged and on track.

Recommended for: Entrepreneurs looking to take charge of their finances and establish a strong financial base.

Compatibility

Android App

Yes (Rating: 4.5/5 ⭐️)

iOS App

Yes (Rating: 4.8/5 ⭐️)

Web-Based Portal

Yes

Standout Features

Goal Tracking

Comprehensive Budgeting Education

Integrated Loan Planner

Four Rules

Envelope Method

Pricing

Self-Service Plans

$109/year, $14.99/month

Enterprise Program

Custom Pricing

Read more +
Acorns

Acorns is a perfect solution for those looking to start investing but need help knowing where to begin or finding it challenging to keep up with the stock market. As a pioneer in the “micro-investing” space, Acorns has simplified a complex sector and made investing more accessible. While this personal finance app comes with a cost, it’s a worthwhile investment, especially for individuals who are dedicated to building a stock portfolio but need more time.

Recommended for: Beginner investors, young professionals, or parents looking to start investing for their children.

Compatibility

Android App

Yes (Rating: 4.4/5 ⭐️)

iOS App

Yes (Rating: 4.7/5 ⭐️)

Web-Based Portal

Yes

Standout Features

Automated Roundups

Diversified Portfolios

Retirement Accounts (Acorns Later)

Found Money Rewards Program

Family Account Options

Pricing

Personal

$3/user/month

Personal Plus

$6/user/month

Premium

$12/user/month

Read more +
Qapital

Qapital is a personal finance app designed to help users save and budget with customizable savings goals, automated rules, and spending tracking. It offers flexibility and user control and focuses on making saving money fun and engaging. Qapital’s user-friendly interface and goal-oriented approach make it one of the best apps for saving money, a solid choice for those who prefer a more hands-on approach.

Recommended for: Individuals who want more control over their savings rules and are interested in a more interactive approach to managing finances.

Compatibility

Android App

Yes (Rating 4.5/5 ⭐)

iOS App

Yes (Rating 4.8/5 ⭐️)

Web-Based Portal

Yes

Standout Features

Customizable Savings Goals

Budgeting Tools

No-Overdraft Protection

Rule-based Transfers

Investing

Lending

Pricing

Basic

$3/user/month

Complete

$6/user/month

Premier

$12/user/month

Peanut Butter

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Peanut Butter

Peanut Butter provides student loan repayment benefits, uniquely helping companies attract and retain top talent by addressing a significant employee concern—student debt. With Peanut Butter’s Financial Wellness Tools, companies can shorten hiring days, increase employee tenure, improve diversity, and boost engagement while helping employees pay off debt quicker.

Recommended for: Mid-sized to large companies looking to enhance their benefits packages and support employee financial wellness.

Compatibility

Android App

Yes (Rating: 4.6/5 ⭐️)

iOS App

Yes (Rating: 4.7/5 ⭐️)

Web-Based Portal

Yes

Standout Features

Financial Counseling

Access Directory

Seamless Payroll Integration

Employee Dashboard for Tracking Repayments

Tax-Advantaged Benefits

Federal & Private Loans Support

Clientele
  • Salesforce

  • Carvana

  • Allstate

Pricing

Repayment

Starts at $750/year + $7/user/month

Resources

Starts at $750/year

Refinancing

For Free

Credit Karma

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Credit Karma

Credit Karma, owned by Intuit in 2020, is a personal finance tool that helps you access your credit scores from TransUnion and Equifax, two of the three major credit bureaus. It offers updated scores based on the VantageScore model and detailed credit reports to track changes and identify potential errors. The platform also offers tailored recommendations for credit cards, loans, insurance products, and savings accounts.

Additionally, it incorporates popular features from Mint, another Intuit product, such as tracking net worth, monitoring spending, and analyzing cash flow, as Mint shut down in March 2024. While some features have been carried over, Credit Karma now leverages AI and data analysis to provide more personalized financial insights and recommendations, such as suggesting better credit cards or alerting users about potential cash flow issues.

