There are some people who make saving money seem like a piece of cake. Then, there are those who find it a bit more difficult to set aside funds for investments, emergencies, and other purposes. If you’re part of the latter group, the struggle can really be frustrating and even demotivating.
Thankfully, technology is on your side. There are plenty of smartphone apps that can help you better manage your finances, save money, and grow your earnings. Here are some of the essentials you want to have:
Mobile Banking Apps
If you haven’t downloaded the mobile banking app of your bank yet, now is the time to do so. Through online or mobile banking, you can easily transfer funds and pay bills. What’s more, you can even automate these transactions for frequently used accounts and billers. All of these features can help you ensure that your money goes to the right place at the right time.
One effective way to ensure that you can keep up with your savings is to have a separate bank account for it. Then, use the mobile banking app to schedule an automatic transfer from your main account to your dedicated savings account. This way, you won’t spend the money that you’re meant to set aside.
Another helpful tool in saving more money is an e-wallet. Like a bank account, an e-wallet allows you to send and receive money, as well as pay bills. In addition, e-wallets have additional features such as the option to purchase discounted prepaid load and mobile data. You can also send money to different banks and other e-wallet accounts.
Some e-wallets also offer cashback promos, where you earn a small percentage of the bills you paid through the app. They also have merchant partners where you can earn additional discounts if you use the app to pay for your groceries or fuel. The discounts may not be that big, but when it comes to savings, every little bit counts.
Lastly, e-wallets can save you money simply because you can conduct transactions anytime, anywhere. Like mobile banking apps, you can transfer funds and settle your bills from home. This means you don’t have to spend money on commuting fare or fuel.
Now you might think, how would shopping apps help you save money? The answer is simple: you need to choose shopping apps with cashbacks and other kinds of discounts and deals. For example, look for a grocery shopping app that offers discount coupons for frequent customers. You’re going to buy groceries and personal necessities anyway, so the best course is to look for options that give you the best value for money.
For shopping apps of online marketplaces, the key is to be wise about shopping. When there are sales, target to buy your home needs in bulk such as hygiene items, dishwashing soap, and the like. These have long shelf lives and, again, you’re going to use them anyway. The money you save on your purchase can go straight to your dedicated account for savings.
Budget Planning Apps
Sometimes, the struggle to save comes not from not having enough money but rather the failure to track where the money goes. In this case, the best solution is to use budget planning apps. These can help you monitor where you’re spending the most, so you can make necessary adjustments. Budgeting apps can also help you allocate properly, so that you don’t end up short-changing yourself.
If you’re skilled at using spreadsheets, you can even make your own budget tracker using formulas and macros. This way, you can personalize your “app” the way you want. The bottomline is that you need to find a way to monitor your finances.
With investment apps, your goal is more about long-term savings and growing your hard-earned money. Depending on the kinds of investments you choose, you can see them grow in a few years’ time. You can use the profits for your retirement or perhaps your child’s college tuition.
Before downloading an investment app, make sure you have an idea about the different investment options. If you want, talk to a financial adviser. This way, you can choose the products that suit your goals.
Some people find the concept of investing a little scary. However, there are plenty of resources online to help you become more familiar with investment terms and best practices. You can also consult financial advisers. Soon enough, you can easily navigate the stock market and other investment products. Just make sure that you have a clear picture of your finances, and that you understand and accept the risks.
Having ample savings can help contribute to your peace of mind. When you don’t have to worry about health-related expenses, loss of livelihood, or other financial problems. The key is to be consistent.
Moreover, don’t be shy about asking for help. Wanting to be more financially mature and stable is nothing to be ashamed of. With some advice, research, and readily available resources like the apps in this list, you can start building and growing your savings in no time.
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