4 Benefits of Having Financial Apps on Your Cell Phone
How many apps on your phone? Chances are you’ve downloaded plenty, including social media apps, games, music apps and other apps to keep yourself entertained. Luckily, your cell phone is also a useful tool for managing your personal finances. From banking apps to payment apps and more, your phone is a treasure trove when it comes to organizing your digital wallet.
So if you haven’t already, consider adding a few financial apps to the mix and improve your money habits.
1. Invest your spare change.
When you think about investing, you probably don’t think about your cell phone. But if you’re looking for a simple and quick way to earn a few extra dollars in passive income during the year, download the Acorns app.
This app takes the hassle out of investing. Simply link your debit card or credit card to the app. Acorns monitors your card activity and every time you make a purchase with a linked debit or credit card, the app automatically rounds up these purchases to the nearest dollar and invests the change.
If you make a purchase of $4.50, Acorns rounds up the purchase to $5 and invests $0.50. Since you’re in full control of your money, there’s even an option to pause round ups at any time.
2. Check your bank account from anywhere.
Download your bank or credit union’s app and monitor your bank account from any location. This comes in handy when you’re out and need to check your bank account balance before making a purchase. Many bank apps offer quick and convenient login, allowing you to access your bank account information with only a finger or thumb print. You can check your balance, transfer money between accounts and even report a lost or stolen debit card directly from the app.
3. Pay your bills online.
At one point or another, we’ve all overlooked or forgotten about a due date until the last minute. The good news is many financial companies and utility companies have created user-friendly apps for their clients to download. For example, you can download your cell phone carrier’s app, your electric company’s app, your mortgage company’s app and your credit card company’s app. This makes it easier to pay bills because you don’t have to cut a check, buy stamps or drive to the mailbox.
So if you’re running errands or at work and suddenly remember that a bill is due today, no need to panic. Sign into your app and schedule your payment in a matter of seconds. With this feature, everyone’s happy. Your creditor gets their money on time and you avoid late fees.
4. Monitor your credit card balance.
Along with being able to monitor your bank balance, financial apps also help you stay on top of your credit card balances throughout the month. This is an excellent resource if you’re trying to cut back spending on a credit card and remain within a monthly budget. Before making a purchase, sign into your account and check your current balance. This way, you avoid overspending during the month.
Financial apps make it easier to manage your personal finances and monthly bills. You can sign into your accounts anytime and know where you stand. You’re not only able to monitor your balance 24 hours a day, seven days a week, it’ll also be easier to identify suspicious bank or credit card activity early. And the best part? Many financial apps are free to download.
If you’ve made mistakes in the past, managing your money from the palm of your hand can be the first step to improving your personal finances and making smarter decisions with regard to saving, spending and credit.