When it comes to managing your finances and living on a budget, it is no easy task and is often embarrassing to ask for help. This leaves the majority of people to live their lives paycheck-to-paycheck, with no real signs of ever improving their financial position.
If this sounds like you and you have access to a mobile device with an app store, then this article is here to help with four apps that you can use easily to help you track, manage, and save your money.
What’s Your Position?
The first step to take in understanding your finances is to realize your financial position. That is, what are your income streams, what are you outgoing expenses and obligations, what are your short term and long term goals, etc.
For this, an app called Debt Free can help. Debt Free allows you to input all of your financial information, such as how much money you make, how often you are paid, the types of debts that you, the interest rates that you are paying, and so on.
Debt Free takes all of this information and presents it on your screen in an easy to read and understand format. A quick glance can not only tell you how much free cash you have and where your money is going but to also show you information about which debt is accruing the most interest and which can be reduced quickly with a few additional payments.
Okay, maybe it doesn’t need to be that extreme, but it is a good idea to do more searching when you are looking to buy items. Whether it’s a new refrigerator, school supplies for your children, or even a manicure, all of these products and services can be found and purchased at a discounted rate using the Groupon Coupons app and site. As an example, the Groupon Coupons page for Bass Pro and accompanying app have a range of discounts on their fishing products. By using the coupons, you not only save money on the item itself but also getting to the store, parking, etc.
Once you know where all of your money is going and you are starting to save money on your daily expenses, it’s time to start putting money away.While the majority of people will put their savings into an account and then withdraw it when they need it, this tip comes in the form of an app called Acorns.
Acorns work by connecting to your internet banking services and monitoring your transactions. Each time that you make a translation for, let’s say, $55.67, Actors rounds up the charge to the nearest dollar and invests the difference in a range of options which you can control. In this case, 23 cents.
While you might not think that 23 cents is going to garner much interest when invested, when you realize that these instances happen ten times a day every day, you can understand how it quickly adds up.
While you may know your phone for simply sending silly cat pictures and watching Netflix during your commute, these devices are powerful objects with equally powerful apps to provide you with a range of ways to help you manage your finances and better your financial position.