Last Updated on August 26, 2022 by Marie Bautista
There are people who find it easy, even fun, to manage their money and monitor their expenses. On the other end of the spectrum, there are people who struggle to keep their finances straight.
If you’re part of the latter group, don’t worry—technology can help you out. Through the help of these types of apps, you can slowly get better at handling your financial affairs.
A Budgeting App
In order to efficiently manage your money, you’re going to need a detailed budget. When you see the complete picture of all your income and expenditures, it makes your financial planning a whole lot easier. Thankfully, there are plenty of budgeting apps for this purpose.
For those who are new to the concept of budgeting or who feel like their current method isn’t working well, you may want to try zero-based budgeting. Essentially, you’ll start from an income of zero and then create a budget based on the needs for a certain period instead of planning for recurring expenses. For example, if you bought a tank of LPG this month then it’s likely that you won’t need to buy another one in the following month. As such, the budgets for month 1 and month 2 will not be exactly the same.
That said, you should still choose a budgeting app with features that work best for you. The bare minimum, of course, is that you can input your income and your expenses so that you know where your money goes. Some helpful functions include the option to link your bank accounts and upload your loan information.
An Expense Tracker
As opposed to a budgeting app, an expense tracker simply takes note of your expenses and gives you a running total for each. Some expense tracker apps have a feature that lets you categorize your expenses (e.g., food, utilities, etc.). This way, you can see which ones take the biggest chunk out of your income and adjust accordingly.
There are also expense trackers that let you set a maximum limit for every item. Then, when you’re nearing that limit, the app will send you a notification. This helps prevent you from overspending. Another useful feature of expense tracker apps is that you can download your entire expense history in case you need to review your spending.
A Loan App
Sometimes, no matter how hard you try to properly allocate your money, you end up just short of fulfilling your financial obligations. When this happens, it’s helpful to have a loan app Philippines’s fintech companies developed for a quick and hassle-free way to borrow money.
Of course, you have to make sure that the lender is a trustworthy one. What’s more, take the time to read the terms and conditions; you should also be particular regarding the payment schedule so you don’t miss out on the due date and end up incurring even more fees. Lastly, be conscientious in logging your loan into your chosen budgeting or expense tracker app.
An Investment App
Once you’ve got your budgeting in order and you don’t have any issues paying your bills, one of your next goals should be to invest your money. This is one of the best ways to grow your wealth, so that you can make milestone purchases and ensure the wellbeing of your children (if you have any). Having a few investments can also help ensure that you can retire comfortably.
Fortunately, there are plenty of investment apps that you can download and use to monitor your investment portfolio. There are even some that allow you to directly invest using the app; this level of convenience can encourage you to invest more, thus potentially increasing your profit margins.
Your Bank’s Mobile App
Make sure to download your bank’s mobile app if they have one. Aside from checking your balance, you can also use the app for transferring funds and paying bills. You can also use your bank’s mobile app to monitor the activity in your account; in fact, some even allow you to set up alerts whenever a transaction is made. This way, you can reliably detect fraud in your account.
Speaking of fraud, most banking apps also let you block your card through the app. This is a handy feature in case your card gets lost or stolen, or if you suspect that your account is somehow compromised.
Last but certainly not least, you should consider getting an e-wallet if you don’t have one yet. This type of app has plenty of features that help you become more efficient in handling your money. These include money transfer, bills payment, and electronic loading. Many shopping sites also accept e-wallets as a payment method nowadays.
Money management is a serious matter, but you have to be patient with it if you want to achieve financial maturity and security. Take the first steps towards this goal by getting these apps. Pretty soon, you’ll be a master at handling your finances!