Money management has become more accessible and convenient with the rise of financial technology or fintech. One of the most popular online personal finance management apps is Money Lion, which offers various services such as budgeting tools, credit score monitoring, and savings and investment options. However, you might want to explore other apps that offer similar features and even better offers. This article will present some of the best alternatives or apps like Money Lion.
Mint is one of the most prominent free online personal finance management apps available in the market today. It tracks your spending habits and categorizes them into different areas to help you make informed decisions about your money. It also provides personalized insights and recommendations on how to optimize your current financial situation. You can link all your bank accounts, credit cards, investments, and loans in one place for easy tracking.
In terms of similarities with Money Lion, both apps offer budgeting tools that allow you to set monthly or weekly limits based on your income or spending history. They also provide alerts for bill payments, suspicious transactions, and low balances. However, Mint does not offer any lending or investment services.
2. Personal Capital
If you want a more comprehensive overview of your finances beyond budgeting and expense tracking, then Personal Capital might be the right app for you. It combines automated budgeting with human advisory services from certified financial planners (CFPs). This hybrid model allows you to have a holistic approach to managing your wealth without sacrificing convenience.
Personal Capital also offers retirement planning tools that consider various factors such as inflation rate and social security benefits to give you a realistic estimate of your future earnings. Additionally, it provides real-time investment portfolio analysis that shows you the performance of your assets across multiple accounts.
Money Lion has some similar features with Personal Capital such as investment opportunities but without professional advice from CFPs. Money Lion also doesn’t have any retirement planning tools.
Acorns is one of the most innovative personal finance management apps that utilize micro-investing technology. It rounds up your daily transactions to the nearest dollar and invests the spare change in exchange-traded funds (ETFs). This feature allows you to grow your savings passively without even noticing it.
Acorns also has a known "Found Money" program where you can earn cash back from over 300 partner companies when you shop using linked credit or debit cards. This cashback can go directly into your Acorn account, adding to your investment funds.
Money Lion provides some form of stock market investing opportunities but without utilizing anything like the micro-investing technology used in Acorns.
4. YNAB (You Need A Budget)
YNAB is another online budgeting app that focuses on helping users eliminate debt and live within their means. It uses a proactive approach by asking you to allocate every penny of your income based on prioritized expenses such as bills, savings, and emergency fund before spending on discretionary items like entertainment and dining out.
YNAB also emphasizes regular check-ins with yourself or together with a budget coach. These check-ins aim to keep you accountable for achieving your financial goals and tweaking your budget plan as needed.
Like Personal Capital, YNAB does not have any lending services nor investment opportunities offered by Money Lion.
Chime is a neobank that offers both checking and savings accounts with no monthly fees or minimum balances required. It has several features designed to help users save money automatically, such as automatic round-up transfers, rewards for spending using Chime’s debit card, and percentage-based savings based on direct deposits.
Additionally, Chime provides early access to paychecks through its "Get Paid Early" feature, which deposits funds two days before your actual payday. It also has an optional overdraft protection program with no additional fees.
Money Lion offers banking services such as loans, savings and investment opportunities but Chime has more banking features that cater to the user’s everyday banking needs without budging on extra fees.
Different online personal finance management apps offer various features that cater to different financial goals and lifestyles. While Money Lion is a popular choice for many users, it’s essential to explore other options that might provide better tools or services for your specific needs. From budgeting apps like Mint and YNAB to investment-focused ones like Personal Capital and Acorns, to neobanks like Chime, there’s surely one app that will help you maximize your financial potential.
What are some other popular personal finance management apps like Money Lion?
Some great options include Mint, Personal Capital, Acorns, and Credit Karma.
How does Mint compare to Money Lion in terms of budget tracking?
Mint is known for its detailed budget tracking features that allow users to easily categorize and monitor their spending. It also offers alerts when bills are due and can track credit scores.
Can Personal Capital help me with investment management?
Yes! Personal Capital specializes in investment management and provides tools for analyzing your portfolio’s performance. It also offers financial planning services with access to dedicated advisors.
Is Acorns a good option for people looking to invest small amounts of money?
Absolutely! Acorns automatically rounds up your purchases and invests the spare change into diversified portfolios. Plus, it has a low monthly fee, making it an affordable option for small-time investors.
What sets Credit Karma apart from other personal finance apps?
Credit Karma offers users access to their credit reports and scores from both TransUnion and Equifax for free. It also provides personalized recommendations on credit cards and loans based on your individual credit profile.
Does WalletHub offer any unique features compared to other personal finance apps?
Yes! WalletHub allows users to track their credit score 24/7 with daily updates, as well as providing personalized savings tips based on a user’s spending habits. It also has a user-friendly interface that makes budgeting simple and easy.
How does YNAB (You Need A Budget) differ from other personal finance apps?
YNAB focuses heavily on budgeting by allowing you to allocate every dollar you earn towards specific categories, helping you stay accountable for your spending habits. It also offers live online classes and support to help you stay on track.
Can Clarity Money help me save money on bills?
Yes! Clarity Money analyzes your spending and can help you find ways to save on bills such as cable or phone services. It also has a feature called “Marcus Insights” that suggests savings accounts with higher interest rates.
Are there any downsides to using personal finance apps like Money Lion?
Some may feel uncomfortable linking their bank accounts to a third-party app or worry about the security of their personal information. It’s important to research the app and read reviews before deciding to use it.
Which personal finance app is best for someone just starting out with budgeting?
Mint is a great option for beginners as it provides an easy-to-use interface for tracking expenses and categorizing transactions. It also offers personalized financial advice based on your goals and spending patterns.