Recommended for: Individuals or small businesses seeking an all-in-one holistic view of their finances.

Compatibility

Android App

Yes (Rating: 4.7/5 ⭐️)

iOS App

Yes (Rating: 4.8/5 ⭐)

Web-Based Portal

Yes

Standout Features

Budget Tracking

Bill Reminders

Real-time Sync across Multiple Accounts

Credit Score Monitoring

Pricing

Free to Use

Supported by Ads

Betterment

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Betterment

Betterment is a popular financial wellness app that offers automated investment management through its robo-advisor platform. It provides users with personalized portfolio allocation based on their financial goals, such as saving for a home or planning for retirement, with guidance on how to achieve them through tailored investment strategies.

Betterment at Work is a financial wellness platform offering personalized 401(k) plans and investment advice, uniquely providing automated portfolio management tailored to each employee.

Recommended for: Medium to large companies aiming to enhance employee financial wellness through personalized retirement plans.

Compatibility

Android App

Yes (Rating: 4.5/5 ⭐️)

iOS App

Yes (Rating: 4.7/5 ⭐️)

Web-Based Portal

Yes

Standout Features

Personalized Retirement Planning

Automatic Portfolio Rebalancing

Employee Financial Education

Socially Responsible Investment Options

Tax-Loss Harvesting

Seamless Payroll Integration

Pricing

Essential

$1260 annually

Pro

$1872 annually

Flagship

$3596 annually

Read more +
PayActiv

PayActiv is a financial wellness platform that offers employees access to earned wages before their scheduled payday and various tools to improve financial health. It aims to reduce financial stress by providing employees immediate access to their earnings, helping them avoid costly alternatives like payday loans or overdraft fees.

Recommended for: Businesses looking to improve employee satisfaction and retention by offering financial wellness benefits.

Compatibility

Android App

Yes (Rating: 4.5/5 ⭐️)

iOS App

Yes (Rating: 4.7/5 ⭐️)

Web-Based Portal

Yes

Standout Features

Financial Counseling

Discounts & Benefits

Savings and Budgeting Tools

Bill Payment Services

Earned Wage Access (EWA)

Clientele
  • Uber

  • Walmart

  • Subway

Pricing

Custom Pricing

Contact PayActiv

Oportun Set and Save (Digit)

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Oportun Set and Save (formerly Digit)

Oportun Set and Save (formerly called Digit) analyzes your income and spending patterns using automation and AI, so it’s not a standard “round-up” tool. The software transfers funds from your external checking account to your Oportun account when it determines that you can afford it. It handles the budgeting while you choose your spending objectives, such as paying for concert tickets or student debts. Your FDIC-insured Oportun account will be credited with a quarterly 0.10% yearly savings incentive if you save for three consecutive months. When feasible, the company helps its members avoid overdrafts. Up to four overdraft fee occurrences by Oportun autosaves are covered monthly.

Recommended for: Individuals looking to build savings automatically, especially those who may have limited access to traditional banking and credit services.

Compatibility

Android App

Yes (Rating: 4.5/5 ⭐️)

iOS App

Yes (Rating: 4.6/5 ⭐️)

Web-Based Portal

Yes

Standout Features

Automated Savings

Access to Credit

Flexible Contributions

Savings, Budgeting, and Investing Tools

Pricing

Typically Free

With Options for Accessing Loans

Rocket Money

Read more +
Rocket Money

Rocket Money (formerly Truebill) is a financial management app designed to help you track subscriptions, manage bills, and optimize your finances. It provides a dashboard that helps you view how much you pay for different services and memberships and cancel subscriptions you don’t use. In addition, it also provides bill negotiation services, budgeting tools, net worth data, and even automated savings. It offers a range of tools to help you take control of your spending and save money.

Recommended for: Individuals who want to manage their finances more effectively, especially those with multiple subscriptions or recurring expenses.

