From saving to learning to investing and more, here are the tools and resources you need to take control of your finances and make your money start working for you.
Best Resource for Getting What You Want: Monorail
One big misconception about money is the notion you have to save as much as possible.
As if hoarding mountains of cash in an untouched bank account is the ultimate goal of any sound financial strategy.
But money is just stacks of paper if you don’t use it.
No, the point of working hard to earn and manage your money is to trade it in for a better quality of life.
Whether it’s rolling through town in a new Tesla, tracking your health on a smartwatch, or using vacation days to explore a new country, spending money on things that genuinely bring you joy is key to enjoying life.
That’s not to say you shouldn’t save money for unexpected costs and a comfortable retirement; you should always be contributing to emergency and long-term funds.
But you also don’t have to live like a pauper in the meantime.
Instead, make your money work for you. Buy and experience things that make you happy and positively impact your life.
And cut back on mindless spending that’s not doing you any good in the short or long term.
For example, the Monorail app can help manage your finances and simplify how you spend your money.
In fact, you can use it to create a wish list and set up automatic payments to reach your goals. Other benefits include:
- Setting up custom savings “tracks” for emergency, travel, food, gas, bills, and “big purchases”
- Trading and investing directly from the app
- Connecting the app to your bank account and letting it rack up your savings
- Purchasing your wish list items directly from the app
Best Resource for Starting Your Financial Journey: “Money Under 30”
With blog posts on everything from the best credit cards to the best small-business loans, Money Under 30 is a millennial’s pot of gold for navigating personal finances for the first time.
This blog unpacks it all (taxes, investing, savings, credit) with sound advice in easily digestible articles.
But Money Under 30 is more than just a varied collection of financial know-how.
It also offers curated collections of articles that include step-by-step guides, expert advice, and product and service comparisons to help financial beginners find and apply for a credit card or start investing. Some other highlights include:
- Providing unbiased reviews of the best money tools and apps
- Educating money-management beginners in a non-intimidating way
- Sharing strategies and advice for accomplishing financial goals
Best Resource for Sending Money: Venmo
Venmo is the go-to app for people to exchange money. In fact, it makes paying your stylist for a new hairdo, roommate for your portion of the rent, or bestie to split dinner super easy.
Not only that, but Venmo’s secure interface lets you send money directly from your bank account without any hesitation or worry.
No cash or I.O.U.s required.
Highlights include:
- The ability to send money to friends when you forget your wallet, are short on cash, or don’t want to hassle the server with splitting a complicated bill
- Using the Venmo debit card to make payments at regular stores
- Easily transfer money from your Venmo account into your bank account
- Making interest-free payments
Best Resource for Structured Personal Finance Education: Self-Paced Online Courses
If you’re the type of person who needs structure, there are countless self-paced personal finance courses online that can help you learn the basics of money management fairly quickly.
Get the lowdown on everything from starting a basic retirement fund to investing with courses on YouTube, Udemy, and more.
Highlights:
- Absorb information in whatever format you like best, from videos to worksheets to audiobooks and podcasts.
- Enjoy the flexibility of self-paced learning while staying on track with pre-determined milestones.
Managing Your Finances Doesn’t Have to be Scary
The term “finances” alone conjures up images of spreadsheets, stiff suits, and jagged line graphs.
But you don’t need to have a fancy degree or be an investment banker to take control of your finances. The same goes for getting the most out of your hard-earned money.
All you need are the right tools and a little know-how and dedication. Good luck!