There is no shortage of Americans who are in substantial debt, and there is no shortage of Fintech apps designed to help people with their personal finances. According to Forbes, a third of Americans have nothing saved for their retirement and 70 percent of people have less than $1,000 in their savings. Although the Fintech market is flooded with new apps for personal finance, most of those apps focus on spending rather than saving. Based on the debt burden of most Americans, apps should focus on financial wellness by helping people get out of debt and improving their credit scores.
The good news is there are plenty of apps available that help Americans focus on building budgets and saving money. Mint is a popular personal finance app that gives users a dashboard of their financial standing. The app helps users track their current account balances, including savings and checking accounts and credit card balances.
Another popular finance app includes Goodbudget, which helps users set aside their money for specific reasons. The problem is many Americans do not have the money to set aside for specific purposes, let alone an emergency. According to Forbes, nearly half of Americans do not have the financial resources to pay for an emergency totaling $400 or less. Many people must sell some of their possessions or take out high-interest loans just to pay for emergency expenses.