Once upon a time, if you needed help managing your money, it meant hiring a financial advisor. Today, people can get help with their finances at the click of a button. Technology has made it easy to manage personal finances, save money, and budget right from your smartphone. With so many finance apps out there, there’s something for every financial need.
If you don’t use a finance app, it’s probably because (a) you don’t think you need one, or (b) you’re afraid it’ll just stress you out more. But finance apps are designed to help, and they offer benefits for everyone (some you may not even realize).
If you’re unfamiliar with finance apps or feel hesitant to download one, consider these nine benefits:
1. They help you manage and organize your finances
One of the most obvious reasons to use a finance app is to help you manage and organize your finances. Personal finance is one area where you can’t afford — literally — to be disorganized.
Finance apps have features that help you become more disciplined with saving, spending, and paying bills on time. Managing nearly every aspect of your finances in easy-to-use apps will give you peace of mind like never before.
To keep all of your new finance apps organized, create a folder on your phone where they all live.
That way, they’ll all be in one place and not scattered throughout your phone’s screens.
2. You’ll be able to save money more easily.
Now, let’s get into the specifics of what a finance app can help you do. At the top of the list is saving. Saving money seems like it should be easy, yet it’s a challenge for so many people.
Finance apps make it so you don’t have to think twice about saving. Set a saving amount and frequency, and the app will squirrel money away for you automatically. You can just watch your savings account grow naturally over time.
Another nifty saving strategy is the round-up feature offered by Chime.com. With every purchase, the app will round up to the nearest dollar and stow the spare change in your savings account. Each time you use your card, you’ll be saving money without even realizing it.
3. You can effortlessly invest your money.
It’s something we all know about, yet so few of us actually do it. Investing is a smart financial move, but it can also be confusing if you aren’t an expert.
Think of a finance app as your personal investment guide. If you’re new to investing, there are apps that can help you learn to invest without breaking the bank. On top of that, you can easily track performance in the app and see how your investments are doing.
4. You can say goodbye to late fees.
There’s no worse feeling than slipping up and forgetting to pay a bill on time. There are finance apps that will track your bills and send payment reminders so you never slip up.
If you prefer, some apps will automate your payments so that they come out of your account automatically. Not only can you rest easy knowing you’ll never miss a due date, but you can also see all upcoming payments in one place.
5. Budgeting will be a breeze.
No one likes the feeling of swiping their card and fearing that the transaction won’t be approved.
With a little help from your new budgeting best friend, you won’t have to worry. Finance apps monitor your spending and will alert you if you attempt to spend more than you have.
On top of that, you can create a custom budget specific to your needs and limit spending by category. If you’re having trouble creating a budget on your own, a budgeting app can help you get started. Plus, it’ll help you stay on top of your finances over the long haul.
6. The small features will make your life easier.
There are the big features that finance apps offer — the ability to budget, save, and manage money. Then there are the small features, and those may be just as important. These can include the following:
- Personalized insights that help you make smarter financial decisions
- The ability to send and receive money (no more paying your friends back with cash)
- Access to your credit score so you can see where you stand financially at any time
- A full view of every aspect of your finances — cash flow, credit card debt, investments, loans, etc. — in a user-friendly interface
There are hundreds of finance apps out there, each with a unique set of features and benefits. The ones you choose to add to your arsenal will depend entirely on your financial goals and needs.
7. You can set financial goals.
Once you have your day-to-day finances under control, finance apps also allow you to set larger goals for yourself. What may at one time have been difficult to achieve is now easier with finance apps.
Whether your objective is to pay off credit cards, buy a home, or save for a car, a finance app can help. You can align your budget with your financial goals, and setting these goals will help you stay motivated.
8. You can access your financial information from anywhere.
It might sound like a minor and obvious benefit, but having your financial information available from anywhere is extremely advantageous. Imagine going old school and writing everything down. If your monthly bills, budget, and account information live at home on pieces of paper, you won’t have the needed information when you’re out and about.
Wouldn’t it be a whole lot easier if this information were available at your fingertips? Luckily, it can be. With finance apps, your financial info is available anywhere, anytime, at the touch of a button.
9. You can gain financial confidence once and for all.
Almost two-thirds of Americans (64%) report that money is a significant cause of stress in their life.
At some point, most adults have felt anxious about money. It’s a common feeling, but with finance apps, some of this stress can be alleviated.
If you’ve never been a saver, a finance app can help you save money. If you’re having trouble making on-time payments, a finance app can automate them. No matter what your weakness is in the financial department, there’s probably a finance app that can help.
Only you can decide how to manage your personal finances. But finance apps put the power in your hands to take back control. Now is the time to gain financial confidence and achieve every goal you have set for yourself. Financial freedom and happiness are just a download (or more) away.