Compatibility

Android App

Yes (Rating: 4.3/5 ⭐️)

iOS App

Yes (Rating: 4.5/5 ⭐️)

Web-Based Portal

Yes

Standout Features

Subscription Tracking

Bill Negotiations

Spending Insights

Budgeting Tools

Automated Savings

Net Worth and Credit Score

Pricing

Basic

Free

Premium

Starts at $3

Read more +
Albert

Albert is a personal finance app that combines budgeting tools, savings automation, and access to financial advice all in one platform. You may earn cash-back incentives with an Albert Cash Account and debit card when you shop for groceries, gas, ridesharing, and food delivery. Also, you can view your paycheck up to two days earlier.

Albert Budgeting organizes your spending and negotiates prices with vendors to help you save money. If you want to invest, you may also begin with just $1 with Albert Investing. You can start using the Albert app for free, and there are no overdraft or maintenance costs. You also don’t need to worry about meeting a minimum balance requirement.

Recommended for: Individuals who want a comprehensive financial tool that covers everything from budgeting to investing, with access to personalized financial advice.

Compatibility

Android App

Yes (Rating: 4.1/5 ⭐️)

iOS App

Yes (Rating: 4.6/5 ⭐️)

Web-Based Portal

Yes

Standout Features

Smart Savings

Genius Financial Advice

Budget Tracking

Cash Advances

Investing Options

Pricing

Basic

Free

Genius

Starts at $8/month

Add-Ons

Below are some of the comprehensive employee wellness apps that didn't make it to the list because they don't directly fall under the category of financial wellness; however, they offer services through their platforms that encourage the financial well-being of employees and are worth your consideration.

Vantage Fit

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Vantage Fit

Vantage Fit is a holistic corporate wellness platform that addresses various aspects of employee well-being, including physical, mental, financial, and social wellness. Regarding financial health, Vantage Fit offers solutions to educate employees about healthy financial habits and reduce financial stress. Additionally, the platform provides a marketplace that connects employees with partners offering services related to savings management, investments, loan management, and financial planning.

Recommended for: Companies seeking to enhance overall employee well-being focusing on financial health and comprehensive wellness solutions.

Compatibility

Android App

Yes (Rating: 4.5/5 ⭐️)

iOS App

Yes (Rating: 4.8/5 ⭐️)

Web-Based Portal

Yes

Pricing

One-Time

Starts at $1,500 (includes $250 set-up cost)

Standard

Starts at $6,000 (plus $500 set-up cost)

Enterprise

Starts at $7,500 (plus $500 set-up cost)

Read more +
Optum

Optum includes financial wellness as part of its broader well-being offerings. This includes financial literacy tools, resources for managing healthcare costs, and support for reducing financial stress. The platform aims to integrate financial wellness with other aspects of health, recognizing the impact financial stress can have on overall well-being.

Recommended for: Organizations seeking to integrate financial wellness with overall health initiatives to improve employee well-being.

Optum Overview
Compatibility

Android App

Yes (Rating: 4.1/5 ⭐️)

iOS App

Yes (Rating: 4.6/5 ⭐️)

Web-Based Portal

Yes

Pricing

Custom Pricing

Price on Request

Headspace for Work

Read more +
Headspace for Work

While Headspace for Work primarily focuses on mental health, it includes some content related to managing financial stress. This is done through mindfulness exercises and guided meditations that address financial anxiety and promote a healthy mindset towards money.

Recommended for: Organizations seeking to integrate mental health support with tools to manage financial stress and promote overall well-being.

Headspace for Work Overview
Compatibility

Android App

Yes (Rating: 4.6/5 ⭐️)

iOS App

Yes (Rating: 4.9/5 ⭐️)

Web-Based Portal

Yes

Pricing

Custom Pricing

Price on Request

Benefits of Using Financial Wellness Apps

Financial wellness apps offer several benefits that contribute to better financial management and overall well-being. Some of the key benefits include:

Convenience and Accessibility: Financial wellness apps offer the convenience of quickly accessing your financial status anytime, anywhere, with just a few taps on your smartphone or clicks on your computer.

