When money is tight, budgeting becomes of the utmost importance. Our Clarity Money review shows that budgeting apps are one of the most effective ways to build savings.
Budgeting has taken on increased importance in recent years. Statistics show that most Americans lack sufficient cash reserves to deal with predictable expenses, such as car repairs, home repairs, and medical bills.
Without enough savings to cover these expenses, the result is often credit card debt. Worse, some households are forced to take out payday loans or default on some of their bills.
What Are the Results of Our Clarity Money Review?
Most people dream of acquiring enough wealth to be financially free and secure. They want to say goodbye to money worries, be able to travel and pursue other passions, have the ability to help family members, and look forward to a secure, productive retirement.
Securing this future requires investing, and most people think of the stock- and real estate markets. Though growing your money is an important part of wealth creation, it is not the first step. The first step is practicing consistent, disciplined money management, which allows you to build savings.
RECOMMENDED READ: Saving a Mint by Budgeting
Who Has the Time for Managing Money?
It’s a fair question in this day and age. Americans are working more than ever, tackling longer commutes, and are assailed with a far more complex world than the days when people paid for everything with cash or checks.
Time is a serious factor in why many people don’t practice effective money management. Stress also plays a role. When money is tight, it’s easy to just decide it’s not worth the extra stress to try to eke out a few surplus dollars in your budget.
This is the exact pitfall that Clarity Money reviews show it saves customers from falling into.
Clarity Money reviews reveal that it is a financial concierge that provides budgeting tools and comprehensive money management advice. After signing up for Clarity Money, many customers are shocked to discover how much money they inadvertently lose each month because of simple money management mistakes.
For example, so many households have subscriptions to services they don’t use or need. It’s easy to forget about all the little subscriptions we sign up for on the internet until they show up on our credit card statements.
Budgeting apps take a proactive approach. They provide a display showing all subscriptions and prompt you to review them and decide if they should be continued.
In addition, they provide reports and charts that show how much money, compared to your income and other expenses, your household spends on subscriptions and other types of spending. This helps you decide if your spending is reasonable and identify options for reducing costs and boosting savings.
How Clarity Money Tracks Daily Expenditures
According to Clarity Money Reviews, when you sign up for Clarity Money, you link your bank accounts, credit cards, and other tools you use for spending. The app then uses artificial intelligence and machine learning to learn from your daily expenditures and spending patterns and make prudent recommendations.
The app creates a daily budget and prioritizes spending according to level of importance. It organizes spending priorities according to yo how much money you have, how much you intend to spend, and how much money you need to save.
The app produces daily spending reports that show if you have spent too much and saved too little. If this is the case, it provides recommendations for increasing savings, such as lowering spending in one area, increasing deposits into a savings account, or canceling a service that’s too expensive.
Users can set a savings goal according to their preference or based on the app’s recommendation. For example, a new user might be surprised when the app finds ways to save an extra $100 per month, and the user now knows he or she can automatically save $250 each month.
Making Real-Life Expenditure Recommendations
Savings are important, but so are the choices you make when spending your money. With the exception of a few business tycoons, we all can’t have everything we need or want. Real choices must be made.
Is it wise to spend more money on an apartment to be closer to work? Does a new car make sense, or should you sink money into fixing the older one? Clarity Money reviews allow you to see, through a visual display of your spending, the true impact of these decisions.
In addition to making the impact of spending decisions clear, Clarity Money also makes proactive spending recommendations. The AI applications do this by distinguishing between urgent and priority spending items versus those that can wait. By creating this priority list, the app helps you plan your future spending.
Many people understand the need for a savings plan but don’t recognize the need for a spending plan. Being in control of your money means deciding when to spend rather than spending based on what others want or impulse.
Using Clarity Money helps customers get into the habit of planning their spending in advance and making choices that increase the benefits of what they spend money on.
Once you have control of your budget and have built an emergency fund to cushion any unexpected financial blows, it’s time to invest for the future.
Clarity Money allows you to link investment accounts with the rest of your accounts, so you can seamlessly manage spending, savings, and contributions to investment accounts from one platform.
The app will continue to make recommendations for saving money and spending more efficiently, which leads to greater monthly surpluses, which you can easily transfer to your investment accounts.
Is Consolidating Your Accounts in One Platform a Good Idea?
In this day and age, consolidating your accounts onto one platform is a great idea. People are simply too busy and stressed to spend hours at a time trying to manage bills, subscriptions, various credit card accounts, bank accounts, brokerage accounts, retirement accounts, loan payments, mortgages, etc.
With Clarity Money, all of these accounts are consolidated in one place and AI organizes them, ensures payments are always timely, automatically saves, and helps you plan your spending. Clarity Money reviews show that it actually makes money management fun.
What Does This Service Cost or Save?
