Looking for an easy way to manage your money? The answer
may be in your smartphone. Here are four apps that promise to help put you on the road to riches. As always, read the fine print and buyer beware before using these new tools.
Prism makes managing your bills easy by giving you a snapshot of your income and expenses all
on one screen. When you download the app, you’ll be asked to provide your bank account or credit/debit card information along with a list of your monthly bills. Once the process is complete, you’ll be able to see which bills you can afford and pay them right from the app.
In order to use Digit, you’ll have to connect your checking account to the app. Every 2-3 days Digit will examine your income and spending habits and decide how much they can save for you (generally $5-$50). They have a no-overdraft guarantee so you’ll never have to worry about them moving more money than you can afford. When you need to make a withdrawal, send them a text message and your money will be transferred into your checking account the next business day.
Price: Free for 100 days. $2.99 a month afterwards.
Do you have a bill that’s due a couple days before you get paid? If the answer is yes, Activehours can help you pay your bill on time by using the money you earned from the hours you already worked. Activehours helps you keep track of the hours you
worked and lets you cash them in when you want. When your regular payday rolls around, the money you cashed out is automatically deducted from your bank account. You can use Activehours if you are paid by direct deposit into a bank account and use a computerized, online or electronic time clock system.
Price: Free, but you can give a tip if you enjoy the service.
When you’re an hourly employee, your paycheck fluctuates based on the hours you work. Even looks at your paychecks for the last six months and determines an average. For example, let’s say your average paycheck is $400. Whenever you earn a paycheck that’s more than $400, they’ll save the extra amount in an account for you. If you earn a check that’s only $350, they’ll take the money you’ve saved and boost the check to your $400 average. If you don’t have enough money saved, Even will give you an interest-free advance. The next time you get an above average check, instead of being saved, the money will be used to pay back the advance.
Price: $2.99 a month for a Basic subscription/$6 a month for a Plus subscription.