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Snowball Wealth App Review

Tanya Menendez and Pamela Martinez shared two things in common that led to them launching the Snowball Wealth app back in 2022: Both women had over a decade of experience in tech and finance, and they were both part of immigrant families.

Snowball Wealth, a financial tracking and education app with an emphasis on bringing people together, set out to bridge the gap in financial literacy for historically underrepresented communities. Not only does the app give users a clear picture of their current finances by letting them monitor linked bank accounts, but it also provides educational tools and money challenges to help them build a better future.

The soul of Snowball Wealth lies in its community-driven chat feature, which allows users to connect and talk about all things money. “Pam and I both were excited to create a platform that made wealth building exciting and accessible,” Menendez tells CNBC Select. “We found that the community aspect was a key piece in reducing shame [and] anxiety, and we saw that our community members were more inspired and feeling less isolated.”

Below, we take a closer look at how Snowball Wealth was created, what the app offers its users, plus app details like pricing and availability.

What we’ll cover

The story behind Snowball Wealth

“I’ve noticed in my coaching that the most confident investor is the person that says, ‘I’m just doing what my dad did’ or they’ve been thinking about investing since they were two years old. That just isn’t the experience of the majority of people, but that also doesn’t mean we can’t change that.”

Tanya Menendez

Co-founder, Snowball Wealth

What Snowball Wealth offers

App details

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Bottom line

Snowball Wealth uses a sense of community and other basic finance app features like linking to bank accounts and tracking progress to help people build wealth.

Another finance app aimed at helping underserved communities is the SUMA Wealth app, which is designed for Gen Z Latinos and utilizes gamified tools to make financial planning both engaging and accessible. For no fee, the app allows users to connect their bank accounts and track their expenses, while learning the significance of financial terms like “emergency fund.” You can also subscribe to SUMA+ for $9.99 per month and get access to more premium features like personalized A.I. insights and master courses.

Catch up on CNBC Select’s in-depth coverage of credit cardsbanking and money, and follow us on TikTokFacebookInstagram and Twitter to stay up to date.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

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