Budgeting App Basics

Trying to figure out your finances as a college student can be daunting.

It is difficult to know where to start or if you are in the right place financially. There are tons of resources to help you simplify your finances and better grasp your budget to prepare for your future.

I've tried several apps over the last few years and different interfaces or apps may work better for your financial goals. I’ve been using NerdWallet for the last few months and it has been a great way to track my spending over time and compare to previous years. If you’re looking to track your credit, budget expenses, and get insight into improving your financial wellness, give NerdWallet a try!

Their interface makes tracking and visualizing different areas of your budget easy. It allows you to link accounts from several banking and credit institutions and seamlessly track them all in one app. This is great if you have investments, insurance policies, or multiple credit cards to track their status and payments without switching between log-ins. It uses an encryption system to protect your data, making it reliable to trust with your finances. They use two-factor verification to confirm log-ins and connect accounts so you can feel comfortable knowing your finances and important information are safe.

As someone new to credit building, NerdWallet offers a variety of credit cards that fit my spending habits. They do all the research to help you narrow down to the right type of card for your goals. Whether you are looking for travel rewards or cash back, they compare multiple cards from different institutions and break down details about annual fees, intro offers, reviews, and more! This is located under the Marketplace tab, where you can shop for different cards, banking, loans, and insurance policies. I’m planning on moving post-grad and need to build credit to get approved to secure my future apartment. NerdWallet has been a great way for me to explore different cards/rewards and apply for cards all in the app.

The most useful tool for me has been the 50/30/20 budgeting view under the Cash Flow tab. It is easier for me to understand my spending in a visual format instead of with loads of numbers. NerdWallet uses a calculation that breaks down your income and expenses into a budget for needs, wants, and savings. It provides notifications and tips to stay within the guidelines to prevent overspending on different categories. You can compare your budgets over time and see your growth between weeks, months, and years. It has been really useful to break down how much I can put towards savings versus dinner out with friends.

This last tip doesn’t come from the app, but here is some personal advice: do not compare your financial standings to your peers. Everyone is at a different place and has different goals, and it can be easy to compare their lifestyle and spending to your own. Some people have varying amounts in savings or credit, but it does not mean you are behind. Wanting to have a better relationship with money is never something to be ashamed of. Hopefully learning more about your spending habits will lead to a better understanding of your financial wellness.

Happy saving!
Be Well, Auburn.