Best Money Apps for College Students | Building Financial Foundations

Managing your finances as a college student is often easier said than done. Juggling various expenses—textbooks, meal plans, supplies, and commuting—on a limited budget can be challenging. To navigate this financial landscape, cultivating habits of saving, investing, and budgeting early can lay the groundwork for financial flexibility.

Learning How to Budget Effectively with Goodbudget

Budgeting is crucial, but it doesn't have to be intimidating. For beginners managing money on the go, the Goodbudget app offers a practical approach. It's a digital version of the envelope method, a strategy where users allocate a certain amount of income into categories like groceries, rent, and debt payoff. Digital envelopes replace real ones, and overspending turns the envelope red, signaling that the budget is exceeded.

Unlike most apps, Goodbudget doesn't link to bank accounts. Users manually create digital envelopes and input transactions. The app provides 20 envelopes for free or unlimited envelopes for $7 per month, offering a hands-on approach to visualize and control spending.

Free Version:

• 20 envelopes
• 1 account
• 2 devices
• 1 year of transaction tracking
• Community support

Goodbudget Plus:

• Unlimited envelopes
• Unlimited accounts
• 5 devices
• 7 years of transaction tracking
• Email support

Goodbudget Plus has two payment options: $8 per month or $70 per year, plus tax. Using a budgeting app for free may suit your needs, but if you find that the extra capabilities will benefit you, the paid plan may be worth the investment. If you decide to purchase the app subscription and you aren’t satisfied, you can contact Goodbudget within 30 days for a full refund.

Getting Started with Investing, Even with Small Amounts: Acorns

Contrary to a common misconception, investing doesn't require large sums. Acorns allows users to start with spare change. It rounds up everyday purchases and invests the difference into preconfigured portfolios.

Even buying a daily coffee can contribute to investments. Linking a credit card to the app is essential for the roundup feature, and a minimum of $5 is needed to start investing. Acorns offers a simple and automated way for college students to initiate wealth-building for the future.

Acorns Features:

• Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No minimum required to open an account, $5 minimum to start investing.
• Monthly plans include Personal ($3 per month) and Family ($5 per month).
• No minimum balance.
• 30-day free trial; $5/month after.
• Begin earning 0.10% APY after using the app for three consecutive months.

Saving Money, One Small Amount at a Time with Oportun

Oportun, previously known as Digit, aims to assist you in accomplishing both short- and long-term financial objectives. Using advanced machine learning, the app daily analyzes your linked bank account, reviewing your spending patterns and balance.

Saving money, especially in small amounts, adds up over time. Oportun automates this process by connecting to a bank account and saving small amounts daily.

Users can set a maximum amount for daily savings. Oportun simplifies saving, putting it on autopilot without requiring manual transfers. Users can save for specific goals or simply jumpstart post-grad life by building a savings habit effortlessly.

Oportun Features:

• Fully encrypted app for user data protection.
• Free trial for the initial six months, $5 per month fee for continued access to banking, budgeting, saving, and investing services.
• Simplified investment through a diversified portfolio of ETFs based on user risk tolerance.
• Retirement savings option with IRA, ensuring compliance with yearly contribution limits.
• Automated withdrawals feature with overdraft protection for linked checking accounts.

Cash Back Without a Credit Card: Rakuten

College life comes with unavoidable expenses like textbooks and groceries. Rakuten turns these essential purchases into opportunities for cash back. The app and browser extension let users earn cash back when shopping online or in-person.

Connecting debit or credit cards to the app enables cash back on purchases from Rakuten's network of brands. Quarterly payouts offer a rewarding way for college students to boost savings or cover expenses without needing a credit card.

Rakuten Features:

• Cost: Free
• Standout features: Shows income, expenses, savings goals, credit score, investments, net worth.
• Cash back is awarded every 3 months by check or PayPal payment.

