Finance apps are gaining ground as the use of smartphones become more prevalent. According to research, around 63% users of smartphones have a financial app loaded, which comes as no surprise, as the financial world seems to be heading into a more digitized sphere. For smartphone users, choosing the right app will largely depend on the financial needs of the individual. While some apps allow users to make more money, others will provide them with the tools to manage what they have more effectively.
Those who have not entered the investment sphere as yet, often cite the inability to part with their hard-earned money on something as risky as investing. This is largely due to the volatility of the markets, which does nothing to alleviate the fears of the investors, and the misbelief that investments require a large capital outlay. Acorns, a financial app designed to encourage investments at a growth level, allows investors to enter the markets without enormous financial risk. It works on a bank-the-change formula, and the result is an investment portfolio for an unlikely investor. This is a great option for new or reluctant investors.
Tracking expenses on a day-to-day basis may seem like hard work, especially when this entails spreadsheets and a barrage of notes and receipts to take stock of. Budget tracking apps such as You Need A Budget and Mint provide users with a budgeting tool that will allow them to keep track of the finances without a fuss. The app tracks purchases as they are made, thanks to seamless integration between the bank account and the app. This means that not only are the daily purchases tracked and updated, but it also has the ability to track bill payments, debits, and savings initiatives.
Consumers are often oblivious about their credit ratings until it’s time to apply for finance. At this stage, it’s often too late as they may have been the victim of an unscrupulous lender or even identity theft. Good credit or FICO score not only determines whether credit will be granted but also the cost of the credit. Credit Karma provides consumers with regular updates of their credit ratings and when there are any changes. It also provides some helpful tips to users in terms of getting the most out of their credit products in order to increase their rating. For users, the updated information is provided without affecting their scores.
Mobile apps provide users with the ability to manage their finances where all the financial products are concerned, from keeping track of their financial standing to set up a budget.