Millennial spending power is said to be on the fast track to overtake Generation X by 2020, with an estimated aggregate income of just under $15 trillion. With all this money changing hands, millennials will need all the help they can get to stay on top of their finances, whether funding their purchases through savings or loans. Innovative tech seems to provide the perfect solution, thanks to the clever integration of banking accounts and purpose-built software.
Take Control Of Finances By Tracking Everyday Spending
Historically, the only way to curb daily spending was by allocating a specific budget for the day and stashing that cash amount in a wallet or cookie tin. Nowadays, apps such as BillGuard and EveryDollar provide tracking for all expenditure and warn the user when they ’re about to exceed their chosen daily allowance. These types of apps also have additional features on extended plans that could include anything from access to their credit score, right to setting up payment schedules for their bills.
Manage Payments Through Tech Integration
Paying off debt is one of the top financial concerns for millennials, especially where personal loans are concerned. One way to action any mounting debt is by consolidating payments into a single-payment product. Another is through apps such as Qoins which is linked to daily spending. Instead of banking the change, the app channels these amounts to debt in order to get them paid off quicker. Digit is another app that takes small amounts of money that the account holder might not notice and channels it into an account which allows consumers to pay off small debts faster.
Make Sense Of Cents Through Smart Investments
Taking small bits of cash that consumers won’t miss or notice seems to be a great way to kickstart savings, and Acorns takes this one step further by getting millennials to invest their change. Rounding up the small change is the ideal way to start building wealth, as there is virtually no risk to the user as they didn’t miss those funds anyway. Those who want to have a bit more say in their investments, should consider Stash and Robinhood which allows opening investment accounts with minimal deposits.
For millennials, managing personal finances is a breeze thanks to technological advancements. Whether it’s keeping an eye on that personal spending, banking the savings, or investing the change, there’s an app to manage those needs.