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Hamilton Spectator
20-05-2025
- Business
- Hamilton Spectator
New to finance apps, trackers and spreadsheets? My pro tip guide to getting started
It doesn't matter how simple or fancy your financial tools are, the only way your money situation will improve in these turbulent economic times is through consistent effort to try to make it better. That means developing good spending and savings habits. If you're committed to that, selecting the right tools for your situation gets easier. Here's what you need to consider as you wade through the thousands of options. Different tools are designed to excel in specific areas, and that's a good thing. Are you wanting to focus on budgeting, which involves tracking daily expenses, income, bills and recurring subscriptions? Is your priority saving? Perhaps you have specific targets for an emergency fund, down payment or vacation. Is debt reduction most important? There are tools for managing loans, paydown calculators and even your credit score. Do you want to start investing, or simply progress the investments you already have? Once you're clear, your search for the best tools becomes easier and you're less likely to end up with one that only does part of the job you need it to do. I've supported students with math degrees who can't work through simple budget spreadsheets, and artists who leverage AI to paint themselves a literal picture of future retirement income. Everyone is unique. The right tools are out there for your style, in your preferred colour scheme, level of detail, degree of automation and more. How do you thrive when learning something new or trying to get better at a skill? Are you a mobile-first or desktop user (small screen vs. big screen vs. face ID or not)? Do you like to manage money daily, weekly, monthly? My pro tip here is that you should be looking at your money situation a minimum of once per week. Do you like when you get to DIY a lot of the inputs, or prefer it to be automatic? Are you someone who appreciates incredible detail (YNAB and Monarch Money do that, btw), or are you better served with basic overviews like in the free version of Goodbudget? When in doubt, start with a more simple tool. Some tools directly connect to your bank accounts so they can pull balances, transactions and other data that help formulate key insights, like categories of spending that seem to be problematic or investment portfolios that appear off-balance. But you might not be comfortable sharing your personal data with these tools and apps. Perhaps you are, but need to do a deep dive on how security measures work, like bank encryption and t wo-factor authentication . If you're worried about security, you can always take the path of manually updating your own data into a spending tracker, budget or net-worth spreadsheet, and deduce things like investment performance via quarterly and annual performance reporting from the financial institution that holds the accounts. The same goes for debt-payoff calculators; updating remaining balances each week as you crush the highest interest ones first. If you need a hand figuring out what all the numbers mean, a financial adviser or money coach can help you digest this information and provide you with customized insights. They'll almost certainly charge a fee for this service, so keep that cost in mind. No matter your comfort level, I recommend automating as many of your bill payments as possible so they never get forgotten. If you're up for some personal reflection, keeping a money journal can be super helpful as a place to jot down goals and process any big feelings you might be having about your finances — it's nearly impossible for an app to help with that! Some tools are free and others are paid, and certainly if you're leveraging any kind of investment platform you'll be paying fees associated with the particular investments and level of service you've subscribed to. Factor the costs into your budget just like you would for a subscription to Netflix. I also recommend taking advantage of the free trial period before you sign up. Paid budgeting and net-worth monitoring apps typically cost about $100 over the course of a year, but fees vary widely, promo periods end, service tiers change. Keep in mind these tools should be giving you powerful insights to help save you money; if they're not doing that, especially if they're not even covering their costs, they, or your habits, aren't working for you. If you've had a hard time sticking with programs or tools in the past, choose simpler, free financial tools rather than feature-rich platforms you'll abandon quickly and waste money on. Now it's time to search for tools that will work for you, and AI can really help. Input prompts like 'highly detailed spending tracker for a hands-on learner' or 'seeking best free mobile app for checking credit score in Canada' or 'insights-driven net-worth trackers for ETF investors under $15 per month.' Compare the results with recent user reviews on Reddit, Google, app stores and in community groups. As an example, I belong to 'Moms at Work' on Facebook and we are always chatting about money, new personal finance tech and more. Consistency with budgeting, spending wisely, investing and saving is the secret ingredient to financial success. And consistency, though not easy, is free. There is no app required for that.
