In this Empower app review, we’re going to explore everything you need to know before you make your decision. Whether you’re looking for help managing your finances, tracking your spending, or saving more efficiently, this app promises to offer a range of solutions. But does it live up to the hype? In this post, we’ll take a closer look at the key features of Empower, what users love about it, and where it might fall short. By the end, you’ll have all the insights you need to determine if the Empower app is the perfect fit for your financial goals. So, let’s dive in and break it all down!
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Table of Contents
What Is Empower And How Does It Work?
Formerly known as Personal Capital, Empower is a financial app designed to help you manage your spending, savings, and investments. It combines features of budgeting, financial planning, and even investment tracking — all in one easy-to-use app.
In other words, it’s like having a financial planner in your pocket. Whether you’re saving for a vacation, tracking your monthly expenses, or planning for retirement, Empower offers tools that are designed to keep all aspects of your financial life in check.
Key Features of Empower
One of the biggest selling points of Empower is its range of features. Let’s go over the main ones so you can see if they line up with your needs.
Budget Planner
Let’s face it — budgeting can be a hassle. But with Empower, the app automatically categorizes your spending, which means you don’t have to manually enter every expense. It groups things like groceries, gas, entertainment, and more, giving you an instant snapshot of where your money is going. You can also set limits on different spending categories, so you’ll get a reminder if you’re about to overspend.
For example, if you set a $200 monthly limit on dining out, the app will notify you when you’re getting close. This makes it much easier to stay on track and avoid those “Oops, I spent more than I planned” moments.
Savings Planner
What’s better than a savings plan that actually works for you? Empower’s savings planner helps you set goals for things like emergency funds, retirement savings, and even those fun “treat yourself” moments (like a new phone or vacation). It shows you how much you need to save each month to hit your goals and tracks your progress.
For instance, if you’re saving for a $5,000 emergency fund and you want to reach it in 6 months, Empower calculates exactly how much you need to save each month to get there. The best part? It updates as you go, so you always know where you stand.
Investment Tracking
Empower gives you a detailed view of your investment portfolio. It doesn’t just track how much you’re investing; it breaks down your portfolio by asset class (stocks, bonds, etc.) and shows you how well it’s performing. So, if you have a mix of stocks and bonds, you’ll know exactly how your assets are doing and if it’s time to rebalance.
It’s like having a mini financial advisor at your fingertips, helping you keep tabs on your investments without the complexity.
Cash Advances
Here’s something that sets Empower apart — cash advances. If you ever find yourself in a pinch, Empower offers interest-free cash advances of up to $250. The great thing here is that this is totally fee-free, which makes it a much more affordable option compared to payday loans or credit card cash advances.
This feature can be super helpful if you’re facing a temporary cash crunch but don’t want to rack up high-interest fees.
Debit Card Rewards
Let’s not forget about the rewards! Empower offers up to 10% cash back on eligible purchases when you use its debit card. If you’re someone who loves getting rewarded for spending, this could be a great incentive to use the app more often. Whether it’s buying groceries or shopping for clothes, you’ll earn back a small percentage of your purchases.
User Experience: How Easy Is It To Use?
Now, let’s talk about how the app actually feels to use. In short, Empower’s interface is super user-friendly. It’s clean, intuitive, and simple to navigate — even if you’re not a financial guru.
The app is available on both iOS and Android, so whether you’re an iPhone user or an Android fan, you’re good to go. Setting up the app is a breeze — just link your bank accounts, credit cards, and investment accounts, and you’re off to the races. You’ll have all your financial info in one place within minutes.
Also, the mobile experience is great. You can check your account status, track spending, and get reminders right from your phone, which makes it incredibly convenient for on-the-go financial management.
Pros of Using Empower
So, what makes Empower stand out? Here are a few things you’ll probably love:
Comprehensive Financial Overview
With all your accounts connected to Empower, you get a holistic view of your financial life. It’s not just about tracking how much you’re spending — it’s about seeing how your investments, savings, and spending habits are all interconnected. This can be a game-changer when it comes to making smarter financial decisions.
Automated Savings
One of the best things about Empower is that it does some of the work for you. Based on your spending habits, it can automatically transfer money into your savings, making it easy to build your emergency fund or save for future goals without even thinking about it.
Cash Back Rewards
Empower’s 10% cash-back feature on purchases is an attractive perk for those who want to make their spending work for them. Who doesn’t love getting something back for spending money?
