Financial Tools Every Millennial Should Know About

Many in the millennial generation are struggling financially. Here are some quick stats about millennials to give you some more context:

  • Millennials are half as likely to own a home as young adults were in 1975
  • 1 in 5 millennials live below the poverty line
  • Millennials have 300% more student debt than their parents
  • Many of this generation won’t be able to retire until the age of 75

However, with some careful practice and the right financial tools, you can start your healthy money-saving habits now and reap the rewards later (and fight these statistics). We’ve gathered some of the best tools and apps to help you enhance your financial health.

Keep reading to find out more about the most helpful financial tools you can use to improve your financial situation.

Stock-trading apps

  • Stash: Stash allows you to start your investing journey with just $5! You can build your portfolio with over 150 investment themes. In addition, there’s weekly original content that you can use to help guide you to make better, more sound investing decisions. It costs just $1 a month or .25% a year if you invest more than $5,000.
  • Stockpile: This is an easy way to start your investment portfolio – in fact, it’s so easy to use there’s even a kid-friendly section on Stockpile. You can buy fractional shares of big-name stocks like Google and Amazon. It’s completely free to sign up and just 99 cents per trade. There are no minimums or monthly fees. In addition, you can learn while you’re making money – there are mini-lesson embedded in the app so you can learn as you go. One of the best parts of the app is that you can give an e-gift or real-life gift card and redeem it for stock!
  • Robinhood: Robinhood is a mobile app that allows you to trade stocks, ETFs, and Bitcoin. The key feature of the app is that it allows you to trade and track stocks you already own. You can also track stocks that are on your watchlist. Robinhood empowers you with the right knowledge to decide if the market is too volatile for stocks and if you’re better off letting your money grow by checking CD rates in NH, for example. Whatever you choose, you can set yourself for success with this app.

Automatic saving apps

  • Digit: Digit analyzes how you spend and save your money. Then, it’ll make a small withdrawal that it says will go unnoticed by you (don’t worry, there’s a “no overdraft guarantee”). Digit can save up to $50 at a time and over a long period of these deposits, you’ll have more money than you think. The drawback is that it costs $2.99 a month, but the company installed the fee so that it doesn’t have to sell their data or work as a lead generator.
  • Long Game: Long Game tries to convince people who are putting their money toward lottery tickets to put that money into their savings accounts instead. You could win money by saving, aka win through prize-linked savings. The more money you tuck away into your savings account, the more chances you have to win. It’s FDIC-insured so you’ll have peace of mind that you won’t lose your principal balance.
  • Clarity Money: This helpful app shows you any subscriptions you’ve forgotten about and partners with another savings app, Acorns.

Payment apps

  • Cash: Cash is similar to Venmo but better. You can send and request money with anyone. Plus, you’re able to spend cash for free and get instant discounts. If you get direct deposits, you can get those payments sent directly to the app.

Takeaways

It’s important to always keep tabs on your financial health, regardless if you’re a millennial or a member of another generation. A strong financial standing means a healthy credit score, a low debt-to-income ratio, and a robust savings account.

Your financial health affects much more than whether or not you’re stressed at the end of the month when your bills come in – it determines whether or not you can get approved for a loan or apply for new credit cards.

If big financial goals seem like pipe dreams, don’t walk away just yet. By using the tools and apps in this article, you can slowly begin to build a healthy savings account and chip away at your debt. It’s inevitable you’ll make a money mistake here and there – that’s just part of life. But with careful spending and budgeting, you’ll be a financial wizard faster than you can say, “Cash me outside.”

1 Comment
  1. Julio Gutiarrez 2 months ago
    Reply

    investing in large tech companies such as $NVDA $AAPL or $MSFT are no-Brainers as our dependence on them only continues to grow

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