Most of us don’t go anywhere without our smartphones by our sides. Four out of five of Brits own one. We use them in all sorts of ways. But, surprisingly not many of us take full advantage of the apps that help us to manage our money. With that in mind, I have a look at what is available and come up with a list of money-related apps that could make your life easier.
Use an app to help you to invest
If you have your household bills covered and savings for a rainy day and important life events, it may be a good idea to invest some of your spare cash. This investment app will help you to understand the kinds of investments you could get involved with. Armed with that information you can do a bit more research and decide if investing some of your spare cash is a good idea.
Help to stay on budget
Budgeting is something a lot of us are not very good at. If you fall into that category, try the free Mint app. It enables to track and summarise your spending. All of your bank accounts and credit cards can be monitored using it.
There is a budgeting tool built in as well. So, you know whether you can afford to say yes to that night out, at the end of the month.
Debt payoff app
If you have debts you can still use Mint to help you to stay on track with your repayments and budget around them. But, you may also find it helpful to use a debt payoff app.
The best ones will help you to work out which is the best way for you to pay off what you owe. Most of them have a countdown feature built-in. Knowing how close you are to being debt free and seeing the days tick down is very encouraging. A lot these debt apps are designed for American consumers, but, you soon get used to their little quirks. Debt Snowball is a particularly good one.
App to help you to save
Saving is a good idea for everyone. The problem is that when you are living on a tight budget, it is not an easy habit to get into.
If you want to you can download an app that rounds up anything you spend to the nearest pound and sweeps the difference into an investment account. That cash is then used to make micro-investments into the stock market. There are a couple of apps that do this. The most popular of which, for UK residents, is Moneybox. It enables you to save and invest without really thinking about doing so. You need to bear in mind that your capital is at risk when you invest rather than save. But, you can get a good rate of return on the funds you do invest. So, it really is worth checking out this app.
The above are just a few suggestions. There are many more possibilities. So, why not take a look around, download a few and see if it makes a positive difference to your finances.
Disclosure: collaborative post