10 Things to Rave About Money Management Apps Today
The most convenient way to be in control of your finances? Download a money management app today!
Everyone probably has their own way of managing their money. Some people prefer building their own Google sheet or Excel file and writing down their information there. Those who are not so tech-savvy prefer going old-school and simply just collecting receipts and tracking everything via a handy dandy notebook. Or, you might not even have a money managing method at all, just because you’re too lost on how to do everything on your own! And that’s totally okay, because that’s where we come in and help you! But before we get into what this article is about (if you haven’t read the title already: it’s on why money management apps are totally awesome), let’s talk about money management and budgeting in general and why it’s super duper important.
What is budgeting and why should it matter?
Budgeting is basically the often headache-inducing act of creating a plan for your money and personal finances. Even if you don’t keep track of your money through Google Sheets or a plain notebook, you most probably do it subconsciously, whether it’s thinking of how to get the best shopping deals on the internet or pondering which meal would be the most filling at its price. Budgeting is extremely important because it helps anyone reach their own respective financial goals, from something as simple as paying your bills on time and saving up for a gadget you’ve always wanted, to something as huge as buying an entire house for your future family. And you know what? It doesn’t even have to be so hard! If you don’t have some sort of personal finance plan, then money management apps are a great way to start!
I suck at technology, so what the heck are money management apps anyway?
Money management or personal finance apps are mobile applications that can help track your income, spending, and overall budgeting. If you think you aren’t the most financially savvy person in town, then this is where these apps can come in and help. Thanks to the ever-evolving technology available to us all, money management apps are more than able to assist you with the decision-making you need to do with your finances. In fact, there are so many kinds of personal finance apps on the internet that you can choose one depending on what you’re looking for, whether that’s a sleek user experience for tracking your expenses or something that can help you kickstart your investment journey. Why else do you need a money management app in your life? Let us enumerate all the awesome reasons on why you’ve got to get on it right now:
1. They help you reach your financial goals easier
Budgeting apps will help you climb that ladder towards your respective financial goals. Thanks to the fact that you can see your progress on the app, you have a good idea of where you’re at with your money. They also have convenient tools that will help you save, like automatic deposits. Set a goal on your app (saving up for that new laptop you’ve been eyeing), choose a bank account for said goal, and make your app deposit automatically. Some apps can even send you monthly progress reports via email so you can see how far you’ve come from when you started using the app, or how your net worth has evolved over time. The more responsible you are with your money, the closer you are to getting sweet, sweet financial stability!
2. You get to use an engaging user interface
Go ahead and kiss your accounting notebooks goodbye. And if don’t know how to build a Google sheet expense tracker for yourself? No worries, because having a personal finance account will make everything easy peasy. And, since it’s on your phone, you can customize them whenever and wherever! These apps are meant to be user-friendly, allowing you all-in access to any important financial information that you need. Plus, with all the handy tools that you can make use of on the app, you get to do things just by the click of a finger, like generating your personal income versus your expenses. It also helps that they’re really easy on the eyes. Buddy, a money management app, makes use of cute colors and images so that it makes you want to keep using it over and over again. Like your plans pretty? Get a personal finance app!
3. They assist with tracking your expenses and budgeting
A lot of free money management apps out there can do something as simple as tracking your expenses and overall budgeting. You’re free to link your bank accounts, debit cards, and credit cards to your chosen app so that you can see a real-time view of all of the expenses you have for each of them. And if you link these on your app, all transactions will be tracked automatically, including transfers or any new purchases. Seeing all of this in one place will also help you resist the temptation of the online shopping demons and just save!
4. They’re super comprehensive; everything is in one place at the reach of your fingertips
Another thing that might be confusing about money management in general is the presence of way too many things at hand, whether that’s bank accounts, e-wallets, credit cards, debit cards—you get the picture, right? The simple task of checking your balance or dues requires you to open one app after the other, or have over 4 tabs on your desktop open all at the same time. Just thinking about it is making us sweat! But again, with personal finance apps, they collect all of these and place it onto a single platform so that you have better clarity with all your money and cards. Basically, these apps make your life 100% easier, and who’s about to complain about that? No sir, definitely not us!
