• Вс. Июн 4th, 2023

The ABCs of Financial Management Apps and Tools to Manage Money

Managing personal finance can be a tough ask for most people due to the complex nature of money itself. However, you can make matters simpler if you sue the different tools and apps that are available now on the internet designed specifically for finance management. Each of these tools manages each aspect of financial management such as:

The ABCs of Financial Management Apps and Tools

  • Budgeting
  • Processing
  • Tracking your income
  • Analyzing your expenses
  • Saving
  • Tax planning and filing and
  • Investing

Oops! A long list and a lot of complications as well for you but not for these specifically designed tools and apps. However, not all tools and apps have the same efficacy when it comes to performance and results. It is for this reason you should know the ABCs of the tools as well as the process for choosing the best finance apps.

To start with, when you are deciding on an app you must look at the functions and features of the finance apps. You will have to make sure that the app or apps provide the following:

  • Flexibility
  • Security and
  • Ease of use

There is a variety of financial app options that you can choose as an alternative to traditional banking services but you will need to consider the ‘A,’ ‘B,’ and ‘C’ so that you make the best choice in the end.

A is for Apps: The first thing you must look for in the app is how much user-friendly it is. It must also allow secure spend and send functions especially when you are using such mobile apps. It must be free to download but you may also choose the paid version to get more premium features. Preferably, the app should offer FDIC-insured prepaid card accounts as it will facilitate and secure instant payments directly from your mobile phone.

B is for Banking: The app you choose must support mobile banking services which is an important aspect of financial management. It must support direct deposits, online bill paying, and even paying your installments of the loan you may have taken out from a bank or any other online lending sources such as libertylending or other. This will save you from needing a traditional bank account. The direct deposit account will help you to manage the incoming paychecks as well as track your expenses the outgoing payments safely, easily, securely and timely that will, in turn, help you to avoid late fees and penalties.

C is for Compare: Since there are many financial apps out there you will need to compare them all to choose the best one amongst them. You must read the reviews from notable and reliable review websites such as Nerd Wallet, The Simple Dollar, The Balance, and others to get a fair idea about the reliability and functionality of the finance apps and tools you intend to choose.

When you choose the apps to manage your own finances just make sure that it provides several layers of security and at the same time help you to prevent any loss of sensitive financial data and being misused.

Top Best Financial Management Apps and Tools Features You Should Look For:

  • There are a few specific finance apps that you will surely need to install in your mobile now to manage your finance well and safely. These apps will help you to make transactions and split bills as well proving that these are most useful apps for a time-crunched user like you. Here are the specific features that you should look for when you choose the best from the rest.
  • Make sure that app you choose helps you to make and receive online payments. This will ensure that every time you have a quick, safe and secure cashless transaction. There is a wide variety of government-backed online money transfer apps available as well. These are easy to install and use. All you have to do after installing is to register with the registered mobile number with the bank account from where you intend to make the transaction and you are good to go. Just make sure that the app allows various modes apart from the mobile number such as QR code, IFSC code with Account Number, and others.
  • Also, make sure that the app is of the future! The app should allow you to shop, recharge your mobile phone, book movie tickets, and do a lot more things. It is better to choose an app with a mobile wallet feature as that is what you will need for the future. This is a special feature found in modern finance app and tools wherein the transactions are not directly linked with your bank account thereby limiting the risks. All the money that you receive gets stocked in this mobile wallet that ensures the safe and secure cashless transaction.
  • The apps should also help you to manage your insurance policies and payments of the premium as well. In fact, it should be the one-stop solution to manage your entire finance including taxes. The apps should allow you to keep a track of all your insurance policies and store them in one place with its account aggregation feature. It should allow you to get reminders for the insurance premium payments, claims and service assistance, get your tax certificate, and avail a host of other useful services.
  • Recording all your transaction is another feature that you should look for the specific app that you want to choose and use as this is a very important aspect of financial management. If you know all your income and expenses on the fly you will be able to make a better ad proper planning on time for your next moves and ensure better management of your money. This is a very important feature if you want to design and follow a strict budget and customize the list of categories for expenses. This will save a lot of your time as you will not have to type the name of the expense manually.

To sum up, choose an app that is user-friendly, easy to use, caters to all your needs and does not eat up too much storage space.

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