There’s no denying that technology has transformed pretty much every aspect of our lives. Whether you believe that’s a good or a bad thing, the vast majority of us rely on technology for everything from everyday communication to planning a trip or even dating. One of the biggest ways technology has impacted the world is how we manage our finances. While past generations used metal coins or paper to complete transactions, today we need only hold our smartphone against a machine or click a few buttons to send money to the other side of the world in an instant. Modern finances are more convenient and quicker to manage, but this is often a double-edged sword.
The Challenge of Virtual Finance
With less and less physical money changing hands, it’s easier than ever to lose track of our spending and manage our funds responsibly. To regain some control of your finances, you need to make technology work for you, not against you. Our smartphones are never far from our sides, and there are plenty of money management apps available, which can help you improve your financial situation. For example, although it’s not a long term money management solution, it’s never been easier to place a bet on the lottery with LottoGo which opens up lotteries in countries across the world no matter where you live.
However, if it’s not a lack of funds but rather money management, which is a problem area for you, here are some of the best ways smartphone apps can help you to improve your finances.
Become Debt Free with Debt Management Apps
There are several debt management apps out there which help you to tackle what can often feel like overwhelming debt. A popular choice is the Mint budgeting app designed to help you track all your finances in one place. Closer monitoring of your finances, loans, and interest rates should enable you to work out a repayment plan to get yourself out of debt sooner rather than later. There are also debt-specific apps such as Debt Book and Debt Tracker, which help you break down your overall goal into more manageable steps. You can also consolidate bills with the Trim app or find out how to improve your credit score with Credit Sesame.
Secure Your Money with Digital Wallets
While it’s advisable to keep your purse or wallet on hand with your physical bank and credit cards and ID, a digital wallet can give you a more detailed view of your spending. Apple Pay or Samsung Pay provides a digital hub for all of your spending which is far more secure as identifiable parts of your accounts are safe from view. It’s also a very efficient way to pay and it’s easier to track all your small transactions in the app.
Start Investing with Investment Apps
Investing in the stock market can be an intimidating prospect if you don’t know what you’re doing. If you’d like to start investing your wealth with bonds and stocks you can now do so with apps like Stash or Robin Hood. These apps will give you great insights into the market so you can make your money work harder for you so you can increase your wealth with confidence.
Make Saving a Competition
Whether we’re trying to save money for a rainy day, a deposit on a house, home improvements or anything else, it can be difficult to do so without sacrificing a lot of what we enjoy. However, apps which gamify saving and debt reduction can help to keep you on track with the right motivations and a healthy amount of peer pressure. The more you save, the more you’ll be rewarded by the app. It sounds simple, but it can be a very effective way to visualize your goals and keep saving when you’re tempted to spend unnecessarily.