Keeping Track of Multiple Accounts with Mint

Managing multiple financial accounts can be overwhelming. Mint simplifies this by allowing users to connect checking, savings, credit cards, investment, and retirement accounts in one app.

Staying updated on finances helps avoid missed payments or overdrawing. Mint provides a consolidated overview, eliminating the need to remember multiple passwords. It's an efficient solution for college students to streamline financial management and stay in control of their various accounts.

Incorporating these apps into your financial routine can empower you as a college student, providing tools to budget, save, invest, and manage multiple accounts effectively. Building a strong financial foundation early on sets the stage for a more secure and prosperous future.

Mint Features:

• Cost: Free
• How to save: Get cash back on eligible purchases, automatic coupons, and price comparisons.
• Standout features: Shows income, expenses, savings goals, credit score, investments, net worth.
• Categorizes your expenses: Yes, but users can modify.
• Links to accounts: Yes, bank and credit cards.

Smart Student Discounts: UNiDAYS

Being a college student often comes with exclusive discounts, and UNiDAYS is the app that brings these discounts to your fingertips.

From clothing and electronics to food and entertainment, UNiDAYS helps you discover and access various discounts available to students. Saving money becomes more manageable, allowing you to enjoy the perks of being a student while staying within your budget.

UNiDAYS Features:

• Enjoy a Free App for Students with Exclusive Discounts
• No Subscription Fees, and Access to Monthly Deals.
• Explore a 30-Day Free Trial, and Begin Unlocking Special Offers After Three Consecutive Months of App Usage

Planning and Splitting Bills: Splitwise

Living with roommates or sharing expenses with friends requires careful planning and tracking. Splitwise simplifies this process by allowing you to input shared expenses, track who owes what, and settle balances easily.

Whether it's splitting rent, utilities, or a group dinner, Splitwise ensures that everyone pays their fair share. This app promotes transparency in shared finances, reducing potential conflicts and making financial collaboration smoother.

Splitwise Features:

• Free version contains all core features.
• Ideal for the student budget.
• For $3 a month, Splitwise Pro provides an ad-free experience as you scan receipts, save default splits, and convert currencies.

Managing Student Loans: Sootchy

For students dealing with student loans, Sootchy is an app designed to assist in managing and optimizing your 529 plan. It provides insights into college savings plans, helping you make informed decisions about your education financing.

Understanding your student loan options, planning for repayments, and exploring available resources become more accessible with the tools provided by Sootchy.

Sootchy Features:

• Elevate Your Savings Journey with Advanced Features.
• Enjoy receipt scanning, an ad-free environment, seamless currency conversion, insightful charts, powerful search capabilities, and more for a premium Sootchy experience

Building Credit Responsibly: Credit Karma

Establishing good financial habits during college includes building a responsible credit history. Credit Karma offers a comprehensive view of your credit score and provides insights into factors influencing your credit.

This app helps you understand credit utilization, payment history, and other essential credit-related information. Monitoring your credit score during college sets the foundation for responsible credit management in the future.

Credit Karma Features:

• Free Lifetime Access : Intuit Credit Karma provides continuous access to your credit report, unlike limited offers, empowering you with ongoing insights into your credit health.
• Tailored Financial Support : Receive personalized assistance and guidance to improve your financial well-being, whether you're exploring new credit cards, loans, or seeking overall financial enhancement.
• Market Search: Benefit from a thorough market search to discover some of the best credit cards and loans that align with your unique credit profile.
• Proven Track Record: With over a decade of experience, Intuit Credit Karma has a history of helping members achieve financial progress, now extending its support to the UK through the inclusion of Noddle in its family.

Conclusion

Navigating the financial aspects of college life requires a proactive and informed approach. By incorporating these specialized money apps into your routine, you can address specific challenges, save money, and build a foundation for financial success.

From budgeting and investing to managing shared expenses and accessing student discounts, these apps cater to the diverse financial needs of college students. Take control of your finances, make informed decisions, and embark on your college financial journey with confidence.