App for those with severe financial anxiety
May 4, 2023 3:07 AM Subscribe
What it says on the tin. One of my adult kids has pretty severe money-related anxiety and I would like to be able to point them to a place where they can learn to help themselves.
I have heard of Mint, but wonder if there is an app that not only does the financial pieces but also is therapized or even gamified with positive reinforcement to some extent, so dealing with money is rewarding and not terrifying. Sort of the way that Headspace or Peloton give you positive reinforcement for using the app.
From what they've shared of their finances, they actually are doing okay and can afford to have a rewarding career that helps people and also spend money on pizza and weed and some nice things occasionally. But they want to get over their fear of opening their online banking and panicking about money.
I have heard of Mint, but wonder if there is an app that not only does the financial pieces but also is therapized or even gamified with positive reinforcement to some extent, so dealing with money is rewarding and not terrifying. Sort of the way that Headspace or Peloton give you positive reinforcement for using the app.
From what they've shared of their finances, they actually are doing okay and can afford to have a rewarding career that helps people and also spend money on pizza and weed and some nice things occasionally. But they want to get over their fear of opening their online banking and panicking about money.
Best answer: Before it crops up: ignore, with extreme prejudice, anyone who says Dave Ramsey.
You don't say how old your offspring is but there are very different generational approaches and best practices towards money. I love Ellyce Fullmore on TikTok and her advice seems (like this one!) really aligned to your kid's needs. I would suggest he/she/they start there well before choosing an app, because the app is just scary if you don't have the foundation to understand and create goals and a money management flow.
posted by DarlingBri at 4:50 AM on May 4, 2023 [10 favorites]
You don't say how old your offspring is but there are very different generational approaches and best practices towards money. I love Ellyce Fullmore on TikTok and her advice seems (like this one!) really aligned to your kid's needs. I would suggest he/she/they start there well before choosing an app, because the app is just scary if you don't have the foundation to understand and create goals and a money management flow.
posted by DarlingBri at 4:50 AM on May 4, 2023 [10 favorites]
Seconding YNAB. I think a lot of people's money-related anxiety is related to the fact that they don't understand their own finances. When you understand where your money is coming from and where it's going, it's easier to feel in control.
Of course, many people have money-related anxiety related to the fact that they just don't make enough money, because of, you know, capitalism. Doesn't sound like that's the case here. But either way, having a solid budget is helpful for everybody.
posted by number9dream at 5:56 AM on May 4, 2023 [3 favorites]
Of course, many people have money-related anxiety related to the fact that they just don't make enough money, because of, you know, capitalism. Doesn't sound like that's the case here. But either way, having a solid budget is helpful for everybody.
posted by number9dream at 5:56 AM on May 4, 2023 [3 favorites]
Having evolved from a money-anxious young adult to a somewhat-savvy older adult with a money-anxious young-adult child, I've been through this on both sides.
Personally, I've used Quicken for decades; there is much to like about it, but I think it could be a bit intimidating to a younger person as its customer support motto seems to be "figure it out yourself, dummy."
For me, the first step in getting a handle on money was knowing where it's going before trying to establish a formal budget (similar to the advice of a dietician to track your food intake before you take on a diet). I worked with my anxious kid to set her up with YNAB, but found its insistence on "every dollar needs a job," and the structure of having to set up a budget before we/she really had an understanding of how she'd been spending previously, hard to power through. That said, they do provide a lot of support videos and overall seem earnestly committed to helping people figure it out.
Recently, Quicken introduced a competitor to YNAB called Simplifi that may be worth checking out.
One other thing that helped with my kid (YMMV) is that I am still a co-owner on her bank accounts, dating back to when she was a minor. I'm able to keep an eye on them and alert her to issues I might see forming. This is something she welcomes for now, but I'm also ready to cut that cord whenever she is.
posted by Sweetie Darling at 6:48 AM on May 4, 2023 [2 favorites]
Personally, I've used Quicken for decades; there is much to like about it, but I think it could be a bit intimidating to a younger person as its customer support motto seems to be "figure it out yourself, dummy."
For me, the first step in getting a handle on money was knowing where it's going before trying to establish a formal budget (similar to the advice of a dietician to track your food intake before you take on a diet). I worked with my anxious kid to set her up with YNAB, but found its insistence on "every dollar needs a job," and the structure of having to set up a budget before we/she really had an understanding of how she'd been spending previously, hard to power through. That said, they do provide a lot of support videos and overall seem earnestly committed to helping people figure it out.
Recently, Quicken introduced a competitor to YNAB called Simplifi that may be worth checking out.
One other thing that helped with my kid (YMMV) is that I am still a co-owner on her bank accounts, dating back to when she was a minor. I'm able to keep an eye on them and alert her to issues I might see forming. This is something she welcomes for now, but I'm also ready to cut that cord whenever she is.
posted by Sweetie Darling at 6:48 AM on May 4, 2023 [2 favorites]
Sorry if this is too silly for you, but something that has really helped my money anxiety in YNAB is using emoji in the names of accounts and categories. It makes the whole page look way less intimidating to me.
posted by thatone at 9:41 AM on May 4, 2023 [1 favorite]
posted by thatone at 9:41 AM on May 4, 2023 [1 favorite]
When I had severe anxiety about my finances (I even made a post about it here) what helped was actually…not keeping such a close eye on my money and working on other things to manage my anxiety. YMMV.
posted by vanitas at 9:47 AM on May 4, 2023 [2 favorites]
posted by vanitas at 9:47 AM on May 4, 2023 [2 favorites]
I like The Financial Diet YouTube and Michelle Singletary columns from the Washington Post.
Also, sympathy for you and empathy for your adult child bc these are scary, frustrating times for all and especially Millennials and Gen Z!!
posted by smorgasbord at 2:46 PM on May 4, 2023 [1 favorite]
Also, sympathy for you and empathy for your adult child bc these are scary, frustrating times for all and especially Millennials and Gen Z!!
posted by smorgasbord at 2:46 PM on May 4, 2023 [1 favorite]
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