Toronto Star
20-05-2025
- Business
- Toronto Star
New to finance apps, trackers and spreadsheets? My pro tip guide to getting started
It doesn't matter how simple or fancy your financial tools are, the only way your money situation will improve in these turbulent economic times is through consistent effort to try to make it better. That means developing good spending and savings habits. If you're committed to that, selecting the right tools for your situation gets easier. Here's what you need to consider as you wade through the thousands of options. Figure out your financial priorities Different tools are designed to excel in specific areas, and that's a good thing. Are you wanting to focus on budgeting, which involves tracking daily expenses, income, bills and recurring subscriptions? Is your priority saving? Perhaps you have specific targets for an emergency fund, down payment or vacation. Is debt reduction most important? There are tools for managing loans, paydown calculators and even your credit score. Do you want to start investing, or simply progress the investments you already have? Once you're clear, your search for the best tools becomes easier and you're less likely to end up with one that only does part of the job you need it to do. ARTICLE CONTINUES BELOW Honour your learning style I've supported students with math degrees who can't work through simple budget spreadsheets, and artists who leverage AI to paint themselves a literal picture of future retirement income. Everyone is unique. The right tools are out there for your style, in your preferred colour scheme, level of detail, degree of automation and more. How do you thrive when learning something new or trying to get better at a skill? Are you a mobile-first or desktop user (small screen vs. big screen vs. face ID or not)? Do you like to manage money daily, weekly, monthly? My pro tip here is that you should be looking at your money situation a minimum of once per week. Do you like when you get to DIY a lot of the inputs, or prefer it to be automatic? Are you someone who appreciates incredible detail (YNAB and Monarch Money do that, btw), or are you better served with basic overviews like in the free version of Goodbudget? When in doubt, start with a more simple tool. Check your comfort level with certain features Some tools directly connect to your bank accounts so they can pull balances, transactions and other data that help formulate key insights, like categories of spending that seem to be problematic or investment portfolios that appear off-balance. But you might not be comfortable sharing your personal data with these tools and apps. Perhaps you are, but need to do a deep dive on how security measures work, like bank encryption and t wo-factor authentication. If you're worried about security, you can always take the path of manually updating your own data into a spending tracker, budget or net-worth spreadsheet, and deduce things like investment performance via quarterly and annual performance reporting from the financial institution that holds the accounts. The same goes for debt-payoff calculators; updating remaining balances each week as you crush the highest interest ones first. If you need a hand figuring out what all the numbers mean, a financial adviser or money coach can help you digest this information and provide you with customized insights. They'll almost certainly charge a fee for this service, so keep that cost in mind. No matter your comfort level, I recommend automating as many of your bill payments as possible so they never get forgotten. If you're up for some personal reflection, keeping a money journal can be super helpful as a place to jot down goals and process any big feelings you might be having about your finances — it's nearly impossible for an app to help with that! ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Paying for tools won't guarantee results Some tools are free and others are paid, and certainly if you're leveraging any kind of investment platform you'll be paying fees associated with the particular investments and level of service you've subscribed to. Factor the costs into your budget just like you would for a subscription to Netflix. I also recommend taking advantage of the free trial period before you sign up. Paid budgeting and net-worth monitoring apps typically cost about $100 over the course of a year, but fees vary widely, promo periods end, service tiers change. Keep in mind these tools should be giving you powerful insights to help save you money; if they're not doing that, especially if they're not even covering their costs, they, or your habits, aren't working for you. If you've had a hard time sticking with programs or tools in the past, choose simpler, free financial tools rather than feature-rich platforms you'll abandon quickly and waste money on. Now it's time to search for tools that will work for you, and AI can really help. Input prompts like 'highly detailed spending tracker for a hands-on learner' or 'seeking best free mobile app for checking credit score in Canada' or 'insights-driven net-worth trackers for ETF investors under $15 per month.' Compare the results with recent user reviews on Reddit, Google, app stores and in community groups. As an example, I belong to 'Moms at Work' on Facebook and we are always chatting about money, new personal finance tech and more. Consistency with budgeting, spending wisely, investing and saving is the secret ingredient to financial success. And consistency, though not easy, is free. There is no app required for that.
