Manage, save and invest your money with these apps

This story is part of "Follow the Money," a look at how digital cash is changing the way we save, shop and work.

I'll be the first to admit I don't know much about managing money. I'm 24 and fairly new to the world of health insurance, loan payments and 401(k) savings accounts. I've yet to come to terms with how much taxes eat away at each paycheck. And despite my personal pep talks, I'm prone to splurge on fancy drinks and overpriced shoes.

I'm not the only millennial who's financially clueless. A mere 24 percent of people in my generation have a basic understanding of how to manage their money, according to a survey by the National Endowment for Financial Education and George Washington University. Most millennials also have less than $1,000 in their savings accounts and spend more than other generations on conveniences such as coffee, eating out and taxis.

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These impulse splurges ultimately mean you'll have less money saved up for your financial goals, like retirement or emergency funds.

"It's really what you do in your 20s and 30s with saving your money that has the biggest impact," says Jonathan Clarke, associate professor of finance at Georgia Tech. That's why consistently putting money into a savings account, whether that's $10 or $1,000 a month, will pay off in the long run, says Ryan Dennehy, financial planning executive at California Financial Advisors. That's something people of all generations, not just millennials, need to do more, he adds.

Thankfully, there are plenty of apps and digital platforms that can help you get in better financial shape -- no matter what your age. Here are just a few services for things like budgeting, savings and investments.

Mint

This is one of the most commonly known (and top ranked) financial apps out there. Mint lets you set up budgets for just about anything and offers personalized tips for reducing fees. It lets you see your bills, credit cards and money in one place, so you know what's due, and when, and how much you can afford to pay.

It does a good job of pulling transactions and expenses from your bank account and categorizing them into individual budgets, so you can see where specifically you may need to cut back. I found it super helpful and rather eye-opening to see just how much damage I was causing by occasionally eating out -- that stuff really adds up. 

It also connects to other accounts at other financial institutions to give you a sense of your net worth. It's nice to see your hard-earned money grow.

In addition to receiving alerts and scheduling payments, you can also see your credit score and get tips on how to improve it.

Tessa Torrente, a 29-year-old freelance travel writer from New York, started using Mint eight years ago after deciding she wanted to travel more -- but first, she needed to get better control of her spending habits and create a budget.   

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Given the ups and downs of her income, she likes that Mint also factors in her husband's earnings.

"I never know if my income will be $1,000 this month or $10,000," she says. "Having something that tracks my budget so easily but also has his income coming in helps manage a complicated situation."