What Students Need to Know About Finance Apps

Modern technology has made finance management more accessible and simpler than ever before. With the growth of finance apps, mobile app stores offer a range of reputable and trustworthy financial services that are easy to navigate without the need to depend on a physical ledger of their finances or in-person visits for deposits, withdrawals and guidance; an especially complicated task for college students whose bank may be thousands of miles away. With so many options, it can be difficult to find the best finance app that meets your needs, but fortunately there are a few key features to consider when trying to determine what app will best suit your financial journey. 

Why Financial Apps are Essential for Students

College often marks the first time students are solely responsible for their own finances. This can be a challenging feat but is ultimately a crucial life skill that teaches students how to manage loans, budget for extracurricular activities around campus and save for life post-graduation. Finance apps often create a user-friendly experience for those new to financial management and help students stay organized and on-track with their financial goals and responsibilities. Many apps allow students to track expenses automatically by linking bank accounts and credit or debit cards and establish and monitor budgets and savings to avoid overspending.

Choosing the Best Financial App

In the sea of finance apps, no two are alike, making it all the more important to understand what your specific needs are. A digital banking service app such as Estu serves as a great resource for students looking to streamline finances, academic responsibilities and social events while YNAB is solely focused on budgeting for younger generations. While needs may vary depending on your financial goals and circumstances, here are a few essentials features to keep an eye out for —

• Budgeting Tools: The ability to create, manage and monitor a budget is essential for a student’s financial health. Apps such as Goodbudget and Estu give students the freedom to create multiple budgets to individually stay on track with expenses and savings from food, to rent to entertainment. Multiple budgets can often be funneled back to show an overall picture of your finances and encourage more mindful financial habits.
• Expense Tracking: Expense tracking allows you to monitor your transactions done through your bank, credit and debit cards when linked to the financial app you select. Financial apps like Estu and Wally features expense tracking, and Estu even offers a split feature that tracks and calculates how much each person would owe whether you’re splitting the cost of rent or a few pizzas. Overall, this gives students an in-depth glance at where their money is being used and identifying areas of overspending to address and adjust to stay on track with financial goals.
• Goal Setting: Services like Mint help you create savings goals that allow you to monitor your progress towards that goal over time. Whether you’re saving up for spring break or that new car, setting a goal can help keep you on track and guide you on the best way to meet that goal. 
• Security Features: Security is a key feature you need to consider when looking for a finance app and a function apps like PocketGuard and Estu prioritize. Your financial information is highly sensitive, so looking for an app that utilizes the best security measures available is crucial. Key security features to look out for when app hunting should include two-step verification for safe and secure logins and encryption to make sure your financial data is only accessed by the financial services that are supposed to have it. 

Ultimately, what may work for your friends may not work for you and vice versa, so make sure to choose a financial app that best meets your financial needs.

The Future of Student Finance Management

The future of fintech is as strong and promising as the students reshaping themselves and the world. As technology continues to evolve, the financial services and capabilities the industry can offer will create even more opportunities for students and generations to come to manage their money, invest and save in new ways as well as embed strong financial knowledge that they’ll carry with them through college and beyond.

Financial apps provide students the opportunity to organize their saving and spending effectively so they can have strong financial futures. Developing strong financial habits at any age is a great idea, and financial apps can serve as a great starting point to building not just a strong financial base, but financial skills that will last a lifetime.