20 Mar 4 Financial Apps You Need Today
4 Financial Apps You Need Today
The vast majority of Americans now have and use a smartphone on a regular basis. According to the Pew Research Center in 2015, 64% of adults had a smartphone. However, the ages between 18-49 had 80% or more utilizing smartphones. They aren’t going anywhere and they seemed to get more and more advanced with each generation of phone that is released.
I’d also venture a guess that you are either reading this from your phone or have it within 10ft of you at this moment. We vary rarely let our phone get too far away from us; Why is that? Perhaps it is because of how important and useful they have become in our everyday lives. It’s like carrying around a miniature computer that you can use on demand.
The top 5 uses for our smartphones were text, voice/video calls, internet, email and social networking. Between all of these activities, we seem to continuously spend more and more time on our phones. So it is no wonder that more and more consumers, particularly the younger generations, are also starting to manage their finances from their smartphone. In fact, 57% of smartphone users stated that they use to manage their online banking accounts.
Managing our finances through our phones has many advantages. For one, it allows us to take care of our needs right now. Want to check your balance or transfer money? Done. Want to take a look at where your savings and retirement goals stand? Done. Want to get a quick online loan to help cover some expenses? Done. You get the point.
Since we see a lot of mobile users finding out blog, we thought this post would be helpful since you’re already on a mobile device; statistically anyway. All of these apps are available on iPhone and android app stores. We compiled our top three apps that you should download and start using today.
1. Your Primary Bank’s Online/Mobile Banking App
This should be fairly obvious, but I’m sure there are those of you who needed me to put this here. You should download your bank’s mobile application (or several if necessary) so that you always have direct control over you money right at your fingertips. Many of the applications now even can deposit checks by simply taking a picture of them.
Having access to your money is crucial. It allows you to transfer money to avoid overdraft fees, pay bills before they are late, and protect yourself from fraud if you ever lost your debit or credit card.
2. Mint App
Mint or Mint.com is a great online budgeting platform. Mint allows you to link all of your online banking accounts in one place to help manage your money. It also automatically categorizes your transactions and tracks your spending through their budgeting system. Which you can easily setup upon download to make it fit your lifestyle and savings goals.
Mint also provides you with a section called “Ways to Save” which involves special offers from some of their partners for things like savings accounts, credit cards and even online loans. In addition, it also allows you to check your credit score for free each month. So download the app and find out today if you have good credit, bad credit or no credit. You can also learn more about your credit from our past blog post here.
Acorns allows you to invest automatically with your spare change. After you download the app and link it up to your spending account, Acorns will automatically round up the change to make your $9.50 transaction a $10 one. The “rounded” amount or the $.50 in this case get’s automatically transferred into your savings account. This will automatically happen for each transaction that comes through your account that is linked to Acorns.
You will be surprised how quickly this savings account builds itself up with some change here and there. It may also tell you a little something about your spending habits… Eventually as your account grows you can move the money into an account with better earning potential, such as an investment account.
4. The All In One Calculators
This one isn’t super specific as there are literally probably 100 iterations of it out on both app stores. It still deserved a spot because it comes in handy so much. We recommend downloading one that offers numerous calculation options. There is no sense in downloading 5 calculator apps for a few niche scenarios.
From tip calculators, loan payments when shopping for a house or car, how much will this cost me if I put this on my credit card and more. Don’t just guesstimate your finances, know them. It is better to be more informed when making financial decisions than “winging it” on a regular basis.