Financial Planning Tools
Whether you’re planning for retirement or saving for a big purchase, Empower’s financial planning tools give you actionable steps toward reaching your goals. The app makes it easy to set milestones and track progress, keeping you motivated to stay on track.
Cons of Using Empower
While Empower has a lot of great features, there are a few things that might make you think twice:
Subscription Fee
After a 14-day free trial, Empower comes with an $8 monthly fee. Some users may find this a bit steep, especially if they’re just looking for basic budgeting tools. It’s important to evaluate whether the premium features (like investment tracking and cash advances) are worth the cost for you.
Limited Investment Features
If you’re someone who’s into active trading or wants advanced investment tools, Empower might fall short. It’s great for tracking your investments, but it doesn’t have the same level of trading options or detailed investment insights as other platforms like Robinhood or E*TRADE.
Occasional Syncing Issues
Some users have reported trouble with account syncing, especially when linking multiple bank accounts or credit cards. If this happens to you, it might take some extra time to troubleshoot and get everything working properly.
Who Owns Empower App?
Empower is owned by Empower Finance, Inc., a company that focuses on providing digital financial tools designed to help people take control of their money. Empower Finance was founded with the mission of simplifying personal finance by providing users with tools like automated savings, budgeting, and investment insights, all in one easy-to-use app.
The Founding Story of Empower Finance
Empower Finance was launched in 2016 by Edward M. and William H., two experienced entrepreneurs who wanted to bring a more intuitive, user-friendly approach to personal finance. Their goal was to create an app that would help individuals better manage their money without the complexity often found in traditional banking and financial tools.
Since its founding, Empower has received significant attention and investment from venture capital firms. It’s one of the many startups that has capitalized on the growing trend of fintech—financial technology—that aims to disrupt traditional financial institutions by providing users with more control and transparency over their financial lives.
Does Empower Work With Cash App?
As of now, Empower does not directly integrate with Cash App in the way some other financial apps might. However, there are ways you can use both platforms simultaneously to get the most out of your financial management. While you can’t link the two apps for automatic syncing, you can still use each for its unique features and manage them side by side.
How Do Empower and Cash App Differ?
Before diving into how you can use them together, it’s helpful to understand what each app specializes in.
- Empower is designed to help you manage your overall financial health. It offers tools for budgeting, saving automatically, tracking investments, and even understanding where your money goes. Empower is great for helping you make smarter financial decisions and automating some of your savings goals.
- Cash App, on the other hand, is primarily a peer-to-peer payment platform that also lets you buy Bitcoin, invest in stocks, and manage your spending. Cash App is widely known for its simplicity in sending money between friends, but it also has features like direct deposit, a Cash Card, and even savings options through “Boost” rewards.
How Can You Use Empower and Cash App Together?
Even though Empower and Cash App don’t directly sync with each other, you can still manage your finances effectively by using both. Here’s how:
Track Spending in Empower:
Empower allows you to categorize your expenses and get insights into where your money is going. You can manually enter transactions from your Cash App account (like payments or transfers) to ensure that these are tracked alongside your other spending.
Save and Invest with Empower:
While Cash App does offer some investment tools, Empower provides a more robust solution for savings and investments. You can use Empower to set up automated savings goals or invest in portfolios, while continuing to use Cash App for day-to-day transactions or investing in stocks and Bitcoin.
Transfer Money Between The Apps:
If you need to move money between the two, it’s relatively simple. You can transfer funds from your Cash App account to your bank account, and then link your bank account to Empower to help with savings and budgeting. This way, you can effectively use both platforms, even though they don’t integrate directly.
Track Your Cash Card Spending in Empower:
If you’re using Cash App’s Cash Card, you can manually track your purchases in Empower to get an overall view of your spending. Empower can categorize these expenses, helping you stay on top of your budget.
Why Use Both Empower and Cash App?
Even without direct integration, there are good reasons why people use both apps to manage their finances:
Empower’s Comprehensive Financial Tools:
Empower is designed to help you take a more holistic approach to managing your finances, with automated savings, budgeting, and investment tracking.
Cash App’s Convenience for Transactions:
Cash App is perfect for quick, easy transactions like sending money to friends, paying for purchases, or even making Bitcoin trades. It’s convenient for everyday use.
Is The Empower App Legit
The Empower app is generally considered legitimate by many users and financial experts. It has a strong reputation, reflected in high ratings on mobile app stores, with users praising its user-friendly interface and quick cash advance features. However, some users have reported issues with unexpected fees and difficulties in managing their subscriptions.
