Life is truly good with technology. Everything that took great pain to achieve sometime ago have become possible by just a few taps on a screen. We can now manage our finances from the comfort of our homes. There is no need to go stand in long queues of the air-conditioned yet stuffy banking halls.
Mobile Apps have made the this easier than ever. But there are tons of them. There comes the questions: How do I get started? What do I need to know about these apps? How do I know which is right for me?
According to Wealth Management, LLC, there are five categories of finance apps: banking apps, spending and saving apps, budget tracking apps, loan calculator apps, budget tracking apps, and financial assistant apps. Each of these apps have their specific function and they offer their users certain capabilities.
In simple terms, online finance apps offer us fast, easy and more comfortable ways to manage our finances (or basic terms, our cash flow). Through the apps, we can save money, manage our debt, make budget, keep track of bank balances, monitor expenditure, invest, and a host of all other activities.
These apps are kind of a big board that shows everything about what we do with our money. And of course, they are online because they require internet connection to operate to full capacity.
The choice of the right finance app is important. When making your decision, you should consider factors like credibility, clarity of information, and security of your data that will be required.
Here a few things you should ask yourself while making the choice of which finance app you’re opting in for.
- What are your goals?
- What are the key features of the app?
- What kind of reputation does the app and its provider have?
- What kind of commitment will the app require from you?
- How can you be sure of the safety of your personal information?
There are no set guidelines for judging which app will best suit your needs. But the golden rule will be to choose an app that can perform the functions you need. Banking apps, many times, are just fine for an average person, but people with extra needs may require other apps. For example, someone who wants to maintain a savings culture might need a savings app with more functions than the banking apps can offer.
As with everything in life, not everything is for you. You don’t have to download all the apps on your device. Stick to a few ones that work for you. Be smart about your choices. Before you make them, make sure understand, to an acceptable level, the workings of the app. Do not dip your hands into a blind hole. Be sure of the source of the app, the systems on which operates, the requirements, and functions.
Also, test the waters. Seek credible testimonies. Do not just fall for the advertisement and promotional content. While apps from the banks can be trusted to a certain extent because of your experience as their customer, the apps from non-bank sources do not have that kind of trust base. You will have to seek news about their usage and experiences before you make your choice.
For options on finance apps, read this: Personal Finance Apps For Teens
Online finance apps are great tools that can help us become a better money manager. However, the right information about the usage of these apps is necessary for effective and efficient use.
Which finance app do you use and what’s your experience with it like? I’ll like to hear from you in the comments and kindly share this post with others.