If you’re like many other people, you have friends who seem to have it all figured out regarding financial management. They make beautiful spreadsheets, always remember to balance their checkbooks, and keep track of every single reward point on their credit cards.
If financial management doesn’t come naturally to you, you might often get frustrated or find yourself in less-than-ideal money situations. Fortunately, you don’t have to be financially talented to keep your money in line these days. Many apps on the market will do most of the heavy lifting for you! Below, America’s Loan Company gives you six reasons to find a personal finance app that you use each day.
If you struggle with debt, a personal finance app can help you get it under control while also helping you identify strategies for budgeting and saving. Look to a loan API like Plaid Liabilities to access real-time information on your debts (e.g., mortgages, student loans, credit cards, etc.). Armed with this data, you can start establishing payment plans to knock out your debt.
Keeping a Budget
Whether you have a hard time staying true to your budget or you don’t even know where to start with creating one, a finance app can make budgeting a simple task. There are plenty of Android and iPhone apps to help you calculate your expenses and allocate your remaining funds to savings and recreational spending, all while maintaining your financial stability.
Few things are more frustrating than late fees and overdraft fees. Sometimes, you can connect with a customer service representative to waive your late fee, but you can only go this route so many times before it stops working.
If you often forget to pay your bills or struggle to keep enough money in the bank to cover your expenses, using a personal finance app can help you prevent these problems in the future. And if you choose an app that notifies you when your balance is low, you can avoid overdraft fees.
Achieving Your Goals
Recognizing that you need to transform your spending and saving habits is the first step toward financial help. But you must be protective and see the fruits of your efforts. Using the right finance app will hold you accountable for your goals and help you think twice before dipping into your savings.
Sometimes, it takes a while before you see the results of your saving habits; but some apps let you visualize your progress, which can go a long way in keeping you motivated.
Separating Personal and Business
If you are an entrepreneur, using a financial management app is critical. Any mentor or expert will tell you always to keep your personal and business money separate. A finance app can help you accomplish this; you can even use two different apps if you want to add even more distance between your personal and business accounts.
Once you begin to manage your debt, create a budget that you can stick to, minimize your fees, and see your progress, it will give you a significant boost in confidence. And that confidence can help motivate you to keep pushing forward toward your goals and improve your spending habits more each day.
Choosing the Right App
So, you’re convinced to get a personal finance app. Now, you just have to do your research and choose one that fits your lifestyle. Ask yourself these questions when determining which app to use:
- Is it easy to use and navigate?
- What types of features and tools does it offer?
- Will it seamlessly integrate with other accounts?
- Does it have a solid reputation in the industry?
- How much cost and time will you need to invest in the app?
- Does it come with good customer and tech support?
You don’t have to be a finance guru by nature to improve your financial stability. Consider the reasons above for investing in a personal finance app, and choose one that will best meet your needs. Before long, you will be the friend that has all their finances figured out!
Would you like to read more helpful content or learn about our auto, personal, and refinancing loans? Visit AmericasLoanCompany.com today!
Article writen by Emma Grace Brown For America’s Loan Company