If your goal is to be a millionaire some day, you’ll have to start using tools to keep you on track. Millionaires know everything about their money in great detail.
I wouldn’t recommend watching your money go up and down in the stock market every day. However, knowing how much you spent last month, how much you plan to spend this month, and your projected end year savings is a great thing.
By using these 29 tools, you’ll stay on top of your finances and get yourself on track to $1 million.
$5 / month
YNAB promises you’ll “gain total control of your money.” My wife and I religiously use YNAB every day. The goal of YNAB is to help you get out of the paycheck to paycheck grind.
2. Every Dollar
Every Dollar is similar to YNAB. It’s Dave Ramsey’s competitor to YNAB.
Credit monitoring tools
3. Credit Karma
Future millionaires should be monitoring their credit. Improving your credit score can lead to better interest rates on a mortgage or a car. A good credit score can save you $83,000.
You can receive a free copy of your credit report every 12 months. This website is authorized by the federal government.
The Caps Community is a community of investors. You can view aggregate recommendations on stocks from members of the community. If you’re thinking about investing in stocks, check the Caps community during your research.
Fees, depends on your provider. Typically FREE if opened through your employer.
This website helps you pick a Health Savings Account. It’s really helpful if your employer doesn’t offer an HSA in its benefits package.
7. Roth IRA
Typically requires a $1,000 initial deposit.
You can easily open a Roth IRA if you already have a brokerage account and $1,000 for the initial deposit. When you retire, you can withdraw money tax free.
8. 401k Plan
Available through your employer.
A 401k is a massive tool to grow your wealth. Unfortunately, 50% of Americans don’t have access to one. If you’re lucky enough, take advantage of it.
Typically requires an initial deposit.
Years ago, you had to call your broker to buy a stock – and even then, it might take days for the trade to go through. These days, you can open a brokerage account and trade online in seconds.
10. Google Docs
The ability to save your documents to the cloud and keep them for years is hugely valuable. Don’t make the mistake of losing valuable retirement planning documents during your next move. Save your documents online and keep them with you wherever you go.
Mint is useful to keep a complete picture of your finances. You can connect all of your banking and investment accounts to get an accurate picture of your net worth.
Compound interest calculators are great tools to plan for the future. When evaluating what to do with your money, these calculators help you imagine how much you could be worth in 10 years, 20 years, and so on.
13. Personal Capital
Personal Capital is a lot like Mint, but more for investing.
This is another one of those tools to help you view the future. Use CNN Money’s retirement calculator to see if you’re on the right track on the way to your retirement.
Trello has a unique way of organizing information. Think of Trello as a todo-list on steroids. You can use Trello for almost anything and you should be using it to track your savings goals.
16. Khan Academy
The wealth of information on Khan Academy can’t be described in two sentences. It’s better that you go check it out yourself and take their course on finance.
If you’re unfamiliar with much of the lingo that surrounds investing and retirement, take a gander at Morningstar.com’s investing classroom. You’ll either come out overwhelmed by all the information or you’ll feel like an investing champion.
18. Seeking Alpha
FREE, but premium content is available.
Seeking Alpha provides a unique take on market news. There’s a ton of daily content so be careful not to get lost in the shuffle.
Dave Ramsey is a huge advocate for the debt snowball method of paying off debt. His radio show and website are great sources of information on taking control of your finances.
Everyone has a Reddit account. If they don’t, they’re lying. The personal finance community on Reddit provides a ton of information you wouldn’t normally get on the internet. Taking the time to read questions and comments is a great way to improve your financial outlook.
FREE, but has investment fees.
Acorns is neat in that it invests your spare change in the stock market. It gets pretty good reviews, too.
22. Mint Bills
Mint Bills helps remind you when bills are due. It includes online bill payment features to help you schedule bill payments.
23. Level Money
Level Money says they’ve helped track over $25 billion in transactions. It’s a budgeting app for your phone with great design.
24. Pocket Expense
Pocket Expense is an app on the App Store will a 5-star rating. People seem to love it. Pocket Expense proclaims it’s an app that “is a powerful and easy to use program that will help you track and understand your personal finance.”
25. Square Cash
My wife and I use Square Cash to shoot money back and forth to some of our accounts. It’s also an easy way to pay friends and family if you owe them. There’s really no reason to pay for checks anymore.
Day to Day Tools
26. Credit Cards
FREE, if you use a credit card properly.
Taking advantage of cash back is a big way to save money. Staying current on the best credit cards on the market is key to building wealth. My favorite resources is the Credit Card Forum. I learned how to increase my credit limits on certain cards there.
FREE, but typically requires an initial deposit.
Whenever you need to get cash out of your bank, you shouldn’t have to pay a fee. Better yet, you shouldn’t have to find an ATM in your network. Pick a bank account that rebates all ATM fees. I’ve been banking with Charles Schwab for years and I’ve never had a complaint.
28. Automatic Bill Payment
When you have enough money saved, turning on automatic bill payment is a no brainer. It means you’re being responsible with your checking account. If you’re still living paycheck to paycheck, think of automatic bill payment as a prize for getting out of that grind.
29. An Emergency Fund
Everyone has emergencies. To keep your wealth growing, you don’t want to put emergencies on your credit card. You should try to have enough money set aside to pay for a new heater if it breaks, repair your car if it breaks down, or weather the storm if you lose your job.
Whether you use all of these tools or just some of them, I hope you find them useful.
Are there tools you use to help keep your savings on track? Let me know in the comments below.