13 Personal Finance Tools for Financial Success in 2023

When I first stumbled upon the world of personal finance, I was overloaded with information. I saw ads everywhere recommending different finance tools, and I had no idea which apps would be a waste of space and which apps would actually help me get my finances in line.

Here are the top 5 tools I would recommend for any personal finance beginner to help you get started in your personal finance journey. 

Categories of Different Tools?

1. Money Management Software
2. Price Comparison Tools
3. Deals & Cash-back
4. Informational Sites & Books 
5. Investing Sites & Apps
6. Documentation Tool to Track Progress

1. Money Management Software

“What gets measured gets managed.”

The first step to managing your finances is understanding where your money is coming from and where it is going. Here are some of the most popular money management software that can help you understand your finances. 

My first tip is to put all of your expenses on credit cards so you get even more clarity when using the apps below to evaluate your spending habits. BUT make sure you understand credit card best practices before you do this. Misusing credit cards could be disastrous to both your credit score and your finances. 

Mint – Tracking Your Net Worth

Mint is a free online tool that tracks your net worth, budget, and investments. You can use it to connect all of your bank accounts, credit cards, and loans so that Mint can show you the full picture when it comes to how much money is coming in and going out of each account.

Mint also offers goal-setting features that allow you to set financial goals for yourself such as paying off student loans or saving for retirement. These goals are then broken up into smaller tasks making them easier to manage daily (i.e., paying $50 towards my student loan every payday). Finally, if there’s ever an occasion where you go over budget (like eating out too much), Mint will send an alert so you’ll be able to better plan for the future. 

I’ve used Mint ever since I started my personal finance journey in 2020. I check it once a week as I love tracking my net worth and budgeting progress. Scheduling regular check-ins with myself through Mint allows me to ensure that I’m slowly making progress toward any goals that I’ve set for myself.

Mint can be a great tool for helping you stay on top of your finances. However, it should not be used as a replacement for an actual financial planner. The best way to use Mint is in conjunction with other personal finance tools or with someone who can help you assess your current financial situation and make recommendations based on their expertise and experience.

YNAB (You Need a Budget) – Budgeting

YNAB (You Need a Budget) is a budgeting app that helps users make and stick to a budget. It’s also great for tracking your net worth, so you can see how much money you’re bringing in and spending over time.

YNAB has been around since 2004, but it wasn’t until recently that they launched their services as an online tool–meaning anyone with internet access can use it now. You can choose between three different pricing plans: free (with limited features), $5/month, or $50/yearly membership fee depending on how many months of history you want to keep track of in addition to other features such as using custom categories instead of preset ones like groceries or transportation costs.

I prefer using Mint over YNAB, but I’ve heard that YNAB is much more customizable than Mint if you pay for the app. Either way, the most effective personal finance app is the app that you’ll regularly use.

2. Price Comparison Tools

Price comparison tools like Honey, CamelCamelCamel, and Shoptagr can help you save money while shopping online.

Here’s how to use them:

Honey

Honey is a browser extension that automatically searches for and applies coupon codes at checkout. To use Honey, simply download the extension and shop at your favorite online stores as you normally would. When you get to the checkout page, click the Honey button to see if there are any available coupon codes. Honey will apply the best code it finds, and you’ll see your savings instantly.

CamelCamelCamel

CamelCamelCamel is a tool that tracks the price history of products on Amazon. To use CamelCamelCamel, install the extension and then go to an Amazon product page. You’ll see a chart that shows the price history of the product over time. You can use this information to decide whether to buy the product now or wait for a price drop.

Shoptagr

Shoptagr is a tool that alerts you when products you’re interested in go on sale. To use Shoptagr, install the extension and then go to a product page on a supported retailer’s website. Click the Shoptagr button to add the product to your watchlist. You’ll receive an email or push notification when the price drops or when there’s a promotion available.

By using these extensions, you can save money on your online purchases and stay informed about price drops and promotions.

Compare prices across multiple stores to find the best deals, but make sure you only buy what you need. Don’t go overboard and buy a bunch of stuff that you don’t need just because it’s on sale.

3. Deals & Cash Back

Rakuten, Ibotta, and credit cards are all useful tools for finding deals and earning cash back on your purchases.

Here’s how to use each one to save money:

Rakuten

Rakuten is a cash-back site that allows you to earn cash back on your purchases at over 2,500 online stores. To use Rakuten, simply sign up for a free account, and then search for the store you want to shop at through the Rakuten website or app. When you click through to the store and make a purchase, you’ll earn a percentage of cash back on your purchase, which will be credited to your Rakuten account. You can then redeem your cash back for a check or a PayPal deposit.

Ibotta

Ibotta is a mobile app that offers cash back on your grocery store and online purchases. To use Ibotta, download the app and browse the available offers for the store you plan to shop at. After making your purchase, take a picture of your receipt and submit it through the app to receive cash back on eligible items. You can then redeem your cash back for gift cards, PayPal deposits, or other rewards.

