Clarity Money just launched in the first quarter of this year and I have only heard positive to raving reviews for this app. Some users call it the “Mint (app) Killer,” others call it the “Be All and End All of Financial Budgeting Apps”. Call it whatever you want, but there is something that we absolutely cannot deny: We have to take Clarity Money out for a spin.
What is Clarity Money?
If you ever wondered whether you are saving enough money or if you are spending more than necessary on the unnecessary, then Clarity Money is for you. This app is almost like having a personal banker in your smart phone. Currently only available on iOS devices, but the company anticipates an Android version in the first half of 2017. This application is an “all-in-one” solution to any financial question you may have. From cutting out unneeded expenses to savings, Clarity Money has an answer for you.
The app is, for the most part, free. Clarity Money makes money through referring business to their partners, which sell financial services and products, such as debt consolidation and credit cards. However, the company strictly limits the referrals to only products and services that will help improve your financial situation.
After you download, install, and link Clarity Money to your financial accounts, the app’s Artificial Intelligence Bot analyzes all of your spending, and keeps track of any recurring bills you can eliminate or reduce. The application also promotes credit cards that offer you the best bonuses based on your spending habits. And if you still do not have a savings account in this very day and age, Clarity Money will set one up for you.
Free Clarity Money Features
• Daily expense budgeting and reporting – Unlike other budgeting services, Clarity Money’s proactive intelligence is where the application truly shines. The app monitors and keeps track of users’ daily expenses, and then makes wise recommendations based on the information. The service also creates daily budgets and prioritizes important needs based on how much money you have, how you usually spend it, and how much you need to save. This app also generates reports on your expenditures and reveals whether you are hitting or missing your financial targets.
• Monthly subscription elimination – This is absolutely one of the best features of Clarity Money. You can finally cancel all of those annoying magazine subscriptions you do not have time to read. So now, you can forget about “forgetting to cancel” any unneeded monthly subscriptions or memberships – now you can just eliminate them quickly and easily.
• Real-life money recommendations – Many people may ask “What’s the point of having money, if you can’t spend it?” Of course, good money management does not only include saving every single cent you make, but also involves optimizing every single dollar you spend. After all, we are alive in this great nation. Why not spend your money for a comfortable living? This is where Clarity Money jumps in. The app helps you make the best out of your budget. The AI Bot comes up with different options on what you should spend your money on based on necessity, your credit scores, and spending patterns.
• Establish savings – Clarity Money will allocate some of your money every month to an established savings account based on your goals. The app lets you set up a systematic way to help you buy your dream house or save for retirement.
• Beneficial referrals – The app analyzes your purchasing history and, in turn, makes high-quality suggestions for services you may be interested in. Among these services, include credit cards, loan consolidation, or other financial services that would make sense based on your own unique circumstances.
• Optimize credit cards – Clarity Money comes up with your credit score within seconds and then browses through countless credit card offers to determine the ideal one for you. Of course, you can then apply for the specified card directly from the app.
• Support – The application sports a chat feature that allows users to chat with their support team at any time. Any problems with troubleshooting, or have any inquiries about personalizing Clarity Money? Have no fear, support chat is here!
• Need a loan? – Get this…you can even get a home improvement loan through Clarity Money. The app connects with its numerous high profile lending partners to help you find the best deal on the lowest-interest loan you qualify for.
The bill negotiation feature is a paid service. You can use Clarity Money to negotiate bills for you. The company will charge one third of the amount they help you to save in the settlement. So, if Clarity Money helps you save $100 on one bill, the company takes $33, and you end up saving $67, for yourself. This paid feature helps you save time and takes away all of the headaches associated with bill reduction negotiations.
All the above listed features speak for themselves. Each feature helps the user hone in on what could be optimized in her finances. If the app is used seriously and frequently, then there should be no reason for the user not to improve her financial position considerably. A lot of the much needed financial services are immediately available in the app. So, there is no need to Google any money-related services or look up any financial-related info in other apps.
Clarity Money is also very user-friendly. Every piece of your financial life, including your savings accounts, spending habits, and debt information are all stored in one place. The application’s AI Bot will make calculations based on all your info and help you make smart financial decisions, and hold you back from those spur-of-the-moment purchases.
The app can quickly identify and cancel all of your unnecessary recurring bills. And if you use the paid service, Clarity Money will help you reduce your recurring but necessary bills. So, if you think you are paying too much for your cell phone service, then hire Clarity Money to help you reduce it. We are talking about monthly savings that can last for years to come.
Clarity Money does not include any features for investments, such as a robo-advisor, which helps users invest their money in the stock and bond market for higher returns. The app offers customer service, but most of the support is largely automated. This may not be a big problem for most young people (Millennials), but could be a big hindrance for older and non-tech savvy users. If you need to speak with a human being for financial or investment advice, then you will need to reach out for an in-person financial planner.
Even though Clarity Money promises to only refer products or services that will benefit you, it is still critical for you do your own research before pulling the trigger on any purchase. This app uses science and algorithms to help you make intelligent financial decisions; however it will not know exactly how your financial situation is, and will lack your intuition about your personal circumstances.
Clarity Money seems to be an extremely useful and engaging app. The feature-rich app is very competitive compared to others that offer similar services. This all-in-one personal finance application absolutely meets the needs of everyday people. All in all, Clarity Money is just an excellent tool for financial budgeting and savings management.
• Over 100K downloads, so far
• Analyzed over $7 billion in transactions
• Saved users over $400K
• Over 4K users have opened up a Clarity Money savings accounts, so far