Smartphone apps have become wildly popular for helping people to manage their money. There’s no shortage of money-focused apps to try; in 2021, there were more than 573 million financial app downloads in the United States, up 19% from the previous year, according to data from Insider Intelligence. Such apps can be particularly helpful for physicians, whose notoriously packed schedules may not leave them much time to manage their finances.
“These apps are a great starting place for a physician beginning on their financial journey,” says Michael Tanney, a partner of New York-based Magnus Financial Group. “They have a low barrier to entry and at least let you understand which direction you’re facing.”
That said, there’s no substitute for a human financial advisor, Tanney says, and you’ll likely want to get professional help as your money situation gets more complicated.