Personalized Insights and Recommendations: Many personal finance apps use advanced algorithms and machine learning to offer tailored insights and recommendations. They help you reach your financial goals by identifying areas for improvement, such as reducing unnecessary spending or increasing savings.

Automated Budgeting and Tracking: Manual budgeting and expenditure tracking can be laborious and error-prone. Financial wellness apps automate these tasks through seamless integration with credit card and bank accounts, transaction categorization, and real-time information on spending and budgetary allocations.

Goal-Setting and Progress Tracking: Setting and reaching financial objectives can be made more accessible with a systematic strategy. Financial wellness apps allow you to set goals, such as establishing an emergency fund, and monitor your progress over time.

Financial Literacy and Educational Materials: Many financial wellness apps include educational materials, such as articles, videos, and interactive courses, to improve users' financial literacy. These tools assist in creating sound financial habits, understanding complex financial concepts, and making wise financial decisions.

Financial wellness apps enhance convenience, personalization, and automation while supporting goal-setting and financial literacy, making them valuable tools for managing personal finances effectively.

Potential Challenges of Using Financial Wellness Apps

While financial wellness apps offer numerous benefits, they also come with potential challenges. Here are some key concerns to consider:

Data Security and Privacy Concerns: Data security and privacy are major concerns with financial wellness apps. Linking your bank accounts raises questions about how sensitive financial data might be misused or compromised. Ensuring that the app uses strong encryption and adheres to privacy standards is crucial.

Limited Capabilities for Tricky Financial Circumstances: Financial wellness apps may have limitations when handling complex financial situations, such as estate planning, tax optimization, or managing multiple investment portfolios. While these apps can provide general advice, specialized financial planning may require professional assistance.

Problems with Integration Across Several Accounts/Institutions: Integrating financial information from multiple accounts or institutions into a single app can be challenging. This may lead to issues with data accuracy or completeness, making it difficult for the app to provide comprehensive analysis and recommendations.

Understanding these potential challenges can help users make informed decisions about which financial wellness apps best meet their needs and how to use them effectively.

FAQs

Q. How can Financial Wellness Apps help me reduce debt?

A: Many financial wellness apps offer debt payoff tools, such as automated savings plans, debt repayment strategies, and personalized budgeting advice. Apps like YNAB and Albert are particularly effective at helping users create structured plans to pay off credit card debt, student loans, and other liabilities.

Q. Are Financial Wellness Apps safe to use?

A: Yes, most reputable financial wellness apps in the USA use bank-level security measures, including encryption, multi-factor authentication, and fraud detection. Apps like Credit Karma and Chime are trusted by millions of users and adhere to strict data privacy standards.

Q. Can Financial Wellness Apps improve my credit score?

A: Yes, many financial wellness apps can help improve your credit score by offering tools to monitor your credit, manage debt, and stay on top of payments. Credit Karma and Chime are particularly useful for tracking credit scores and providing personalized tips to improve them.

Q. Are there any free Financial Wellness Apps?

A: Yes, several financial wellness apps offer free versions with essential features. Credit Karma is a popular free app that offers budgeting, credit score tracking, and financial insights at no cost. Premium features may be available for a subscription fee, but the basic tools are free.

Q. What Financial Wellness Apps are best for employees?

A: Apps like Betterment at Work, Peanut Butter, and Brightside offer employee-specific financial wellness tools. These apps provide 401(k) management, student loan repayment assistance, and financial coaching, making them ideal for businesses looking to support their workforce’s financial health.

This article is written by Shabana Shahnaz, a Product Research Analyst passionate about uncovering the nuances of software solutions. With a sharp analytical mind and a keen eye for detail, Shabana excels at comparing and contrasting software products at Vantage Circle to help businesses and individuals make informed decisions. To get in touch, reach out to editor@vantagecircle.com

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