Having the opportunity to be self-employed is great. Typically, you’re able to have more flexibility in your work schedule and be more in control of how much money you make each month.
However, self-employment also means your tax situation can become more complex and you have to keep a tighter eye on your personal finances.
As someone who’s been self-employed for more than a decade, these are the best personal finance apps for the self-employed in my opinion.
Read Also: Tips For Filing Taxes When Self Employed
If you’re having trouble paying down credit card debt, the Tally app may be just the app for you.
You’ll get started by downloading the app, syncing your credit cards, and customizing your credit card debt payoff plan.
Once that’s done you can even go one step further by putting your minimum payments on auto-pay to avoid late fees and dings to your credit AND automatically schedule out recurring additional payments.
Plus, they have Tally+, which allows you to gain access to their low-interest credit line (if you have a credit score of 580 or higher) which saves you from paying outrageous interest fees to credit card companies.
One of the best features is their blog, which contains tons of valuable personal finance information such as articles on topics like how does debt consolidation affect your credit.
Read Also: Tips For Lowering Your Debt This Year
Albert is a personal finance app that allows you to bank, save, and invest.
It is great for those who are trying to start budgeting and saving for a major purchase but need a little guidance.
With this app, you can see all of your debt, spending, and investments under the same dashboard. Plus, they even calculate your net worth.
I specifically love the alerts feature, which makes it so you can be in the loop when your subscriptions increase without notice from the company. Also, a few years back they saved me some money on my phone bill with their bill negotiation feature.
Basically, Albert has a ton of features available for those trying to stay on top of their finances. As someone who’s self-employed, I found it to be very useful for tracking my spending and income trends, which allowed me to be able to save for some higher ticket purchases.
One of the downsides of being self-employed is you’re pretty much responsible for your own retirement. You don’t have an employer offering a 401K matching package to you.
In my opinion, a great way to set yourself up for financial success during your retirement years is to invest in stocks.
However, getting started with stocks can be confusing and a little overwhelming.
Stockpile takes the confusion out of investing in stocks and provides users with a beginner-friendly investing app. Plus, you can even create an account for your kids, which if I can say so would make a great graduation gift for them when that time comes.
You can invest in companies you know and love or you can do research to find companies that may take off in a few years.
Stockpile has a ton of options available for you to invest in such as AFRM, AMZN, BARK, CHPT, RBOT, EGLX, EVER, LICY, WOOF, HOOD, SKLZ, SDC, SOFI, WBA, and more.
So, as you can see they have companies in all sectors, however, they typically don’t have penny stock options available.
Having a good credit score is going to help you achieve some of your goals in life, such as homeownership.
Credit Karma is the app that can help you stay on top of what is going on with your credit score.
It’s free to use and over the years they’ve added in more features such as banking and tax filing, which makes it even more convenient for the self-employed to have them as part of their personal finance app collection.
The credit scores themselves aren’t the ones that companies will use for mortgages and other purchases. However, the free alerts can help you stay on track with lowering your credit utilization and they provide personalized things that you can do to increase your score.
My favorite feature is their tax filing feature, though.
Typically, when self-employed, even when doing your taxes yourself online you’ll have to pay a fee to file with companies such as H&R Block and TurboTax. With Credit Karma, you’re able to file your taxes for free regardless of how complex your tax situation is.
Then, of course, there’s the checking and savings account feature, which can be used for paying business expenses or you can open a savings account to put away money for your tax bill.
Read Also: Mistakes to Avoid When Repairing Your Credit
QuickBooks has a program that is specifically geared towards self-employed individuals and it is amazing.
I started using them this year because I needed a profit and loss statement when applying for a mortgage and I was amazed at how much easier they made managing both my business and personal finances.
If you plan to do your own taxes or (like in my case) are planning to get a mortgage, save yourself the unneeded headaches and go ahead and get started with QuickBooks.
The feature that I love most about this personal finance app is it provides quarterly estimated tax projections, which makes it easy to know how much you’re expected to pay in taxes each quarter without having to put any time or effort into it.
These are the best personal finance apps for the self employed
In my opinion, these are the best personal finance apps for the self-employed.
You have one for the person trying to pay off credit card debt, one for the person who needs help saving and/or budgeting, one for the beginner investor, one for staying on top of credit, and of course one for making filing taxes easier.
With these apps, you’ll be able to spend less time worrying about your finances and more time generating more income for your business.
What is your favorite personal finance app?
These sound like great apps. I’m going to have to check them out. I do already use credit karma though. I love that one.
wow! These are awesome ideas. I really need a finance app. I will definitely try them out.
These sounds like they would be useful apps. I have been investing in property as It is a guaranteed return when done correctly.
Albert app sounds so great to use. I ne9 tried any finance app before, thanks for recommending all these.
I am glad there are places that can help! I will have to check out some of the apps.
I will have to check some of these out. I need to get better with my finances.
I never heard of a lot of these apps, thanks for sharing this resource.
I love using Quickbooks and have been for several years now since we’ve been self employed. Great for tax time.