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We all know that keeping track of finances is an important part of budgeting and wealth management, but what exactly is the most efficient way of keeping track of them? If your answer is “by pen and paper,” you’re missing out. Technology has revolutionized personal finance, and you can now use apps to plan your budget, manage your wealth, and even organize your investments.
Unlike the old-fashioned method, these apps are more accurate and also offer you features such as spending analytics, shared wallets, and reminders. They’re one of the best things about the rise of FinTech, and they’re incredibly versatile. Whether you’re an aspiring investor or just someone who likes keeping their finances in order, these apps are easy to use and will make you feel in control of your money.
Budget planning apps
Budget planning apps are useful for two reasons. Firstly, they can help you save money, and secondly, they give you an overview of your financial situation and spending habits so that you know how much you’re spending each month on different things. If you don’t have a lot of money left at the end of the month, and yet you don’t know where all of it went, budget planning apps can be quite eye-opening because they give you detailed insights for various spending categories: travel, healthcare, leisure, groceries, and so on. Then, you can set your budget to reduce excessive spending. For example, if you notice that a considerable chunk of your paycheck goes to gas money, you can try to use public transport or cycle to work more.
Bill payment apps
Gas, electricity, phone bills, Internet, subscription services… the older you get, the more bills you have to pay, and keeping track of all these bills can become a nuisance, even for those who don’t have money problems. This is where bill payment apps come in. These apps offer a centralized dashboard for all your utility bills and track your bills for you, so that you never miss a payment again.
They also send you reminders when payments are due, and because you no longer have to sign into multiple websites to check due dates and pay bills, you’re saving a lot of time too. And, if you’re worried about all your accounts being kept in one place, you should know that bill payment apps have implemented the latest security measures. Prism, for example, which is one of the most popular bill payment apps, has 256-bit AES encryption and biometric authentication options.
Trading apps
Gone are the days when trading was only for Wall Street experts. Nowadays, anyone with disposable income can trade stocks, crypto, or Forex, and, you guessed it, there are apps for that. In fact, the rise of trading apps has lowered the barriers to entry, and it’s one of the reasons why trading has become mainstream.
Desktop trading platforms continue to be popular, but many people want to control their positions and orders when they’re on the go, and this is where trading apps come in handy. Your favorite trading platform may even have an app already! When choosing what trading platform to install, make sure you take your trading style and preferences into account.
For example, if you have a high-risk trading strategy, check to see what brokers have the highest leverage and a feature-packed app where you can make profits quickly. If you’re a beginner, you may want to focus on apps that also offer access to trading guides or demo accounts.
Portfolio management apps
Having several investment accounts is one of the most rewarding feelings ever. And yet, between 401(k) plans, retirement accounts, savings accounts, stocks, bonds, and crypto, it can be hard to keep track of everything. To make the process more hassle-free, you should install a portfolio management app, which links all your investment accounts to one centralized dashboard.
This way, you’ll have a clear overview of all your investments, as well as the fees you pay over time. Many portfolio management apps are free, but if you’re serious about your investment strategy, it pays to buy a premium app that goes into more depth, comparing your portfolio performance against certain benchmarks and offering long-term forecasts.
Debt repayment apps
According to the Bureau of Labor Statistics, American household debt reached a record $14.6 trillion in spring 2021. Contrary to popular belief, not all debt is bad, and, in certain cases, taking on debt is the only way to meet your long-term goals. However, no matter if you have a mortgage, personal loan, business loan, or auto loan, the quicker you pay off your debt, the better. When you have more than one debt, there are two ways you can organize debt repayment:
- Avalanche method: you make minimum payments on all debts, then use any remaining money to pay off the debt with the highest interest rate.
- Snowball method: you make minimum payments on all debts, then use any remaining money to pay off the debt with the lowest interest rate.
No matter which option you prefer, a debt repayment app can help you stay on top of payments by keeping all your loans in one place and getting personalized debt repayment schedules.
Savings apps
Would you like to save more money but struggle to maintain a consistent savings plan? You’re not alone. In the US, 69% of people have less than $1,000 in a savings account. An app could help you. The biggest benefit of savings apps is that they help you save money without you realizing it. This feature is called “autosaving,” and can work in two ways: either you establish a certain amount you want to save every month and the app will save it for you, or the app rounds up purchases and sends the extra money into a savings account. That may not sound like much, but in the long run, the savings add up, which can make a difference for someone if you couldn’t save any money before.
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