By Brenna Lofquist, Senior Marketing Consultant at Heinz Marketing
Amid the COVID-19 pandemic, finances have been tight for lots of people and families around the country. I am thankful to still be working but, finances and budgeting have still been top of mind. For the past few months I’ve been using an app on my phone called NerdWallet and I love it.
There’s a handful of things you can do with the app, let’s dig in….
- Clear view of your finances
When you first login to the app (after you’ve set it up) you see your credit score, savings, and spending. It also shows the amount compared to the previous month.
I like this view because it provides a big picture view of my finances in one place. All my accounts are linked to the app and I don’t have to login to each one individually.
You can further dig into your spending and saving. For spending, the app tracks upcoming bills you’ve entered and categorizes your spend. It shows you what you’ve earned versus spent, the top places you’ve spent, and recent transactions.
For saving, you can link savings, investment, and retirement accounts. The app even provides recommendations such as maximizing interest and returns.
I really like the detail within the app, it’s educating you while you’re using it and I found the information to be really helpful as I’m learning more about my finances and budgeting.
- Credit score
There’s a whole section in the app dedicated to your credit score which I find helpful. I’ve seen numerous websites and “free” resources, but I’ve found they only tell you your score and don’t provide additional information.
NerdWallet includes a credit factors section that provides a high-level overview of your payment history, credit utilization, age and mix of accounts, balances, and recent inquiries. For each area they tell you the impact it can have on your score and you can click into each one for more information. You can also set up notifications to alert you when there are changes to your credit score.
- Educational tidbits and information
I’ve mentioned this a little but one of the things I like most about the app is all the educational information sprinkled throughout the app. Honestly, there might even be too much but right now I don’t mind it. And did I mention this app is FREE!
You can look at your latest credit score, see what impacted it, and learn tips to keep it climbing. The information they provide isn’t fluffy either, they provide usable, actionable tips that you can implement right away.
There’s a Market section where you can get advice on all sorts of things including insurance, student loans, and mortgages… the list goes on!
I only scratched the service about what this app has to offer so you might have to download it and see for yourself! While the app doesn’t help specifically with budgeting, I’ve found it very useful to keep track of my finances in one place.