Time Business News
12-05-2025
- Business
- Time Business News
College Student Budgeting Tips 2025: Smart Money Moves for a Stress-Free Semester
College life in 2025 is fast-paced, tech-driven, and more expensive than ever. With tuition rates rising and the cost of living continuing to climb, mastering the art of budgeting has become a non-negotiable skill for students who want to thrive financially during their academic journey. Whether you're in your first semester or gearing up for graduation, learning how to manage money wisely can reduce stress, increase savings, and give you a head start toward financial independence. In this guide, we'll share the most effective and practical college student budgeting tips 2025, updated with modern tools, trends, and insights that reflect today's economic landscape. Start with a Realistic Budget Plan Before you can start saving or spending wisely, you need a clear view of your financial picture. Create a monthly budget by listing your income sources (e.g., part-time job, parental support, scholarships, or financial aid) and fixed expenses (tuition, rent, phone bill). Then factor in variable costs like groceries, entertainment, and transportation. Use free budgeting apps like YNAB, Mint, or Goodbudget to create and track your budget in real time. Many of these apps now integrate with your bank account and even offer AI-based insights to help you spot overspending trends. As a college student, you're eligible for thousands of dollars in potential savings every year if you know where to look. From software like Microsoft Office and Adobe Creative Cloud to food delivery services and streaming platforms, always check for a student discount before making a purchase. Popular student discount platforms in 2025: UNiDAYS Student Beans Use browser extensions like Honey or Capital One Shopping to automatically apply coupons at checkout. Credit cards can be both a blessing and a curse. Used responsibly, they can help you build a solid credit history which is essential for future goals like renting an apartment or buying a car. However, misuse can lead to high-interest debt that takes years to pay off. Best Practices: Choose a student-friendly credit card with no annual fee. Only use it for small recurring payments (like Spotify or Netflix). Pay off the balance in full each month to avoid interest. Apps like Credit Karma can help you monitor your credit score and suggest personalized financial products. One of the biggest money drains for students is food, especially takeout and fast food. While convenient, those $10–$15 meals quickly add up. Instead, try meal prepping on weekends or investing in a mini slow cooker or air fryer for your dorm room. Cooking at home saves money, and you'll likely eat healthier too. Budget-friendly food tips: Buy groceries in bulk at stores like Costco or Sam's Club (team up with roommates). Use cashback grocery apps like Ibotta or Fetch Rewards . or . Plan meals using discount flyers and store promotions. Share and Save with Roommates Living with roommates can dramatically lower your monthly expenses, especially when it comes to rent, utilities, and groceries. Ways to save together: Split subscriptions (Netflix, Amazon Prime, etc.) Share textbooks and supplies. Create a rotating cooking schedule to split grocery costs. Apps like Splitwise or Venmo make it easy to track and divide expenses fairly. Visit our website for more smart financial tips and student budgeting tools. Textbooks are notoriously expensive, but you don't need to buy them new. Smart alternatives: Rent books from Amazon or Chegg. Buy used copies on eBay or campus marketplaces. Check the library or PDF repositories (some professors share materials digitally). With open educational resources (OERs) gaining traction in 2025, more universities now offer free or low-cost digital textbooks, so always check before purchasing. Saving money without a goal can feel pointless. Set short-term and long-term financial goals to stay motivated. Examples: Save $500 by the end of the semester for travel. Build an emergency fund of $1,000 by next year. Pay off your student credit card every month for 12 months straight. Use visual tools or apps like Qapital or Simple that gamify saving and make it more fun and rewarding. Many students forget that college campuses are full of free or low-cost resources designed to save them money. Free gym memberships Career counseling and résumé workshops Free software via your .edu email (e.g., Microsoft Office 365) On-campus clinics or therapy sessions Taking advantage of these can help you save hundreds or even thousands each year. Services like Afterpay or Klarna have become increasingly