Get to Know the New NerdWallet App

Disclosure: This post is sponsored by NerdWallet, but all of the opinions and viewpoints expressed are 100% my own.

If you’ve spent any amount of time online looking for personal finance guidance and how-tos, then you’ve probably come across NerdWallet. They’re an industry leader and cover all things personal finance – credit cards, budgeting tips, investing, banking, and more.

NerdWallet’s goal is to help you with every facet of your financial life. And as that gets more complex, you have more things to keep track of and learn about.

Like, you probably have more than a couple of bank accounts now. You’ve probably started saving for retirement or are trying to get started. You might also have a mortgage, car payment, student loans, and more financial obligations.

Those are the big things, but there’s also the everyday stuff, like budgeting, tracking your expenses, comparing credit card offers, and more.

All of that stuff makes up your financial life. It’s a lot of stuff, and NerdWallet’s goal as a site is to help you learn more about each of those things, how they work together, and help you become a better money manager.

Side note: I’m constantly running into their articles when I’m doing keyword research for my site… their articles are usually the ones to beat, meaning they know what they’re talking about.

So it was no wonder that NerdWallet decided to distill their knowledge and expertise into a brand new, free app that’s goal is to help people master their money.

Get to know the new NerdWallet app

What is the NerdWallet app?

The Nerdwallet App is a free, all-in-one personal finance tracker that lets you connect your accounts to give you both a broad overview of your finances (net worth, cash flow, and credit score).

You end up with both a micro and macro look at your finances – a high overview of where you stand with the ability to zoom in on upcoming bills, a spending summary, detailed factors that make up your credit score, etc.

NerdWallet wants you to be able to see your accounts in one place so you don’t need one app for credit score tracking, one for expense managing, one to monitor your net worth, and so on.

Based on the information you connect to the app, the app then gives you personalized insights to help you make the most of your money. This might be tips for building your credit score, suggestions for better bank accounts, best rates on financial products, etc.

The purpose is to help you manage your money better, including tips that will help you optimize your current financial situation.

NerdWallet app features

To help you understand how NerdWallet does all of those things I just mentioned, I want to break down the app’s features…

1. Your NerdWallet Home Page

This is like your personal finance dashboard. You could theoretically open the app, look at this page, and get a basic idea of where you stand. You’ll see four things on this page:

• Net worth: This is all of the money in your accounts (checking, savings, investment accounts, retirement, etc.), minus your debt (student loans, mortgage, car note, credit cards, etc.)
• Cash flow: How much money you have left to spend for the month based on what you’ve already spent and upcoming bills.
• Credit score: This is your current credit score and any recent changes, like if it’s gone up or down, and by how many points.
• Maximize: This is the amount of cash you’ve earned back in the past 30 days based on NerdWallet’s cashback feature.

You also see a couple of insights at the bottom of this tab. One of the most useful if you’re trying to watch your spending is a spending update. This gives you an idea if you’re overspending, spending less, or close to spending as much this month compared to last month.

You can scroll further down and access NerdWallet guides that explain budgeting, best new savings accounts, etc.

2. Net Worth Tab

I know a lot of people who are a little intimidated by this number, especially if it’s negative, but I honestly think that knowing your net worth is a solid way to see where you stand overall. As someone who’s spent the past few years paying off student loans and then watching my net worth move from a negative to a positive number, it’s incredibly motivating to see how your hard work translates into progress.

Your net worth shows up right on top of your NerdWallet dashboard, and when you click on it, you can take a closer look at how your net worth is calculated, including:

• What you have (assets) minus what you owe (debts/liabilities)
• Cash on hand based on the balance of your linked accounts, including savings, checking, and investments
• The amount you’ve already moved to savings for the month
• Encouragement to move extra cash into savings, and you can transfer money directly from the app
• How much more money you can make (interest) by moving your savings to a high-yield savings account (this leads to offers from third-party companies)

3. Cash Flow Tab

When you click on the Cash Flow square on your home page, you’re brought to a separate tab that breaks down your cash flow. There’s a bar graph that helps you visualize where your spending is at for the month, including money you’ve already spent, upcoming bills, and what’s leftover.

4. Credit Tab

Your credit score is a good marker of your overall financial health. Understanding how your credit score is calculated and knowing ways to improve it can actually help you save money. A better credit score = better rates when you need to borrow money.

NerdWallet’s free app keeps you up-to-date on your credit score, telling you how much it’s gone up or down and how often it updates. Plus, there are personalized insights that tell you how current credit usage affects your overall score and what to do.

5. Maximize Tab

This is where you can compare and find all sorts of financial products such as credit cards, savings accounts, personal loans and more to ensure you have the best one for your goals.

A lot of what you’ll find in this part of the NerdWallet app is going to be third-party offers – it’s how they keep the app free for users.

You also can see how to make the most of your current credit cards. For example, the app will tell you which of your cards gives you back the most rewards for gas or grocery spending.

The Maximize tab is also where you access another free feature that gets you 2-10% cashback on your purchases in addition to any rewards you already earn. Here’s how it works:

• Link a debit or credit card
• Browse offers by category (restaurants, home goods, groceries, electronics, etc.)
• Either activate the offer first in the app or just use your linked card (this depends on the offer)
• Earn cashback
• When you’ve earned $10 in cash, you can cash it out as a statement credit on that card

If you’ve ever used an app like Ibotta or Rakuten, this feature is really similar, but you don’t need a separate app to earn cashback.

Where the app shines

Overall, NerdWallet’s free financial app is a solid way to look at your finances and it has features that will help you understand where you stand and how to improve your financial life. I want to point out a few places this app really shines.

Clean design

I’ve always disliked financial apps that feel too cluttered, and I know I’m not alone here. A poorly designed app makes the entire experience less user friendly, meaning you’re less likely to use it. That completely negates the purpose of using a financial tracking tool.

The NerdWallet app has a clean design and interface, and it doesn’t feel clunky or overwhelming. All of the charts and graphs are easy to read and give a better explanation of what’s being explained. There’s a good example of what I mean below with the spending breakdown you’ll find under the Cash Flow tab.

You can use the app to interact with your finances

Instead of just being able to see what’s happening with your money, you can use the NerdWallet app to take actionable steps to manage your money.

A good example of this is your ability to transfer money between accounts (happens under the Net Worth tab). If you see that you can move some unspent cash into savings, you can immediately take action.

Backed by NerdWallet’s expertise

You can tell that this app was built on NerdWallet’s vast personal finance knowledge. The site’s approach to personal finance is built into the way the app was designed.

It starts with a high-level overview of your finances (home page) and then lets you get closer and closer to individual aspects. Ultimately, this shows you how small changes and decisions affect your overall picture.

It’s free

You’ve probably heard the saying: You get what you pay for. But that’s not the case with this app.

NerdWallet has created a valuable free app – there are strong features for all users, and nothing is hidden behind a paywall. Free does mean you’re going to come across offers for third-party financial institutions because that’s how NerdWallet is making money.

You can take advantage of those offers when they make sense, but you can just as easily disregard them and get a lot out of the app.

Signing up for the NerdWallet app

Discover smart ways to master your money with NerdWallet's free app. Available on the App Store and in Google Play.

My final word on mastering your money with NerdWallet’s app

A lot of people struggle to see how different facets of their financial life are inextricably linked together. Like, how paying off your credit cards on time every month can help you get a better rate on your mortgage, which can save you thousands of dollars throughout your payoff.

That information can be overwhelming… I get it.

But that’s the point of Nerdwallet App. It brings everything together in one place and makes it easy for you to see how things are tied together so you can make even more smart money moves.