There is no cost to sign up for Clarity Money. Savings vary according to your income, spending habits, etc., but most households save hundreds per month if they are dedicated to using the app to increase their savings rate.
How It Compares
We picked a few similar products available on the market to see how they compare.
- Personal Capital
Ease of Use
Signing up for Clarity Money takes just a few minutes. Linking accounts is intuitive and the displays are easy to interpret.
Range of Services Offered
Clarity Money offers budgeting, savings, investment, and subscription management services.
Most families can save well over $100 per month if they are dedicated to using the app for more efficient spending and increased savings.
Clarity Money provides a customer support section on its website where users can read articles that familiarize them with how to maximize the product’s benefits. A live chat is also available.
- Finds ways to save automatically
- Ability to link all types of accounts
- Proactive suggestions for saving
- No investment advice
Wealthsimple differs from Clarity Money in that it is designed as an investment advisory rather than a money management and budgeting program.
The app melds robo-advisors with human advisors, allowing investors to opt for a hands-on or hands-off approach. For example, a hands-on investor may want to trade individual issues and seek specific advice from a wealth advisor. On the other hand, a hands-off investor may prefer to invest in broad-based mutual funds and allow a robo-advisor to reallocate automatically when needed.
Ease of Use
Wealthsimple is easy to navigate and the robo-advisor option makes investment management automatic.
Range of Services Offered
Wealthsimple works for investors interested in index funds. Investors can choose between 10 index funds from different asset classes. There is also an option for a portfolio based on Halal principles.
Wealthsimple customers receive a number of benefits, including tax tools and tools that take the whole financial picture into account, not just money invested with Wealthsimple. Customers also receive complimentary VIP airport lounge privileges.
Wealthsimple customers recieve excellent customer service from experienced financial advisors who help them achieve their financial goals. They also pay no fee for the first $15,000 managed by the robo-advisor. A 0.5% annual fee is charged on funds above this amount.
- Professional investment advice
- Free robo-advisor for first $15,000 invested
- Halal investment option
- No budgeting or money management tools
- Fees on money over $15,000 are high compared to Betterment
Like Wealthsimple, Betterment provides both robo- and human advisor services. It’s mission includes providing sustainable investment options, allowing investors to make profits while doing the world good. Also, Betterment provides free investment reviews, which help clients invest for success based on their personal goals and risk tolerances.
Ease of Use
Betterment provides a user friendly app that automates much of the investment process.
Range of Services Offered
Many investors choose Betterment because of its large array of commission free and low-cost ETFs. ETFs offer a great way to diversify without generating large commissions.
Betterment customers enjoy many benefits, including tax-loss harvesting tools, diversified investment funds and high-yield savings accounts.
Customer service benefits include home and email support that is available seven days a week for fees as low as 0.25% annually.
- Robust investment choices
- Phone, email and text support 7 days a week
- Low fees compared to Wealthsimple
- Not a budgeting or money management app
- Some investment vehicles not available
Personal Capital blends the budgeting and spending tools of Clarity Money with the robo-advisor capabilities of Wealthsimple and Betterment. This provides a unique setup where all accounts can be managed through Personal Capital and investments can be managed directly from the app.
With Clarity Money, you can deposit money into a brokerage account from the app but still need to navigate to a brokerage website to manage investments.
Ease of Use
Personal Capital is easy to navigate and getting started takes just a few minutes.
Range of Services Offered
This app is unique in providing budgeting and spending apps like Mint or Clarity Money while also providing robo-advisor services. Personal Capital is ideal for people who need a budgeting app and also invest.
The Robo-advisor feature is an excellent addition to the budgeting software. It helps those who are investors and encourages people who are not currently investing to start. Regular and retirement investment accounts can be managed with Personal Capital.
Personal Capital requires more self-reliance than Wealthsimple or Betterment. Financial advisory services from a human provider are available, but there is an extra fee and account size minimums.
- Manage budget and investment allocations from one app
- Ease of use
- A human advisor costs extra
- A human advisor requires an account minimum
Budgeting apps are very important in today’s busy and complicated world. Every year, households pay hundreds of dollars in subscriptions they don’t use or don’t even realize they have.
Money management apps alert users to these subscriptions and offer them the opportunity to cancel unneeded subscriptions. Budgeting apps also help customers manage their money more carefully, helping them find additional savings opportunities and build a savings plan.
RECOMMENDED READ: 7 Dividend Investing Strategies That Work
Clarity Money reviews show that people who sign up for the app save money every month, often hundreds of dollars. This money can then be used to save for the future or pay off debt.
The app has AI features that allow it to recommend spending plans, such as showing how much interest the user would save by paying down or eliminating a high-interest credit card.
If you sign up for Clarity Money, you will save money every month, and if you stick to it, a nice savings nest egg will be yours. For those reasons, we give it 5 Stars.