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Personal Finance Apps

6 Benefits of Personal Finance Apps

Mobile phones and other connected devices have had a serious impact on how we live our day-to-day lives. Thanks to ever-advancing mobile technology, we can now use our mobile phones to keep up with breaking news, speak to a friend in another country, and even to learn a new language. Another great opportunity that mobile phones offer is the ability to better control our finances, even when we’re on the go.

Personal Finance Apps

With just a few taps and clicks, you can create a budget, get investing tips, and even transfer money from one account to another. Here are six benefits of having a personal finance app available at your fingertips.

#1 Easier to Save

Saving money is one of the hardest financial goals. This is because in today’s world of plastic and mobile payments, it’s all too easy to lose track of what we’re spending money on. But with a personal finance app, you’ll have full visibility into exactly where your income is going.

Seeing how much you’re spending on eating out, groceries and morning coffee can be quite eye-opening. In fact, knowing how much you’re spending and where may be enough to persuade you to make a change.

Spending less on items you don’t need means more money left over each paycheck that can be put towards saving. With a personal finance app, you can become much more selective about where you spend your money.

#2 No More Late Fees

We’ve all slipped up before and paid a bill late. Depending on how late you paid the bill, you may or may not have been slapped with a late fee. This and other fees are just money down the drain!

A cool feature that many personal finance apps offer is the ability to alert you when a bill is coming due. You can set up alerts to notify you a few days before the due date so that you can pay the bill sooner rather than later.

This reminder feature not only saves you money, but it can also help to keep your credit score in good standing.

#3 Set Financial Goals

Improving your financial health is a worthwhile goal no matter where you’re at in life. Using a personal finance app, you can set financial goals and then take the necessary steps in order to work towards them.

Some of the smartest financial goals to work towards include:

  • Paying down high interest rate debt
  • Having at least three months’ worth of bills in savings
  • Building an emergency fund
  • Investing your money into the stock market

No matter what financial goals you set for yourself, you’ll want to use a personal finance app to help you meet them. If you need help creating financial goals, consider hiring a financial advisor. You can compare the best financial advisors on the Careful Cents site.

#4 Financial Confidence

Have you ever swiped your debit card at a register, hoping that you had enough money in your account to complete the transaction? There’s no worse feeling than not knowing whether or not your bank account is in the positive or negative.

Using a personal finance app on a daily basis allows you to see how much money you have available to spend. This means that you can purchase with confidence, while also confidently knowing that you’re making smart financial decisions.

#5 Easier to Stick to Good Spending Habits

It’s always nice to know that you’ve become more disciplined in your spending, but it isn’t always easy to see the fruits of your labor. By using a personal financing app, you can see just how much progress you’ve made.

Being a disciplined spender does pay off. Seeing how much good you’ve done for yourself makes it much easier to stay on track. In turn, you’re much less likely to fall victim to impulse buys.

#6 Access Your Finances Anywhere at Any Time

In the past, keeping up with your finances wasn’t convenient or flexible. Want to check your account balance? This would require a trip to the local bank branch or an ATM to print your balance.

Thankfully with a personal finance app, your finances are always available to you, whether you’re vacationing in Florida or out of the country on business. This means that you can see if you’re approaching a credit card limit or check your balance to see if you can afford to buy an item that you found at a steep discount.

Conclusion

While you may have dozens of apps on your mobile phone, there’s surely plenty of room for one of the most important apps to ever exist. If you’re considering downloading a personal finance app to improve your financial health, don’t wait! The benefits are truly endless.

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