popular, but they can easily lead to overspending and financial strain. While they may seem convenient, splitting purchases into installments is still debt. Unless you've budgeted for it, avoid using BNPL for non-essential items. Instead, build an emergency fund or save up for large purchases — delayed gratification pays off in the long run. One of the best ways to make your budget work better is to increase your income. Thanks to the gig economy and remote work opportunities, students in 2025 have more flexibility than ever. Easy side hustles for students: Freelance writing, design, or coding (Fiverr, Upwork) Remote tutoring Selling digital products on Etsy Campus ambassador programs Running a monetized blog or YouTube channel Even an extra $100–$300 a month can ease your financial stress and build a habit of entrepreneurial thinking. Budgeting as a college student in 2025 doesn't mean living a life of deprivation. Instead, it's about making smart, intentional choices that help you stay in control of your finances, avoid unnecessary debt, and build a solid foundation for the future. With the right tools, habits, and mindset, you can enjoy your college years without constantly worrying about money. Start small, stay consistent, and remember: every dollar you manage well now brings you one step closer to financial freedom. TIME BUSINESS NEWS
Yahoo
08-05-2025
- Business
- Yahoo
I'm a Financial Advisor: This Is the Worst Possible Way To Pay For Groceries
Buy now, pay later (BNPL) broke onto the scene as a payment method in the past few years with the premise that it's superior to credit cards because it promises not to charge interest, and can break larger sums into smaller, more manageable payments. Find Out: Read Next: It's become a popular form of payment, as evidenced by a Lending Tree survey that found that 25% of respondents are buying their groceries this way (up from 14% in 2024). Christopher Stroup, CFP and owner of Silicon Beach Financial, warned that BNPL may seem like a better deal, but it actually isn't. BNPL turns recurring expenses into future debt, Stroup warned. 'When you're financing perishable goods, you're committing income you haven't yet earned to purchases you've already consumed.' This leaves you vulnerable to overdrafts, missed payments and a cycle of dependence on short-term credit. Check Out: BNPL can also encourage overspending 'by minimizing the psychological pain of paying,' Stroup said. It may feel like a 'free solution,' but late fees, overdraft charges and the risk of stacking debt across platforms can quietly destabilize your finances, especially when used for nondiscretionary items like groceries. Another problem is that frequent BNPL use 'can fragment your budget and obscure your true cash flow,' Stroup said. Many services don't report on-time payments but will report missed ones, which hurts your credit. Over time, this erodes your ability to plan, save and invest with intention. While 'zero percent' is tempting, Stroup said it doesn't mean zero risk. 'You're still creating debt. Miss one payment and you may face fees or credit damage.' Plus, relying on BNPL for essentials is likely a sign of a deeper cash flow problem that needs solving, not financing. Before leaping onto a BNPL solution, Stroup urged consumers to start with a clear budget that prioritizes essentials. Use things like cash-back debit cards or high-yield checking accounts for everyday spending. Explore local food co-ops or assistance programs. 'If cash flow is consistently tight, revisit fixed expenses or negotiate recurring bills before reaching for credit,' he said. Support yourself with budgeting, shopping or spending tools like YNAB, Goodbudget or Rocket Money to help track spending and set grocery limits, he said. Also look into community-supported agriculture (CSA) boxes, local food banks and double-up food buck programs to stretch your dollar without relying on credit. Start by redefining what 'relief' really means, Stroup said. Temporary fixes like BNPL only delay discomfort. 'Real relief comes from clarity: knowing where your money's going, building margin into your month, and making intentional trade-offs that support your future self.' More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying How Far $750K Plus Social Security Goes in Retirement in Every US Region 4 Things You Should Do if You Want To Retire Early 12 SUVs With the Most Reliable Engines Sources Matt Schulz, 'BNPL Tracker: 41% of Users Late in Past Year, More Using Loans for Groceries' (Lending Tree) Christopher Stroup, Silicon Beach Financial This article originally appeared on I'm a Financial Advisor: This Is the Worst Possible Way To Pay For Groceries
