Managing finance has always been important, but it’s not exactly easy. Not only do you have to keep track of expenses every day, week and month, but often the way to do this is by going through pages of receipts or bank statements.
This means that, often, we spend without any planning, which can lead to excess spending, home loans, EMI’s and potentially even borrowing money from friends or family.
With finance apps, however, this has all changed. According to a recent study, around 97% of millennials use mobile finance apps today, with the market of financial apps itself increasing by as much as 73% in 2020 alone.
Financial apps allow users to track their income, investments, expenditures and their banking status all from their phone. They come with a number of features, allowing users to have a transparent view of what they spend anywhere, at any time.
The benefits are plentiful, but here are five of the very best that should encourage you to download a finance app today:
Soon, We Will All Be Using Digital Wallets
Digital wallets allow you to make payments electronically – as well as store electronic tickets and documents. The number of people owning and using digital wallets is predicted to exceed 5.2 billion by 2026, meaning it will become the top – and potentially only – way to make payments in the near future.
Today, however, they are popular for a number of reasons, not least allowing people to make quick and secure payments on other apps. For those who play blackjack on William Hill, for instance, a digital wallet can make the playing experience quick, convenient and secure, with every payment also tracked so you can see what you are spending.
Finance Apps Are Convenient And Safe
Speaking of convenience, financial apps have made finance tracking convenient simply because of how easy they are to use. Financial software developers have created interfaces that anyone can use. You don’t need to be an expert in computing to control your app or take advantage of all the features. You can manage cash flow and functionalities with a single finger.
As well as this, finance apps – provided you choose an official app – are secure and transparent. They allow you to access your funds with a password wall and a two-factor authentication in place. You should also get email and text alerts about potential fraud, meaning you can fight against it in real-time. With this being said, you should always be wary when your own finances are involved. Pick the right app and ensure you understand the dangers of scams and hacks – as well as how to counter them.
Planning, Planning, Planning
As mentioned before, we all need to plan our spending and have the ability to track our expenditures. One of the best things about finance apps is that they allow you to meet your financial objectives, whether that be paying off your debts or focusing on your daily, weekly and monthly spend. This means that you can hone your finances and save money in the long run.
Many apps also come with educational programs and guides that contain information on budget management. This means that you will essentially have a financial guide in your pocket at all times, giving you tutorials about how to better your cash flow and make investments in the right places. This is also very beneficial for businesses, as it means your business can create and manage finance plans as well as actively generate more revenue. It’s easy to see that the days of flicking through receipts and documents are gone. With finance apps, everything remains inside your pocket, ready for you to manage at any time.