Tracking Goals is Easier with These Financial Tools

Table of Contents

1. Separate Savings Accounts
2. Apps that Help You Automate
3. Online Banking Tools

If you're looking to upgrade your finances this year, it's helpful to find a system that keeps you on track. When you find the right tools and resources, it's much easier to stick to your plan and establish effective financial management. You can streamline your efforts and gain more visibility into your financial health along the way. Whether you're looking to monitor your cash flow, track expenses, or automate simple tasks – there are financial management tools that can help you get it done. 

As you’re deciding which financial tools will benefit you most, it's important to understand what you're trying to achieve. Researching and exploring various financial products, budgeting apps, or expense-tracking tools can give you insight into their features and benefits. To help you get started, we're going to share different types of financial tools available to you and how they can help.

Separate Savings Accounts

It might seem simple, but tracking your goals in separate savings accounts serves as a great financial management tool. This allows you to set up each account to specifically cater to a specific purpose – like emergencies, a vacation, or a new car. By dividing your funds, you can easily track progress toward each objective in your savings plan. Then, you can recognize your savings pattern and gain the right information to make adjustments. This is a great practice for establishing greater financial well-being.

You can also choose different types of savings accounts to match your savings goals. When it comes to short-term goals, a high yield savings account can help you save more, faster. On the other hand, a long-term savings goal for something larger, like a home, might be best handled in a CD or money market account.

Apps that Help You Automate

Apps serve as wonderful tools for simplifying your objectives. The right financial management software can help you manage a wide range of tasks related to different types of money goals. These apps leverage automation and smart features to make expense tracking, budgeting, investments, and retirement planning significantly easier. By syncing these financial management systems with your bank accounts and credit cards, you gain real-time visibility into your financial transactions.

Here are some financial apps that can help you automate your goals:

YNAB (You Need a Budget) is a budgeting tool that emphasizes intentional spending for better expense management and more peace of mind. It aims to help users allocate every dollar they earn, assigning each to a clear role. The app provides tools to track spending and progress toward a variety of financial goals, encouraging users to live within their means and plan for the future.

Oportun, an app that was previously called Digit, is a smart savings app that analyzes your spending habits to automatically save small amounts of money for you. It learns when it can afford to put money toward your savings goals based on when your bills are due and the minimum balance you want to keep in your connected bank account. You can set specific goals, and the app works in the background to help you effortlessly achieve them.

With Qapital, users set personalized rules and goals, and the app leverages set-and-forget tools to keep your progress on track. Whether you want to save for a vacation or put money toward investments, Qapital does the heavy lifting for you. It makes it easy to set up how your income gets split up, so the right amount is being sent where you want it every payday.

An investment app designed to make saving effortless, Acorns rounds up your everyday purchases to the nearest dollar and invests the spare change into diversified portfolios. This micro-investing approach is ideal for those looking to automate their savings and gradually build an investment portfolio without much effort.

Betterment is an investment platform that helps users set and automate their investment goals. It offers personalized financial advice and portfolio management, making it easier to invest wisely. With features like tax-efficient investing and retirement planning, the platform simplifies the investment process for both beginners and more seasoned investors.

Empower (formerly called Personal Capital) provides comprehensive tools for managing personal wealth. It allows users to set retirement goals and offers advice on how to achieve them. With features like net worth tracking and cash flow analysis, Empower helps users gain a clear understanding of their financial health and plan for a secure future.

No matter where you are in your financial journey, tracking your goals can be as simple as heading to the app store and finding an app that feels right to you. With different visualizations and money management methods, there's bound to be a great fit for every user.

Online Banking Tools

Another great personal finance tool that shouldn't be overlooked is your financial institution's approach to online banking. When you're deciding between a bank or credit union, keep in mind which tools and key features they offer to help you meet your goals. Do they have financial planning resources within the platform? Is there a user-friendly mobile app?

High-quality online banking tools provide convenience and efficiency in managing your everyday transactions. They facilitate quick access to account information, including statements and transaction history, leading to informed decision-making. Plus, online and mobile banking tools should offer robust security measures to safeguard sensitive data, ensuring a secure online banking experience for users. In your search for a good fit, be on the lookout for easy-to-use interfaces, helpful budgeting tools, and support options that meet your needs.

Find the Support You Need to Reach Your Goals

With the financial tools mentioned in this post, you can create a solid plan for reaching every one of your money goals. It's a great reminder that you can simplify the process. Finding and leveraging tools that cater to your specific objectives will have you seeing progress in no time!

As you're working on your financial wellness, remember that our goal is to help you meet yours. Addition Financial offers many products and services to help guide you every step of the way. Plus, with our new Digital Banking, you can easily manage your accounts, analyze your spending, set goals, and more. Get started today!