Prior to starting college, there’s a good chance that you never had to deal with managing personal finances, before — at least not on such an overwhelming scale. Due to this lack of experience, budgeting and handling college finances can be one of the most daunting parts of leaving home and starting college.
In fact, it’s been reported that around 70% of college students say they feel stressed about finances. Still, that probably comes as no surprise, if you’re currently (or soon to be) a college student.
Fortunately, managing a college budget doesn’t need to be difficult. As long as you’re taking advantage of the resources available to you, the process of tackling your many college expenses can become far more manageable, even if you have little to no prior budgeting experience.
Looking for financial tips, as well as accessible, easy-to-navigate financial planning resources as a college student? Unsurprisingly, one of the best places to turn is simple: apps. There is really no shortage of financial planning apps out there, although some are definitely better than others. Taking that into consideration, here are some of our favorite budgeting and financial planning apps for college students.
3 Financial Planning Apps for College Students
Wally is a budgeting app that was designed specifically for college students. Just keep in mind that, while many apps will automatically record transactions, that isn’t a feature available on Wally. Still, this app does come with some advantages: For instance, you aren’t required to connect it to your bank account, which provides the user with some added security. It’s a simple-to-use option, as well — just make sure you remember to record your transactions manually.
College comes with more than its fair share of different expenses, and Mint is a great way to tackle all of them in an organized way. Using this free app, the user can break their budgeting up into several categories, like meal expenses or textbooks. Plus, you’ll be able to set spending limits on each of these categories individually. Mint is connected directly to your bank account, and your purchases will be recorded automatically and organized on a convenient spreadsheet.
In a slightly different vein, Albert is an app intended to provide budgeting and spending advice. This money-saving app allows the user to do far more than simply keep tabs on their spending and saving. Albert will also provide you with individualized suggestions, on how you can start saving money. For example, it might suggest that you cancel a particular subscription service or stop eating out so frequently. As an added perk, this app allows the user to get in direct contact with financial experts if they have any specific questions about improving their spending or saving habits.
Need College Financial Tips (and More)? CBRG Can Lend a Hand
Of course, financial planning isn’t the only aspect of college that incoming freshmen have questions about. So, the College Benefits Research Group wants to help out, and reduce some of your stress or uncertainty. We offer a number of virtual workshops, intended to help prepare you for college. In order to start your college journey on the right foot, make sure to get in contact with the CBRG team.