Today, you can download an app for just about anything you can think of. You can use apps to access social media networks such as Facebook and Instagram, play mobile games, and watch videos, and get more done with productivity apps such as Trello and Todoist. Thanks to the invention of personal finance apps, you can use your mobile devices to manage money and improve your financial health. These personal financial management apps can be used for everything from budgeting and bill paying to investing in stocks and managing your credit score.
Check out this article from MRHerrera to discover the benefits of using a personal financial management app, and learn how to choose the right mobile app for your financial needs and goals.
1. Organized and Easily Accessible Finances
If you’re new to using mobile technology to manage and organize your finances, downloading a money tracking app such as Personal Capital, PocketGuard, YNAB, or Mint will step up your financial game and help you to form smarter money habits. Personal financial management apps can be used to organize your finances, track your spending, and better budget your money.
Instead of logging into several different financial accounts to check each balance, you can access all of this information from one mobile app. These apps connect to your credit cards, loans, and bank accounts, allowing you to assess your financial situation on the go and track your spending, account balances, bills, and even monitor your credit score.
2. Effective Debt Management
In addition to using a personal finance app to organize your money and assess your financial situation from anywhere, these applications can help to manage your debt, improve your credit score, make bill payments, and save money over time. Finance apps such as MoneyLion, Digit, Pillar, and Avant, for instance, utilize Plaid’s bank loan API software and make it possible for users to:
- Obtain real-time information for outstanding mortgage, student loan, and credit card balances.
- Set up plans for repaying debt.
- Save more money to achieve financial goals.
That said, you’re probably already familiar with many of the other apps that use Plaid’s real-time application programming interface (API). A few of them include SoFi, Venmo, Expensify, Stripe, Bench, and YNAB.
3. There’s Something for Everyone
There are so many personal finance apps available to choose from, whether you’re seeking an app for mobile banking, saving and investing money, building financial health, organizing your business finances, applying for a loan, or sending cash to family and friends. Other personal finance apps such as SaleQ can be used to calculate the cost of sale items, while RetailMeNot can help you to find coupons and discount codes before making purchases.
When shopping around for an app, be sure to consider your financial goals and needs, the types of features you’re looking for in a personal finance app, and take the cost of the app into consideration. Many personal finance apps are free, while others require you to pay monthly or annual fees. Mobile app security, usability, and integration with other financial accounts are some other considerations you’ll want to make when choosing an app.
Personal Finance Apps: Are They Safe?
To protect yourself from fraud and identity theft when using a personal finance app, it’s important to log out after each use, download applications from official app stores (e.g. the Google Play Store and Apple App Store), and password-protect your mobile devices. Mobile banking can improve your financial health and make managing your money much more convenient, but it’s important to follow these best practices to keep your information safe and secure.
Personal finance apps are meant to make your life easier, but they can also help to improve your financial situation and give you more control over your money. Download an app today and see for yourself how a personal finance app can take your finances to the next level!
Are you ready to pay off debt, save more money, take control of your finances, and achieve financial freedom? Visit mrherrera.com to find the tools and resources you need to get started!