Published on October 31st, 2017 | by James D. Burbank0
5 Personal Finance Apps Everyone should Have on their Phone
While the majority of the time we spent on our mobile devices is spent on entertainment and social networks, we should never forget about the smart ways to put new technology to good use. For example, you can now download and use a whole array of personal finance apps that will help you keep track of your money, budget wisely and even invest. But which personal finance apps are the best and how can they help an average person be smarter with their money?
PocketGuard is definitely one of the most popular personal finance apps on the market today and its main selling point is that it truly is a one-stop-shop for most people’s financial needs. It tracks all of your bank accounts and helps you manage a budget that will make financial sense for you. The app is heavily encrypted and it allows tracking of purchases, bill payments, subscriptions and it even factors in the previous spending to give you an estimate how much you can spend safely.
Wally is somewhat similar to PocketGuard in that it provides a comprehensive overview of your financial information but with more emphasis on saving. For example, you can easily set a savings target, add your spending budget, as well as your income and the app, will help you hit your savings target. It also has a very good expense tracking feature and it has also recently added location and social tools that will help you give more insight into where you are spending your money and with whom.
If your personal preference for handling your finances is to have a calendar-based overview, then Dollarbird is the app for you. It is totally calendar-centric while still being amazing at tracking expenses and budgeting. The app even uses AI-based algorithms to categorize your income and expenses, further aiding you in controlling your finances. One of its best features are collaborative multiple budgeting calendars which are absolutely perfect for families who take a join approach to handling their finances.
Unsplurge is a budget planning app that takes a different approach by providing clear incentives for its users to save money. Namely, Unsplurge allows you to set a future major expense (a splurge, if you wish) and then it tracks your consequent savings that bring you nearer and nearer to your goal. It is perfect for people who find it difficult to be motivated about saving money and tightening their belts.
While there is a whole subcategory of investment apps, none of them is more interesting and potentially useful than Acorns. It is based on the principle of micro-investing where it takes spare change from your everyday purchases and invests it into exchange-traded funds. Acorns handles pretty much everything on its own, asking you some questions upon installing the app, analyzing your financial situation and goals and coming up with a mix of ETFs to invest in. It then automatically takes tiny amounts of spare change from the purchases you make from your linked bank accounts. You do not even notice that Acorns is investing your money and all the time, it is building your investment portfolio that can easily grow into something significant.
Going Beyond Apps
Of course, anyone who is serious about their personal finances will know that apps are just one way to use a smartphone to better handle one’s finances. For example, you can use your phone to educate yourself on finance issues, to check out reviews of various services such as auto insurance (this Youi NZ review is a perfect example), and more.
The important thing is to remember there is a smart way to use a smartphone, especially if you want to regain control of your finances.