Financial Tools to Help Blended Families Stay in Sync

It’s hard to imagine that just 15 years ago, the phrase “there’s an app for that” changed the whole smartphone landscape. Considering the sheer volume of apps available for all kinds of devices today (phones, tablets, e-readers, smart TVs, computers, and more), it should come as no surprise that even your financial life can benefit from recent advancements in technology. 

As a blended family looking to combine two households with differing financial backgrounds, apps are an easy and effective way to do so. They can be especially helpful when you and your partner have different financial habits, priorities, or expenses, giving you a clearer way to communicate, coordinate, and build shared goals.

From setting a budget to monitoring your credit score, you have many choices for intuitive, user-friendly apps for keeping your financial life organized and accessible. Once you find the right fit, you and your family should be able to better manage your different money habits, priorities, and shared expenses.

Let’s take a look at a few common apps for addressing different areas of concern. 

Budgeting

Budgeting apps are incredibly popular tools that make it simple to set financial goals, track spending, and understand money habits over time. They can be particularly valuable for couples who’ve gotten remarried and are trying to merge two previously separate household budgets into one cohesive strategy, or even managing separate budgets for families that prefer to keep their spending and savings plans separate. Budgeting apps can help you combine some aspects of your new household budget (like the mortgage, utilities, or groceries) while respecting your individual spending and savings needs.

At Endurance Financial Group, our clients have access to a built-in budgeting tool right inside their Planning Portal dashboard. It’s ad-free, secure, and included as part of our service, so there’s no cost and no risk of your data being sold. You can create custom categories, link your accounts for real-time tracking, and choose whether or not to share your budgeting details with our team. While the tool is primarily web-based (and a bit less convenient on the go), it offers robust functionality for those who prefer to manage their finances from a desktop. 

That said, we recognize that budgeting is personal. Most clients end up using the system that feels most natural to them, and that’s exactly what we encourage. The best tool is the one you’ll actually use. 

Here are a few popular budgeting apps to consider:

Some common budgeting apps include:

Mint

Mint offers real-time tracking of your family’s expenditures by linking to your bank accounts, credit cards, and investment accounts, providing a comprehensive overview of your financial situation. Here’s how Mint can help streamline your blended family’s budget management:

• Customizable budgets: Tailor your spending limits to match your financial goals.
• Expense categorization: Organize your spending by categories for better clarity.
• Bill reminders: Stay on top of your bills with timely alerts to avoid late payments.

Additionally, Mint provides personalized insights and trends based on your spending patterns, aiding in smarter financial decisions. It’s also worth noting that the original Mint app was acquired by Intuit, and its features have been integrated into the Credit Karma app. [1] 

You Need a Budget (YNAB)

YNAB takes a unique approach to budgeting by encouraging users to assign every dollar they earn to specific categories, fostering more intentional spending habits. This app integrates seamlessly with bank accounts and is accessible across multiple devices, making it easy for partners or family members to collaboratively manage their finances from one account. YNAB’s methodical approach can help different family members actively track their spending and establish clear financial goals. [2] 

Every Dollar

If you or your spouse were avid Dave Ramsey followers and used his budget strategy prior to getting married, this one’s for you.

Developed by personal finance expert Dave Ramsey, EveryDollar is a highly customizable budgeting app tailored for those who follow his financial advice. Users can create numerous budget categories to suit their personal financial strategies—this is also helpful if you and your spouse prefer to keep expenses related to your children separate. In addition to linking directly to your financial accounts for streamlined budget tracking, EveryDollar also offers tools to calculate your net worth and analyze your spending trends, providing deeper insights into your financial health. [3] 

Expense Tracking

Thanks to advancements in digital payment technology, it’s easier than ever to make purchases with the press of a button (or even just the flip of a wrist, if you have a digital wallet connected to your smartwatch). While easy payment methods are useful, they also make it more difficult for people to track their spending habits and monitor where their money goes on a daily basis. 

Expense tracking apps are useful for recording all transactions and categorizing spending. This allows users to cut back on unwanted expenses and gain better insights into how their money is being spent. For blended families, especially, expense tracking can help you and your spouse track costs that may be shared or separate—child expenses, alimony, etc.

Blended

Blended is a thoughtfully designed app created specifically for co-parents in blended families. It helps you track shared and individual expenses, like child-related costs, alimony, and more, in one organized place. You can split payments, send and track invoices, and manage financial exchanges with ease. Best of all, your co-parent doesn’t need to download the app; they can receive and respond to invoices and requests for payment via email, making coordination that much simpler. [4]

Expensify

Expensify offers a comprehensive suite of tools designed to simplify financial management for both individuals and organizations. Key features of Expensify include advanced expense tracking that provides users with a clear overview of their spending habits. The app also supports receipt tracking, bill payment services, and travel management tools, making it an ideal choice for entrepreneurs and small businesses looking to streamline their financial operations. [5] 

Shoeboxed

Shoeboxed simplifies receipt management by allowing users to track both physical and digital receipts in a single, organized platform. Recognized as a leading receipt scanner app, Shoeboxed assists both individuals and businesses in maintaining meticulous spending records. This functionality is essential for tracking expenses, getting reimbursed, optimizing tax deductions, and more. [6] 

Savings and Goal-Setting

After combining two households into one, you might have your sights set on buying a bigger home or planning a celebratory family vacation.

If your primary focus is on setting a certain goal and building up enough savings to achieve it, then you may want to find an app that can help you break those big goals down into bite-sized pieces. 

Credit Score Monitoring

Your credit score is one of the most important indicators of your financial health. A high credit score can help you get approved for your next apartment, enjoy better terms and interest rates on loans (including mortgages and car loans), get approved for your next credit card, and more. As two people who likely bring well-established credit histories to the marriage, credit score monitoring is important for improving and tracking your financial health as a team.

Doing so helps you both spot unexpected dips or work together to strategically improve your scores ahead of a large purchase. Understanding your credit score dynamics can open doors to financial opportunities and help you manage your financial future more effectively.

Credit Karma

As we mentioned earlier, Mint has merged with Credit Karma to offer users sophisticated tracking and budgeting features. However, Credit Karma is best known for its credit monitoring capabilities. This app provides users with credit scores from major bureaus like TransUnion and Equifax and notifies them of significant changes, be it hard inquiries, sharp declines, or increases in their scores, so they can stay on top of their financial health. [7] 

Experian

If you’d prefer to grab your credit score directly from a credit bureau, Experian offers its own free credit monitoring app. Much like Credit Karma, you can leverage the app’s extended capabilities by connecting your bank, credit cards, and investment accounts to see your spending and saving all in one place. [8] 

Make Life a Little Easier With Finance-Focused Apps

Whether you’re looking to streamline budget tracking with apps like Mint and YNAB, optimize expense management with solutions like Expensify, organize receipts through Shoeboxed, set ambitious savings goals with Qapital, or keep a vigilant eye on your credit score through platforms like Credit Karma and Experian, the right tools can help blended families bring more clarity, unity, and confidence to their financial life together.

These apps not only simplify complex financial tasks but also empower your family to make informed decisions that boost your financial health. This can be especially important if either one of you has been struggling to regain financial stability post-divorce, or if you’re bringing different financial philosophies and values together.

This article was originally published here and is republished on Wealthtender with permission.