Key Points Indicating Legitimacy:
- User Reviews: Empower has received positive feedback from users, indicating satisfaction with its services.
- Quick Financial Assistance: The app provides fast funding, which is beneficial for users needing immediate financial help.
- Consumer Protection: Empower offers protections for users, such as refunds if its actions cause overdraft fees.
- Customer Support: The company actively responds to customer complaints and feedback, showing a commitment to resolving issues.
Areas for Improvement:
- Fees and Transparency: Some users have expressed concerns about high fees and a lack of clear information about these charges.
- Subscription Management: There have been reports of difficulties in canceling subscriptions, which can lead to unexpected charges.
Overall, while Empower is a legitimate app, users should be aware of potential issues with fees and subscription management. It’s important to carefully review terms and conditions before using the app’s services.
Is Empower App Safe
Empower, formerly Personal Capital, which is a financial management tool, it is considered safe for tracking finances and managing spending. Empower uses robust security measures such as AES-256 encryption, multi-factor authentication, and secure server-client protocols to protect user data. However, like any digital platform, it is not 100% secure, as no system is completely immune to potential threats.
How To Use Empower App
The instructions for using the Empower app can vary depending on its specific purpose. Here are guides for two common versions of the Empower app:
Using Empower for Worker Safety and Compliance
- Download and Install: Download the Empower app from your app store.
- Create an Account:
- Use your phone number as your username.
- Receive and enter a verification code sent via SMS.
- Set Up Your Profile:
- Enter your name and contact information.
- Use your personal email for account recovery.
- Connect with Your Company:
- Enter your Employee ISN ID.
- Accept Company Connections.
- Enable Security Features:
- Optionally enable Touch ID or Face ID for biometric authentication.
- View Compliance Status:
- Select a Hiring Client and view your compliance status for their jobsite.
Using Empower for Financial Management
Use tools like the Retirement Planner and Debt Paydown Planner to manage your financial goals..
Sign Up: Create a free account on the Empower platform.
Link Financial Accounts:
Connect bank accounts, credit cards, loans, investments, and other financial accounts.
Use your username and password for each account.
Configure Settings:
Set up multi-factor authentication for enhanced security.
Customize email subscriptions and account exclusions.
Use the Dashboard:
View your net worth, budget, cash flow, and investment performance.
Set and track financial goals using the Savings Planner.
Monitor and Manage Finances:
Track spending, income, and investments.
Why Is My Empower App Not Working
If you’re experiencing issues with your Empower app, there are several potential causes to consider. Here are some common problems and how to resolve them:
Weak Internet Connection:
A poor or unstable internet connection can hinder the app’s performance. Switch to a more stable Wi-Fi network or try using mobile data instead.
Outdated App Version:
If the app is not updated, it may not function properly. Check your app store (Google Play or the Apple App Store) for any available updates for Empower.
Server Problems:
Occasionally, server downtime or maintenance can cause issues with the app. Visit Empower’s website or their social media pages to see if there are any announcements regarding ongoing technical difficulties.
Device Compatibility:
Make sure your device meets the necessary specifications for the app. It may not work as expected on older devices or operating systems.
App Crashes or Freezes:
If the app crashes or becomes unresponsive, try restarting your device, uninstalling and reinstalling the app, or clearing the app’s cache (on Android).
Login or Account Problems:
If you’re having trouble logging in, double-check that your username and password are correct. You might also want to reset your password or confirm your account is active.
Permissions:
Verify that you’ve granted the app the required permissions, such as access to your location or camera, for it to work correctly.
Settings Issues:
Occasionally, certain app settings may cause malfunction. Consider resetting the app settings or restoring default configurations to resolve the problem.
If none of these steps fix the issue, you may want to reach out to Empower’s customer support for further assistance.
Final Thoughts
So, is Empower the right choice for you? If you’re looking for a simple, all-in-one financial tool to help manage your budgeting, savings, and investments, Empower could be a great fit. It’s especially useful if you want to stay on top of your financial goals without all the manual tracking.
However, if you’re someone who’s into detailed investment analysis or you’re hoping for a completely free solution, you might want to explore other options. But overall, Empower’s combination of features, convenience, and rewards make it a strong contender in the world of personal finance apps.
What do you think? Have you tried Empower yet? Let us know your thoughts or share your experiences in the comments below!