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With the right apps, your smartphone can be the best financial tool that you have in your back pocket. Read ahead to find out what types of financial apps you should download on your device and why.
1. Banking Apps
If you don’t have your bank’s app on your smartphone, you should download it right away. It will give you 24/7 access to your bank accounts, allowing you to check balances, pay bills and transfer funds whenever you like.
Banking apps also provide constant support through chatbots. You don’t have to go to your nearest bank branch to talk to a teller whenever you have a problem. All you have to do is type your question in the chatbot and get assistance.
2. Budgeting Apps
Do you follow a budget? If your answer to that is “no”, you should change that as soon as possible.
A budget will help you track your monthly expenses, save money and stop yourself from spending well beyond your means. Without one, you could risk spending your entire paycheck too early and leave yourself vulnerable to surprise expenses. You won’t have enough money to handle an urgent car repair or a trip to the dentist’s office—you’ll be in a panic.
If you make that budgeting mistake, you can try to use a credit tool like a credit card or personal loan to cover the emergency costs quickly. Before applying for a personal loan, confirm that it’s available in your state. So, if you live in Anchorage, you’ll want to specifically look for loans in Alaska for this emergency. Skipping this simple step in your research could lead you to apply for a loan that isn’t even available in Alaska. Save yourself some time during a stressful situation.
What makes a budgeting app so special? The topbudgeting apps will sync with your online banking, giving you clear updates on your earnings and expenses. You can see whether you’re meeting the budgeting guidelines that you set for yourself or not.
3. Subscription Management Apps
Do you have too many subscriptions to keep track of? You should download a subscription management app like Truebillor Trim. These apps will help you keep track of all of your ongoing accounts, letting you know when their prices go up. They will also flag options that you could cancel in order to save yourself money.
4. Bill Tracking Apps
There are plenty of consequences that come with making late bill payments on a regular basis. You will accumulate late fees and penalties. You could have crucial services cut off. And you could lower your credit score.
There are bill-tracking apps like Prism that will track all of your upcoming bills. It’ll send you reminders of their upcoming due dates so that you don’t miss your payments and suffer the consequences.
5. Bill Splitting Apps
You’ll be thankful that you have a bill-splitting app like Splitwiseor Settle Up on your smartphone whenever you make plans with your friends. Those plans could be small, like going to a restaurant for someone’s birthday brunch, or they could be big, like planning a tropical vacation together.
These apps will help you divide up the costs of bills so that everyone pays their fair share. Everyone will settle their payments through the app until the balance is cleared. This should eliminate any awkward discussions about money while you’re out having fun.
Your smartphone is incomplete without these financial apps. It’s time to download them!