Between budgeting, investing and tracking expenses, managing your finances can consume a lot of time. Valuable time that those in medicine would much rather spend:
- Learning as a medical student.
- Honing your skills as a resident in training.
- Treating patients and savings lives in practice.
Fortunately, modern technology allows busy professionals like yourself to get more done with less effort. Sure, you save a lot of precious time. But you also have instant access to valuable information that will help you take better care of your money.
With this in mind, here are our top 10 favorite financial apps and tools for doctors in 2018. (In no specific order, of course.)
Mint is one of the most popular financial apps. The free tool from Intuit allows you to manage your money in one convenient place by connecting your:
- Bank accounts.
- Credit cards.
- Monthly bills
That means a lot less log-ins and tabs.
Mint includes bill reminders so you don’t miss payments. It groups transactions, giving you more visibility into your spending habits. It also comes with a free credit score.
"There’s no wrong way to use it, and nothing to lose getting started."
The philosophy behind You Need a Budget (YNAB) is simple. Be intentional about how you spend your money.
The app is designed to help you:
- Save money.
- Pay down debt.
- Prepare for the unexpected.
YNAB costs $6.99 a month following a 34-day free trial. And given the results, it appears to be well worth it. The company claims that the average new user will save $600 within two months and over $6,000 the first year.
The app easily connects all your bank accounts in one place where you have access to tools designed to:
- Keep you out of debt.
- Set financial goals.
- Track your progress.
“With four simple steps, you’ll begin to take back control.”
Acorns takes your spare change and invests it for you.
When you use a connected card to make a purchase, the app rounds up the amount to the nearest dollar.
For example, say you buy a cup of coffee for $3.35. The app will then take the 65 cents in change and invest the difference in a diversified portfolio developed by a Nobel Prize-winning economist.
Acorns is compatible with any debit or credit card, and offers three packages priced at $1, $2, or $3 a per month.
"Sit back and let your money grow over time in diversified portfolios constructed by experts."
PocketGuard puts your budget on autopilot. The app automatically builds a personalized budget based on your:
The "In My Pocket" feature shows you how much money is left for everyday spending after all bills and subscriptions are paid.
PocketGuard allows you to create spending limits for extra expenses each month, like eating out. You can also categorize your expenses for the current month with its spending pie chart.
"Spend more time living, while staying on top of your finances."
Wally is a free personal finance app designed to help you compare your income to your expenses. It also helps you understand how you allocate your funds.
According to Investopedia, Wally's best use is expense tracking. Simply snap photos of your receipts --- even use geo-location to log where you spend.
Other things you can do with Wally include:
- Setting monthly savings goals.
- Analyzing spending trends.
- Monitoring your budget.
"Get a 360 view on your money — what comes in, what goes out, what you have saved, and what you have budgeted."
Maybe you do not want to download another mobile app. Or maybe you struggle to use them, period.
If this sounds like you, meet Charlie --- a free text-based service and financial AI assistant. Users can ask Charlie (a cartoon penguin) just about anything:
- What are the most inexpensive phone plans?
- How to save money on holiday gifts?
Charlie will also remind you of when bills are due. He will even let you know how much you spent at the coffee shop over the past week.
According to it's creators, the service saves users an average of $80 a week.
"Nothing to download, no apps to install, no subscriptions, nothing. Just text or chat."
According to NerdWallet, Personal Capital is the best app for evaluating investment accounts.
It links all your accounts to see a clear real-time view of your entire financial life.
- See your net worth.
- Analyze your investments.
- Set spending and savings goals.
Personal Capital combines award-winning technology and financial tools with decades of combined experience. (More specifically, as fiduciaries managing money for high-net-worth and institutional clients.)
There is a fee for investing with the company. But you also get access to a number of financial tools that will:
- Analyze your 401(k).
- Monitors asset allocation of your investments.
"Get the most advanced technology in personal finance, now available to everyone."
Following graduation, Andy Josuweit struggled to untangle $100k of student loans.
The result was Student Loan Hero — an “unbiased solution to organize, manage, and repay your student loans.”
The platform allows you to:
- Sync your loans.
- Cut through the noise.
- Create a custom repayment plan.
Track your balances and additional loan information with ease in one online platform.
"Our expert editorial staff always puts you first. We’re here to give you honest, unbiased advice."
Founded in 2015 by Brandon Krieg and Ed Robinson, the goal of Stash is to help anyone and everyone become confident investors through:
And all you need is $5 and two minutes of your time to get started. The mobile app is divided into:
- Stash Invest (for personal brokerage).
- Stash Retirement (for life after work).
- Stash Custodial (for individuals under 18).
The app will soon add Stash Banking to its capabilities as well.
"We're on a mission to give everyone access to financial opportunity."
Albert is on a mission to improve our financial health by providing practical advice from real people. Given the praise it has received in Forbes, Fortune, Fast Company, TechCrunch and the New York Times, we think they just may be on to something.
With Albert, users reap the benefits of:
- Overpayment protection.
- Automatic saving.
- Smart investing.
Better yet, text Albert Genius at anytime for instant financial advice from the experts who built it.
"Albert Genius is the first financial service of its kind — a team of human financial experts at your fingertips."
Given the state of the FinTech landscape today, this list could go on and on forever. That's why we limited our list to our team's 10 favorite financial apps and tools our team. They all place a strong emphasis on:
- Smart spending and saving habits.
- Speedy debt reduction.
- Sound financial wellness.
Because of this, we feel they cater especially well to all of the new doctors entering practice that we serve.