Managing finances on your own can feel like balancing a tray of cups on a moving bus; it only takes one small bump and you’ll end up with a mess. And why wouldn’t it feel like such a challenge? After all, it requires you to keep numerous factors such as income cash flow, essential expenses, saving goals, lifestyle spending, and whatnot into account. This is the reason why financial worries are the top concern for half of Gen Z and millennials. (Source: CNBC )
In all this confusion and challenges, personal finance apps emerge as an effective solution. They give your financial management mess a well-organized structure that can help you track, save and grow your wealth. Want to know how? This post covers the answers to all your questions. Keep reading!
KEY TAKEAWAYS
- A personal finance app can simplify money management for you, eliminating errors and confusion in the process.
- PocketGuard, Mint, and YNAB are some popular apps for tracking money.
- Customizable budgets, bill reminders and saving automation are some features that make apps stand out in the competition.
- To pick the right app for your needs, check the ease of use, integration, cost and reviews on sources like My Honor Bank.
Most people today already live busy lives, burdened by work and responsibilities. On top of that, imagine having to juggle your bills, savings, loans and all the other finances by yourself. And how can we forget the fact that not everyone excels at managing money. This is where personal finance app steps in.
They offer several features like real-time tracking, effective budgeting and goal setting. These make it much easier for anyone to handle their money with clarity, empowering them to save more and avoid overspending.
No one would want to enter their financial credentials in a non-credible app, this is why security is paramount for personal finance apps. To ensure the safety of their customers’ data, these apps are required to follow a certain set of rules. Whether the app is free or paid, it must comply with the industry standards.
Most apps encrypt your data, have different verification steps to prevent unauthorized access. But you, as a user, can also take some precautionary steps to add another layer of protection, check the app’s reviews and rating, scrutinize their privacy policies, and avoid sharing sensitive details unless it is absolutely needed.
There are various personal finance tracking apps in the market, all making different claims and designed to cater to different needs. So, among all these, which one should you trust? To save you from the confusion, here is a list of some reliable apps:
These apps can save you from the burden of manually tracking and calculating your expenses, saving your time and minimizing the chances of any error.
DO YOU KNOW?
According to reports, people who track their spending regularly tend to save up to 20% more without changing their income. The reason behind this is that they simply become aware of where their money goes.
The majority of budgeting apps are free, but they often introduce a paid version that offers premium features. It depends on you and your needs, if you should really invest on a paid tracking app or not.
For example, if you are someone with different income streams or accounts and often get tangled in an unorganized financial mess, paying for advanced features might prove to be a good decision for you. On the other hand, a free version of PocketGuard is enough for managing your regular finances.
You can find dozens of personal finance apps with just one quick search. But what exactly are those features that make an app more useful and different from the others? Apps like PocketGuard include additional features like:
In addition to the basic features, these take an app up a notch and simplify complex tasks, making financial management feel like second nature.
As said before, different apps are made to cater to different requirements. To pick an app that serves you the best, you should look for some key factors. The infographic below guide users on how to make the right choice for themselves. Have a look!
How you manage your finances can define if you will achieve financial freedom or fall headfirst into a debt cycle. Yes, managing money can be overwhelming and confusing, especially for someone who is not into it. Luckily, we have automated finance management apps, that make the whole thing much easier by automating payments, tracking your transactions, and tailoring saving strategies to your unique needs.
By thoughtfully choosing an app that suits your needs, you can seize control of your financial future. Remember that when you track your money, you take control of your future, one decision at a time.
The 70/20/10 money rule states that you should contribute 70% of your earnings to your needs, 20% for savings and investments and the rest 10% for debt repayment or miscellaneous expenses.
To keep track of your personal finances, you can use a personal finance app. Some popular options are PocketGuard, Mint, and YNAB.
The 5 C’s of personal finance are Character, Capacity, Capital, Collateral, and Conditions.
The four pillars of personal finance are the four basic components in anyone’s financial structure. These are assets, debts, income, and expenses.
