Automating Finances: Using Mobile Apps for Bills and Savings

Mobile Apps

Whether you’re buying groceries, getting in shape, or keeping an eye on mischievous pets, there is an app for everything these days. The money management category is a prime example of this, as there are apps for every aspect of your personal finances. Download a cash back app to reward you when you shop or a savings app to build a nest egg; spend less, save more, and take control. Read on and discover how to master finance apps.

Use Cashback and Reward Apps

A cash back app is an app that follows a simple but brilliant concept. Use the app to buy groceries, gas, restaurant meals, and other essentials, and earn rewards in exchange. Those rewards include cash back and discounts. Some apps give you points to exchange for rewards, but the best ones just give you the goodies directly.

Pay attention to the following when looking for a good cashback app:

  •   The rate which you earn cashback/rewards
  •   How those rewards are earned
  •   If you actually use the retailers listed in the app

Budget. Budget. Budget

To paraphrase a famous Chinese proverb, the longest journey starts with a single step, and when it comes to fixing your finances, the first step is budgeting. A budgeting app tracks your incomings and outgoings, providing clarity and cohesion.

Consumers often overspend on consumer goods and overstretch on debt because they underestimate their outgoings and overestimate their incomings.

They forget about those little expenses that seem meaningless at the time but add up to big monthly outgoings—morning coffees, media subscriptions, takeout. Budget apps are everywhere. The best ones are also free. So, download, honestly record your finances, and see where you stand. If you need to make a change, you’ll know exactly what to do.

Check the Price

At the time of writing, the top 10 paid apps in the Apple App Store cost over $100 combined. And that’s before we consider potential subscription fees. It’s okay to spend money on an app if it delivers a lot of value, but there are a couple of caveats:

  •   Research before you buy. Check reviews. Make sure it’s worth it.
  •   Don’t flippantly buy apps.
  •   Look for subscription fees, as well as initial costs.
  •   Check if there is a cheaper (or free) alternative.

Save a Little

The main focus of these apps are savings accounts and investment accounts. They use gamification to encourage you to save more money, and they ensure the money goes to the right accounts. There are also some ingenious apps that provide unique approaches to saving, including ones that round up purchases and put the extra cash in a savings account. So, if you spend $4.70 at the shop, it charges you $5 and moves $0.30 to a savings account. It doesn’t sound like much, but do that every day for a year and that’s an additional $109.50. It won’t feel like you’re saving anything and yet you are!

Track Everything

The average person has dozens of transactions entering and leaving their account every month. There are bills, earnings, subscriptions, and expenses, and that’s just scratching the surface. You may also have an investment portfolio, covering everything from stocks and precious metals to cryptocurrencies and more. Like the budgeting apps, tracking apps put you in control of your finances. The difference is that they connect to your accounts and easily track transactions from all of them.

Improve Your Credit Score

Credit score apps display your current credit score, along with a detailed report that highlights all aspects of the score. You’ll see your active accounts, missed payments, defaults, and credit utilization. If your score is low, the app should tell you how to improve it and may even point you toward creditors and organizations that can help.

It takes time to build your credit score, so don’t expect everything to happen instantly. Give it time. Work on the problem areas. In a few months, you should see some big improvements.

Summary: Finance Apps

The Apple App Store and Google Play Store both have a fantastic selection of finance apps, with options for individuals, self-employed workers, small business owners, investors, and even successful CEOs. It’s everything for everyone, and it’s about time you took advantage of it! So, whether you’re budgeting, saving, or grabbing copious amounts of cashback, check out the above categories and start improving your finances.