Millennials get a tough rap. If it’s not a news story about how entitled they act, they’re being told they’ll never be able to afford to buy a house because they spend their money on avocado toast. Maybe it’s not actually the toast—maybe they’re not able to purchase a home because 63% of millennials have more than $10,000 in student loan debt. According to a study on millennial student debt, 83% of non-homeowners believe their student loan debt has delayed them from buying a home. Approximately 85% of 25 to 34-year-olds have a smartphone and more than a third of them say they use apps to guide their financial decisions. With so many options available, it can be overwhelming to figure out which money apps really help. That’s why we created a list of the top 5 money management apps, available for iPhone and Android, that every millennial needs to have.

5)RentShare

Splitting the rent with a roommate or two is a great way to save money, but it can get awkward when you have to hound your roommate to pay. RentShare aggregates all the bills, utilities, rent and shared costs evenly, so you pay your own share individually.

4)Digit

Millennials who aren’t very disciplined with saving money will appreciate this app. Digit syncs with your bank account and analyzes your spending and income. Then it uses this information to determine the right amount of money for you to save, and makes the withdrawal into your savings for you. If you change your mind and want some of the money back in your checking account, it only takes one day for the funds to transfer back.

3)Venmo

Venmo takes all the stress out of going out to dinner with friends. With everyone on a tight budget, no one wants to pay more than their share. And no waiter wants to split the check 7 ways on multiple cards. Enter Venmo. Designate one person to pay the bill, and everyone else uses Venmo to pay their exact share to that person. Venmo takes the money directly from your bank account, thus negating IOUs (and bad feelings) among friends.

2)Empower

Empower is able to sync all kinds of accounts, including checking, savings, debt (student loans!) and investing. It gives you a comprehensive view of your finances, sends reminders about upcoming bills, and provides personalized feedback to help cut back on any unnecessary spending.

1)Acorns

It’s tough to start investing when you’re still living paycheck to paycheck. With Acorns, the app connects to your credit/debit card and every time you spend money, it rounds up the total. Once you’ve accumulated $5 in spare change, Acorns automatically invests it for you in a personalized stock portfolio. For balances under $5,000, the fee is just $1/month. Once you go past the $5,000 mark, the fee changes to 0.25% per year. But for those folks under the age of 24, you won’t pay any management fees at all.

Bottom Signup