Last Updated: July 3oth
Until the day robots make all our jobs obsolete and we just while away the hours catching up on Netflix and arguing over how a dog wears pants, technology can help us both stretch a dollars further and make more dollars in the first place.
Whether you need to get a handle on your cash outflows so that you have money in the first place or want to start investing the money you have to get some new cash inflows, we’ve got you covered. Here’s your toolkit for the best money making apps to download right now.
PART I: Escaping Debt
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A big part of making money is not spending it on things you don’t need, and the interest rates on debt are the dictionary definition of that. Eliminating debt is actually one of the most important steps to making money; remember, debt comes with a price — the interest — and the more debt you can get off your plate, the more money you’ll have to invest.
Debt Payoff Assistant
If you’ve never heard of the debt snowball, today is your day to learn. As you pay off debts, the monthly payments you used to put towards each debt are instead added to others, forming a “snowball” that, once it gets rolling, pays off even large debts fast. This app doesn’t have the most beautiful interface or complicated tools, but it helps you get started on the snowball and keep it rolling.
Student loans stink, particularly since you may only be able to pay the minimums. That can rack up a lot of interest over time, so ChangEd helps you chip away at the rock by connecting your credit cards to the app. As you buy stuff, it rounds up the charges, so if you drop $3.95 on a coffee, it charges $4 to your card. That nickel goes to an FDIC insured account, and once it hits $100, they send an extra payment to your loan. It won’t obliterate your debt tomorrow, but every little bit helps.
That said, it’d be nice if it didn’t cost a dollar a month, considering the goal here, but it’s better than dealing with tons of ads.
Focused exclusively on recurring payments and negotiating down your bills, Trim is great for finding those little money drains. It looks at payments that come out every month, and prompts you to reexamine them. It can also, with major providers of services like internet and car insurance, automatically try to negotiate your bills down to something slightly more affordable.
It’s a very focused tool, and you may not use it that often, but it’s incredibly effective at what it does.
Even automates your money, so you know precisely how much you’re paying for bills ahead of time and thus how much you can spend in your account. This makes it particularly handy if you’re just starting out with bills or simply stink at math and don’t want to be overdrawn on rent day. The automation features are handy and common-sense, so if you just want to be hands-off with your cash except for how you spend it, it’s a good tool.