Getting a handle on one’s finances and learning to manage them is a crucial life skill that everyone needs to learn, and the earlier you begin, the better. However, it can be a challenge to know where to start or which tools to use, particularly for teenagers that are just learning.
Fortunately, there are many apps out there specifically intended to assist young people, such are investing, budgeting, spending, and payment apps. Here are the 12 outstanding money apps for teens.
Investing Apps
1. Robinhood
Robinhood is a commission-free investing app that is great for new investors. The idea behind Robinhood is to provide access to investments that traditional financial institutions are not offering, allowing young investors to begin with as little as $1.
2. Stockpile
Stockpile provides beginner investors with a simple interface to purchase individual stocks and e-gift cards in the same process. It is an excellent tool for teaching the basics of investing, with no minimum account balance and the ability to purchase fractional shares.
3. Acorns
Acorns is a fantastic app for teenagers who want to invest passively. The app rounds up your transactions to the nearest dollar and automatically invests the difference in exchange-traded funds (ETFs). It’s a brilliant way to begin investing without actively thinking about it.
Spending Apps
4. Venmo
Venmo enables users to send or receive payments from other people, making it an excellent app for splitting expenses with friends, such as food, utilities, rent, etc. One of the best things about Venmo is it’s totally free to use.
5. PayPal
PayPal is the most well-known payment processing service on the internet. It might be an excellent alternative for young people who are already comfortable with the platform and want to use it for both personal and business transactions.
6. Cash App
Cash App offers users a range of useful features, including free money transfers to friends and family, as well as an optional debit card for making purchases. It’s also a good way to earn some extra cash by completing quick surveys or referring friends to the app.
Budgeting Apps
7. Mint
Mint is a free and powerful budgeting tool, which allows you to track your spending, set budgets and goals, and monitor your credit scores all from one app. It’s a great app for those who want to take charge of their finances.
8. PocketGuard
PocketGuard is a budgeting app that syncs with your bank accounts to track your expenses and income automatically. It also has a custom “in my pocket” feature that helps you determine how many dollars you have left to spend in a given category.
9. Wally
Wally is an expense tracking app that allows you to log your expenses and income on the go. It also allows you to track your net worth and create saving goals. One of the exceptional features of Wally is it does not require any personal information, making it a highly secure app to use.
Payment Apps
10. Zelle
Zelle is a free payment app that allows you to make or request payments from friends and family. It’s an excellent app for younger users who may be making small purchases or splitting payments with friends.
11. Google Pay
Google Pay is a simple way to make payments using your mobile device, allowing users to link their debit and credit cards to the app for quick and fast payments at points of sale or online.
12. Apple Pay
Apple Pay is a mobile payment and digital wallet app that comes pre-installed on all iPhones and iPads. It lets you make transactions using your phone, making it a great alternative to cash or credit cards.
FAQs
1.How old do you have to be to use any of these apps?
Most of the apps listed have a minimum age requirement of 18 years; however, some apps like Stockpile and Acorns allow minors to open accounts when co-signed with an adult.
2.How secure is these apps?
All of the apps listed are secure, their data encryption technique keeps your personal, and financial information private.
3.How does Robinhood make money?
Robinhood generates revenue by collecting interest on customers’ uninvested cash balances and earning fees through Robinhood Gold, its premium account.
4.How does Acorns make money?
Acorns has a three-tier pricing structure: Lite, Personal, and Family, which costs between $1 to $5 per month.
5.How much does Mint cost per month?
Mint is a free budgeting app to use, and you can download the app on your smartphone for free as well.
6.Is using multiple budgeting or payment apps a good idea?
Using multiple budgeting or payment apps can get quite complicated, so it’s better to stick with one or two that best suit your needs.
7.What is Venmo’s instant transfer fee?
Venmo offers instant transfer services, and the fee is 1% of the transfer amount, with a minimum fee of $0.25 and a maximum of $10.
8.What fees are associated with PayPal?
PayPal charge fees for sending and receiving money across borders, selling via your website, using PayPal for e-commerce purposes, and accepting payments in-store.
9.How do you link your bank account to Google pay?
Launch the Google Pay app on your phone, tap the ‘Payment’ option and add bank accounts. You will be then prompted to sign in to your bank account and add the details required.
10.Can you see your credit score on Mint?
Yes, Mint offers free credit monitoring, and you can see your credit scores on the app.
Conclusion
Teenagers starting in the world of finance may feel overwhelmed by the sheer range of money apps available. Fortunately, we’ve compiled a list of the 12 outstanding money apps for teenagers to help them take their first steps into the world of investing, spending, budgeting, and payment. Download and test these apps and see which one best suits your needs and helps you achieve your financial goals.
