When it comes to the past few decades, it is fair to say that financing has not gotten much easier. If anything, it has probably become much harder now that people are earning more than they did in the past and dealing with expenses that did not exist before. For instance, someone who lived 100 years ago did not have to worry about countless monthly subscriptions, ever-growing costs of living, rising healthcare fees, and more.
Fortunately, the increase in the level of complexity related to finances is somewhat offset by the number of resources that people have at their disposal. Going back to the advancements made over the past century, smartphones would definitely be a noteworthy one. In fact, as many as 81 percent of all people in the U.S. rely on a smartphone every day. This makes it easy to combat complex financing by leveraging mobile apps. According to a debt management company called Second City Advisors, there are five types of apps that everyone should download.
Mobile Banking
The first category deals with more than one app as it accounts for every mobile banking software that the person needs. Since the vast majority of the individuals in the U.S. transact with more than just one bank, it is very likely that they will require multiple banking apps. Downloading them will immediately provide access to everything from recent transactions to PDF-based monthly statements. After all, one of the most important steps that should be taken to get finances in order is to constantly monitor account activities.
Credit Monitoring
Besides analyzing the accounts, people should be familiar with their credit standing and constantly keep an eye on it. This is easily the most overlooked aspect of individual finances. The reason why is that the vast majority of people who are not using credit cards or third-party financing are also unaware of their credit standing. Luckily, downloading a free app such as Credit Karma will lead to a detailed report of someone’s entire credit history alongside a plethora of useful advice that helps increase credit scores.
Budgeting
Budgeting is one of the few concepts that practically everyone who is responsible for their own income and expenses must know. It is also fairly easy as it requires nothing more than the basic knowledge of algebra and familiarity with one’s earnings and expenditures. Expectedly, many mobile apps address this need through state-of-the-art budgeting tools. Those who do not trust themselves with calculations here can always try a few different apps and settle for the one that seems most manageable.
Payment
Second City Advisors remind that there will usually be times when personal payments have to be made to individuals who either do not accept cash or by individuals who do not carry cash. In both situations, taking advantage of mobile software such as the Cash App, Venmo, or PayPal could save both time and money. These apps facilitate instantaneous personal transactions that are very low in fees and accessible to anyone with a bank account.
Investing
Finally, people who are involved with any form of investing are probably going to find a ton of apps that can improve their experience. Some common examples here are the recently developed Stash or Acorns apps. Both platforms are operated via smartphone and allow users to trade their securities whenever and however. These apps are also an outstanding resource for studying the basics of the market as they feature excellent customer support and an endless amount of learning materials