Credit Cards 

Many credit cards offer rewards programs that allow you to earn cash back, points, or miles on your purchases. To take advantage of these rewards, make sure you choose a credit card that aligns with your spending habits and offers rewards on purchases you make frequently.

Use the card for all your purchases, and then redeem your rewards for cash back, statement credits, travel, or other rewards.

By using these tools in combination, you can maximize your savings and earn cash back on a variety of purchases, from groceries and household items to travel and online shopping.

Just be sure to use them responsibly, and only spend what you can afford to pay back in full each month.

4. Informational Sites & Books

Personal Finance Blogs, YouTube, and books are all great informational resources

Blogs, YouTube, Instagram

Blogs are a great way to learn about personal finance. Personal finance blogs run by individuals are often more relatable since anyone can start a personal finance blog. I often reference personal finance blogs myself when I’m looking for motivation or actionable tips. 

There are many different types of personal finance blogs out there, and you’ll be able to find a blog on whatever money topics you’re looking for. Some of my favorites are A Purple Life, Mr. Money Mustache, and Organized Finance.

I found it super helpful to read about the progression of others’ finance journeys, and I’ve found a lot of valuable resources and insights through their blogs & websites.

These days, a lot of blogs also have an Instagram or a Youtube Channel where they still offer the same type of personal finance education but in different mediums. This way, you’ll be able to learn the information any way you want, whether that’s through infographics, full articles, or short-form videos. 

My favorite Finance YouTubers include Graham Stephan, Rose Han, and Nate O’Brien.

Books

When it comes to personal finance, the fastest way to learn is to read books. Reading books allows you to learn from others’ mistakes and lessons without you needing to spend years making those mistakes yourself. 

There are many great books out there that can help you on your financial journey.

Here are five popular personal finance books that have to improve the finances of millions of people:

1. “Rich Dad Poor Dad” by Robert Kiyosaki – This book is a classic in personal finance. It teaches readers about the difference between assets and liabilities, how to invest in real estate, and how to become financially independent. Kiyosaki uses anecdotes from his own life to make complex financial concepts more accessible. This book will give you the fundamental money mindset to set yourself up for success.
2. “The Millionaire Next Door” by Thomas J. Stanley and William D. Danko – This book is a great read for anyone who wants to learn about how the wealthy really live. It is based on a series of interviews with millionaires and highlights the common traits they share. It emphasizes that financial success is more about managing your money than how much you earn.
3. “I Will Teach You to Be Rich” by Ramit Sethi – This book is a great resource for young adults who want to learn how to manage their finances. It provides a step-by-step guide for setting up a budget, paying off debt, and investing. It also emphasizes the importance of automating your finances.
4. “The 4-Hour Work Week” by Timothy Ferriss – This book is not strictly about personal finance, but it is a great read for anyone who wants to learn how to live a more fulfilling life. Ferriss provides tips on how to work smarter, not harder, and how to use your time more effectively. He also provides advice on how to start your own business. If you want to escape the rat-race and become your own boss, so you can work less and live more, this book is for you.
5. “Think and Grow Rich” by Napoleon Hill – This book was first published in 1937 and has since become a classic in personal development. It provides a blueprint for success, based on interviews with successful people. It emphasizes the importance of positive thinking, persistence, and taking action.

There are a ton of books related to finances, and these 5 books are a good starting point that can help you get started on your financial journey.

5. Investing

Investing can seem very intimidating, but there are apps that make the process easy and get you started by investing small amounts of money when you are just starting out with investing.

Acorns – Investing

Acorns is a mobile-first investing app that rounds up your everyday purchases and invests the difference. It’s free to use, but there are fees for the service. The Acorns app is available on both iOS and Android devices, and you can sign up for an account with just your name and email address.

Acorns charges a monthly fee of $1 to $5 based on the amount you have invested with them (the more you invest, the less you pay). If you don’t want to pay any fees at all, there are two ways around it: either invest less than $5 per month or sign up for Acorns’ Cash Back program where they’ll give back 1% cash back on all of your purchases made using Apple Pay or Google Pay with eligible cards linked through their service (this works even if those purchases aren’t being rounded up).

6. A Notebook or Excel Workbook – Documenting Your Journey

A Notebook or Excel Workbook – Documenting Your Journey

As you begin your financial journey, you must document your why and your goals. It can be easy to get discouraged when things don’t go as planned or when unexpected expenses arise, so having a place where you can write down everything that happens will help keep you motivated throughout the process. 

I use both a notebook and an Excel workbook to track my progress. I have a personal finance journal to document all my complicated feelings related to money, and I use excel to track income and expenses, net worth over time, and investments over time. 

Get Started ASAP!

There’s no question that personal finance is a complex subject, but the most important thing is to just get started. Although it’s easy to get overwhelmed, it’s important to get started as early as possible so you can use compounding interest to your advantage.