Personal finance has always been an important part of life considering that people need money to survive. In the past, this was a skill that was passed down in families and even taught in some schools as technology such as computers and smartphones were not yet a thing. This meant that people had to keep physical spreadsheets of their expenses to have a gauge on how much money they had. However, as the world has moved more and more into the digital space, this practice has practically died out. Now, people tend to rely on other means to manage their personal finance.
Of course, the importance of knowing basic personal finance should already be clear. This is because some people may find it easy to spend too much money at once, or they might not realise they are spending a lot over a select period. By keeping track of incoming and outgoing money, people will find it easier to live their lives without fear of not having enough money to do the things they love. As most will know, smartphones have transformed our lives as they can accomplish an array of different things. People can even download gambling apps for their entertainment, though for those who are looking for the newest casinos, the guide at casino genie provides a great starting point.
One of the most useful additions to smartphones is fintech, which essentially means financial technology. While this applies to online banks such as Starling or Monzo, it can also apply to finance apps that help make managing personal finance much easier. There will likely be many who are concerned with connecting their bank account to a third party, but one only needs to explore the below ways in which these apps can help to get a good idea of how useful they can be.
Many finance apps come with a round-up feature that helps users save money without even realising it by rounding up their purchase to the nearest dollar and saving the rounded-up amount. This is a clever way to save money over time and is a popular feature with most banking and finance apps. These roundups can sometimes be customisable too and users might find that they can double or even triple the round-up figures to save even more.
Finance apps are also very good at helping people to budget as they can analyse multiple bank accounts to give a net amount. After considering past transactions, they can then help people budget for the month, by categorising spending and logging upcoming transactions. To do this manually would be a chore, hence the excellent utility of finance apps.
As many will know, investing is one of the best ways to earn money, but a good number of people will never do it because they believe it is hard to learn. With finance apps, this doesn’t have to be the case as they can automatically invest funds for users and they also offer different profiles depending on risk attitude.
Technology has made our lives easier in so many ways, but this impact is clear to see when it comes to finance. Given this, those who are not already using finance apps are making things much harder than they need to be.