With the right app on your phone, you can manage your daily budget. It will be easier to save even the smallest amounts of money. Using these mobile financial applications, you can automate transfers from any account into your phone savings.
Financial technology and digital banking are quickly becoming a global phenomenon. It is no longer a preserve of computer geeks, as it used to be. People who use digital banking say that mobile financial applications put them in control of all their finances.
Below are seven financial applications that you should install on your phone:
This is one of the best apps on the market today. Credit Karma allows you to check your credit scores free. It does not give the actual rating, though, but it will provide you with an accurate estimate. The application will make suggestions on how you can increase the credit score.
The application has more than 32 million users, and it offers a range of products from mortgages to auto insurance. The company is now valued at over $1 billion.
The app will help you save money that you had no idea it existed. The application will automatically scan your spending patterns and your income. It then automatically transfers small amounts into an account that it manages. You can withdraw funds from your account anytime. The downside is that you will not get any interest from your savings.
It is free to download Digit, and it runs with the interest that it gets from what the users save. The best thing about Digit is that it helps you save small amounts that you would have spent elsewhere.
This application calls itself "mobile money meter." Once you download the application and connect it to your bank account, it will automatically calculate your recurring bills and income. It then gives you suggestions on how your daily, weekly, and monthly spending should look like.
Level Money will give you the amount you ought to save and subtract it from your monthly budget. There is a feature that automatically saves any cash that you did not spend. The best thing is that it will track all your spending in real time, so you will know how much you have spent.
This application will allow you to invest your unspent change at very low costs [ETFS]. Once you connect, Acorn will round off every purchase you make to the next dollar, and you will be able to invest the difference. For example, if you have spent $3.25, Acorn will invest $0.75 for you. According to Acorn, an average user will invest $30 to $180 in one month. Alternatively, there are those that choose to invest $30,000 lump sum.
Mint is the most used mobile financial application. This application gives you a complete and real-time look at all your finances. The app will track your spending automatically, place it in categories, and give you an alert when you approach the limits of your budget. The app has a customer saving tip that will guide you on how to save as much as possible.
Everything that you do will show in simple charts and graphs. It is easy to use, and this makes it one of the most downloaded mobile financial apps.
The app gives you an envelope budgeting method on your mobile phone. You can create an envelope for every budget category you have. It may include shopping, transportation, groceries, and others. The application predetermines how it will allocate every envelope.
Once you download it, you will be able to track and record how much you spend in every envelope. Though it is not as complex as the others are, it will give you a simple way on how you can stick to your budget and not overspend.
Wally is a mobile financial application that gives you a complete picture of how you are spending your money. It tracks all the expenditure that you transact over the phone. You can view how much you spend daily, weekly, and monthly. It does this and, at the same time, divides all your expenses into categories. The best part is that you can scan all your receipts, and enter all the details into your purchase.
All the mobile financial apps mentioned above run in a web browser or desktop. Most of them will have a personal financial application, but that does not mean they are exclusive for mobile phones. Moreover, these apps are critical, as they give you financial access when you are out and spending money.