Americans waste a large amount of money every year, with a recent survey showing that the top sources of waste are paying unnecessary fees, paying excessive or unnecessary interest, and impulse buying. The biggest culprit, clearly, is a lack of awareness. Paying a fee here and there or making an impulse purchase doesn’t seem like it will really hurt our pockets, but everything adds up. Relying on money management tech can help keep you in control. It all starts with observing your spending habits and ends up with making the determination to eliminate specific sources of wasteful spending. If you are saving up for something big (like a house downpayment or a car), the following technologies and apps can make the process a breeze.
Budgeting Apps to the Rescue
If it seems like your money just falls into a well by the end of every month, it’s time to start relying on a budgeting app like Mint, Goodbuget, or YNAB. Take Mint, which is arguably the ‘gold standard’ app. It automatically categorizes your spending and you can actually set up as many categories of your own as you’d like, setting limits for each. It lets you know when you are getting close to your limit, and tracks every single expenditure. It also allows you to keep track of your investments, so you can have access to every single aspect of your financial portfolio in just one place. Finally, it provides you with your credit score and offers tips that can help you improve it.
Finance Apps
There are many specialized money management apps that not only simplify your finances but also help you find the most suitable financing available. Nano, for instance, can help you boost your savings by refinancing your home in an easy way. The apps reveal how much you can save on monthly repayments and over the entire lifetime of your loan, in an easily understandable way. This is achieved thanks to a free home loan refinancing calculator. It also suggests moves like consolidating your money into an offset sub-account so you pay interest on your principal and end up paying less interest as a whole.
Investment Platforms
Investment apps like Betterment, Invstr, and Acorns make investment a breeze, since they handle routine tasks, move money into investment accounts, and track your spending. They also allow you to trade stocks, follow your investment results in real-time, and help you learn more about specific markets. A good app to start off with is Betterment. It sill calibrate a set of Exchange Trading Funds that best suit your risk tolerance and the time frame in which you need to receive your money. If you are an eco-warrior, then you will be pleased to know that this app allows you to build socially responsibly portfolios that are centered on issues such as global warming or social change.
If you’re still spending more money than you have or wondering where your salary is going every month, it’s time to start relying on a finance app. A general app like Mint is ideal for keeping track of your spending. To make the most of your money, meanwhile, a good investment platform that caters suggestions to your specific needs can help you make the most of your money while also ensuring your investments are true to your values.
