Nav.it Review – Everything You Should Know
One day, a woman by the name of Erin Papworth decided that women needed a dedicated resource that could help them better navigate their personal finances as well as to build a community of women who want to improve their financial life, thus Nav.it was born.
You might not have heard of Nav.it yet, as it’s quite new. Should you try it out?
We’ll let you know in our full Nav.it review below.
What is Nav.it?
Nav.it is a financial planning app designed to help young women improve their financial literacy and manage their money better. It does so by combining its money management features with educational content and financial advice.
The company behind it was founded in 2016 by current CEO Erin Papworth. They launched the app in 2019.
In addition to the app, Erin Papworth hosts a Nav.it podcast where she discusses with show host Lisette Austin how women can grow their wealth and become financially independent.
The budget tracker is the centerpiece of any good personal finance app. On the Money tab, you can see a snapshot of monthly income and spending. At the top sits your “Play Money”, aka the money left over after you cover your expenses.
You can look at past month’s budgets by selecting the month on the side of the screen.
On the Me Inc. tab, you can actually create your budgets within seconds to help you save money. Pick the category, enter a dollar amount, and you’re done. This screen also has a graph so you can compare your spending from month to month.
When you sign up, Nav.it will ask you several questions about your current financial status. These include questions about your yearly income, credit card and student loan debt, your emergency fund, how much you’d like to save this year, and financial topics you’re interested in (such as investing, travel hacks, giving back, etc.)
The app then compares your current financial picture to the savings goals you mentioned to create a few goals for you. These can be viewed in the Goals tab.
For example, if you specified that you want to save 5% of your income this year and you make $3,000 per month, it’ll automatically create a savings goal with your goal date and amount listed.
It even breaks it down by the day to keep you motivated; after all, what sounds easier to manage: save up $5,000 in one year, or just $13.70 per day?
Nav.it’s best feature by far is it’s Articles section. These articles are packed with high-quality information on a variety of personal finance, business, and other topics relevant to women.
Topics we’ve seen include
- Retirement savings
- Portfolio diversification
- Money-saving tips for holidays
- “Spotlight”-type articles showcasing important women throughout history
All of which is meant to inform, entertain, and inspire women using the app to, in the app’s words, “elevate the way women live”.
Nav.it is all about building a community both online and offline. From the language it uses (“people like me”) to the ability to set goals with friends, you get a sense of community and accountability on Nav.it.
Nav.it has partnered with several companies to offer you deals and discounts on certain purchases; most, but not all of these are travel-related.
Nav.it Premium’s Features
Nav.it it has a Premium subscription that grants you access to more features:
- Deals – You get access to tons more deals. In addition, you get one-off coaching sessions and personalized products tailored to help you reach your goals.
- Giveaways – Premium users get to participate in special giveaways.
- Chatting with professionals – Premium steps you up from interacting with your community to talking directly to travel influencers. Very valuable if you’re looking for ways to save on travel.
Nav’s main shortcoming is probably the fact that it’s new. Some users have reported the app acting up when trying to link accounts or when trying to use the budget tracker.
The app itself isn’t bad; it’s actually quite ambitious. The problem seems more to be on the technical side. The Nav.it team will hopefully be working hard to correct these issues because we can see the app being extremely helpful to women looking to improve their finances.
The basic Nav.it account is completely free, helping to expand access to more women who want to join the community.
If you want the upgraded features of the Premium account, you’ll have to pay a whopping $2.99 per month, although that is subject to change if the app gains traction.
Unsure if you need the Premium features? Nav.it offers a 60-day free trial, plenty of time to play around with all the extra stuff you get.
The Verdict: Should You Download Nav.it?
The app is very promising, but seeing as it’s brand new, there seem to be a few kinks to work out. In addition, it doesn’t have a ton of features just yet.
But again, we can cut them a little slack as it’s a brand new app with a lot of ambition.
That being said, we do recommend giving it a try since it’s free. Plus, as the Nav.it team works hard to improve the app over the next year or so, we can see it becoming more powerful in the budgeting and personal finance arena.
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