Whether you’re enlisting or currently serving in the military, you’ll be happy to know that today’s technology can help you stay on track financially through these budgeting and saving apps. While you will undoubtedly face many challenges as a military member, your finances no longer have to be a source of stress and confusion.
Learn how to save more money every month and create a budget with these top budgeting apps for military families:
1. The AWM&T Financial Dashboard – The Personal Financial Dashboard makes it easier to monitor your financial accounts online with one login – aafmaa.com/wealth – click on “financial dashboard.” It allows you to create live connections to your accounts, providing real time updates of transactions and account balances. You will be able to track and integrate all of your accounts including insurance, investments, retirement, and banking, improving your awareness of your personal financial situation.
a. Create a customized budget to help you control spending.
b. Securely track asset gains and losses in near real time across your entire portfolio.
c. Monitor your asset allocation and net worth.
d. Manage cash flow by setting custom alerts.
No need to download an app for this one, you can access it directly at aafmaa.com/wealth on your mobile browser or desktop.
2. Mint – Created by the people behind QuickBooks and TurboTax, Mint is considered one of the best budgeting apps available. Think of this app as your one stop-shop for budgeting, getting an analysis of where your money is being spent, and figuring out how to save/invest your remaining cash. By connecting all of your bank accounts, plus your credit card accounts, you no longer have to sign in to multiple websites to get a financial update.
Once you have integrated all of your accounts into the app, Mint reminds you of upcoming bills, amounts you owe, and what you can realistically pay. The app’s payment reminder feature also helps you avoid interest charges and late fees. Over time, Mint analyzes your spending habits and provides personalized advice that can help you gain more control over your money, allowing you to save more. It’s great for keeping track of spending habits and budgets for the whole family all in one place. As an added bonus, users have access to their real-time credit score as well.
3. You Need a Budget (YNAB) – If budgeting isn’t your strong suit, YNAB should be the very next app you download to your phone. Unlike budgeting apps before it, the purpose of YNAB is to help users stop living paycheck to paycheck, and help them pay down their debt with the guidance that “every dollar has a job.”
Available on PC, Mac, smartphone, YNAB has a built-in accountability feature to ensure you stay on track. In addition, there are live online budgeting classes where you can ask related finance questions. Plus, the app touts that it is so efficient, its typical user pays off $500 debt dollars in the first 30 days alone!
4. The Pay App from Military.com – Not too long ago, members of the military had to use complicated military pay tables and charts online in order to properly determine their pay. Today, thanks to Military.com’s Pay App, you can now estimate your monthly pay and annual allowances quickly and easily. Available for smartphones, the Pay App continually updates military pay rate information, including BAH, BAS, and special pay. All you need to do is enter your information and the app does the rest. Plus, by having a clear picture your earnings, you can properly budget, save, invest, and make other sound financial decisions. Win-win!
5. Commissary Rewards – Military families know that budgeting and saving money go hand in hand, and the Commissary Rewards app can help. Part of the Defense Commissary Agency’s reward coupon card program, users can search and add coupons to their card account, look at previously saved coupons, find their local commissary, and see hours and contact information. Redeeming coupons is as simple as entering your phone number at checkout.
Becoming a budgeting whiz doesn’t happen overnight, but features and applications built in to many apps can help retrain the way you typically spend and budget your money. Consider implementing some of the above-mentioned apps to get your military family all of the support it needs when it comes to budgeting and saving money.
Want to take your financial goals to the next level? Working with a relationship manager at AAFMAA Wealth Management & Trust can help you plan your financial future. We can help you budget, save and invest to achieve your short and long-term financial goals. Reach out to someone on our team today!