How Apps Can Improve Your Finances
In almost every aspect of our lives, technology has made a huge impact on how we live our everyday lives. Access to information and communication is easier now than ever. Before. Technology has made it easier to remotely access our computers and work outside of the office. Technology has allowed us to make our household chores easier, by shopping online and setting reminders and tasks.
But, technology has above all changed the way we do our finances. A lot of what makes a financial budget planner can be tedious and repetitive, but apps can help make it easier to manage.
The days of long queues on your lunch break or day off at the bank to transfer funds or cash a cheque are long gone. Instead, your bank now has apps enabling you to do bank errands at the tip of your fingers. So whether you are on vacation, travelling for business, or shopping, you can manage your money with ease.
With mobile (or online) banking, you can conveniently track your balance – giving you a crystal clear image of your financial situation.
A lot of what makes your finances tedious is simply your bills and remembering their due dates to avoid late payments, penalties and late fees. Apps can help set notifications or reminders a few days before the due date to ensure you always have enough to cover the costs. Additionally, you can always have the ease of changing notifications if your due dates change.
There are financial apps designed to make budgeting more manageable and more effective. Pen and paper may be the best method, but it’s hard to track fund allocation this way. Through apps, you can track your spending through reports or summaries on the go anywhere. Additionally, they can also track where your spending is and identifies areas you can cut down to meet your goals.
Did you know that there are apps that let you store receipts? Storing receipts is a tedious task within finance management but it’s essential to compare actual purchases against your outgoings, track of your purchases and if applicable, claim tax-deductible expenses.
By successfully storing and recording your receipts, you can make the most of your tax savings and spot anomalies immediately.
But did you also know that there are apps where you upload your receipts and earn points in exchange for e-vouchers? By scanning your receipts across various apps within 7 days of the receipt issues, you can earn yourself a little extra on top of your troubles.
There are a number of apps dedicated to investments through the stock market, ISA, or managing other various types of investments. These can help track the progress of your investment and diversify your portfolio with ease. They can help track new investments and invest your money.
If you trade with cryptocurrency, you can utilise crypto wallets to manage, earn, and invest your digital coins.
*Don’t invest unless you’re prepared to lose money. This is a high-risk investment. You may not be able to access your money easily and are unlikely to be protected if something goes wrong. Take 2 minutes to learn more.
Online shopping has made it easier to make unnecessary purchases a lot easier. However, it has made it easy to compare the prices of products across different platforms. There are apps which show you the best local dining deals, booking accommodation and other services.
Coupons have also evolved, and instead of physically taking them in-store, you can store various coupons to use at your leisure.
Improving your finances takes determination in addition to support. Technology in the terms of social media is a helpful tool to join like-minded people in your situation to share best practices. Joining groups can help you stay on track to improving your finances and learning new opportunities to help grow your money.
These are just some of the ways apps have helped improve your finances. Making the most of the apps can bring everyone closer to managing their finances in a positive way – but you’ll need to do due diligence in finding the right one for you.
This blog is not intended to be financial advice but rather to raise awareness of how to use apps to your advantage.
Lendwise Ltd is not responsible for any loss of money due to investing or spending.
Before investing or clearing your debts, do seek advice from a charity or an independent financial advisor.