5. Notifications and alerts give you a heads up of anything important happening
Apart from notifying you on bill due dates (which we’ll be discussing a little later in this article as well), apps will alert you on other money matters that need your immediate attention. Are there some odd transactions happening on one of your accounts and see huge sums gone suddenly? The app will notify you right away. Has your savings or checking account suddenly gone lower than its maintaining balance without you noticing? The app will notify you about that as well! On your chosen money management app, you can actually customize your notifications according to your needs, for stuff like special events you want to remember or vital payment dates that you absolutely cannot forget! If you’re the type of person who easily loses track of dates or money matters, then switching on your notifications will surely help you out.
6. No more financial booboos and other money errors
Financial mistakes can cost a lot—literally! A careless payment to the wrong biller or a delayed credit card payment wouldn’t just be a hassle to correct, but it could also hurt your credit history for the latter. But if you’re able to have a bird’s eye view of your finances from the palm of your hand, the less likely you are to make any error when it comes to your money. Money management apps can also allow you to review your previous transactions, so you can check whether you’ve had an oversight on something or missed any crucial payments.
7. You can even pay your bills with them!
If you want to invest in a good personal finance app, there are some impressive ones that actually pay your recurring bills for you when you link in your bank accounts and credit cards. Regular money management apps make sure you don’t miss out on a billing due date by sending you notifications on when you’ve got to pay up or when you’ve just missed the payment date. Mint, another popular budgeting app, allows you to even pay these bills on the app itself! On the other hand, Clarity Money actually contacts your biller to check if you can get these bills for a lower price.
8. They help you build financial confidence and responsibility
Handling money could be super intimidating in general. Most of the time, we get totally lost on what to do next or how to go about with our financial decisions. Do we save? Do we spend? How do we make the best use of our money? If you’ve got a money management app on hand, then you could kiss that uncertainty goodbye! Because you know exactly what’s happening to your income and spending every day, then you gain that sense of confidence and control. You’re more conscious of your decisions and you get smarter about them the longer you use the app. The more organized you are with your finances, then the more informed you become about your choices. It’s a win-win situation all around!
9. They’re secure and safe
We get that it might be a little daunting putting so much of your personal information into apps, especially if it involves your money. But don’t fret, because most budgeting apps actually have adequate security systems, with others that require subscriptions being on the safer side. Before picking out the best app for you, you can check out their respective websites and do some research on their software and hardware encryption as well as multi-factor authentication features. And also, like your other apps, make sure to practice online safety precautions all the same, like having complex passwords and making sure not to use public WiFi networks when tinkering with your money management app. Plus! If you do run into any technical issues, the apps have customer service reps who’d be more than glad to help you with your problems. You’ll be able to sleep soundly at night.
10. You get to invest or grow your money with them
On the hunt for some passive income? Do you want to start investing but don’t know where to stop? There are money management apps who don’t just do the money managing, but they also help users invest and let their funds grow, grow, grow! For example, Digit, which retails for USD 5 per month after the free trial, assists you in selecting an investment that’s best for you. Another app called Stash, which has multiple subscription plans at various prices, allows you to invest in different companies through purchasing fractional shares at only a few dollars! Personal Capital, one of the most popular personal finance apps right now, analyzes your investments and helps you manage your own portfolio. So apart from the budgeting tools that you need, this is yet another convenient feature that money management apps have that’ll let you be even smarter and more savvy with your money. Best part is that you can just watch your income get bigger!
And coming to the conclusion of this blog post, we repeat this once again: managing your finances doesn’t have to be either difficult or scary! Thanks to the multiple tools and advanced technology found in money management apps, you can easily regain control over your income and make informed decisions on how to make your net worth grow. Because personal finance apps are so easy and simple to use, they’ve become some of the most famous pieces of software to have on your phone. It doesn’t take a genius to navigate them, too. In the end, these apps show that money management can be done by anyone as long as they’re willing to give it a shot—anyone can budget!
Here are some popular and well-rated money management apps that you can check out on your App Store or Google Play store today. So go ahead—fish out your mobile phone and start getting smart with your finances.
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Learn more about Tonik’s Stashes here and get saving now!