These days it seems that there are smartphone and tablet apps for pretty much anything you can think of, from tracking your workout times to helping your kids with their homework. So have you ever thought of trying to use an app to help manage your budget? Perhaps you got one as part of your no fee bank account but haven’t tried it out. With the advent of contactless payments and multiple online accounts, it can be easy to lose track of your daily incomings and outgoings. Here are five ways that a mobile app can help you to budget:
- Track your income. Whether you’re a freelance or you only have a steady monthly paycheck coming in each month, it can be a great help to know that your money has been received into the right account. You will be able to set alerts on your app to notify you of incoming funds and your current balance. This is especially helpful if you have multiple accounts or foreign currency transactions.
- Track your expenses. In the same way as your income, a mobile app will allow you to see a live update of your balance and any money being spent. You’ll also be able to see an overview of how you are spending your money between things like bills, rent, food, entertainment, and extras. Although the big number at the bottom can sometimes be hard to take in, having instant visibility can be enlightening. You could set an alert or rule to stop payments being made if there are insufficient funds available.
- Save for a rainy day. If you have a savings goal for a special purchase or just need to stay on budget every month, your mobile app can help you track towards a target. If you have a savings account with the same provider, you’ll be able to transfer money quickly between accounts before you spend it on something else! Lots of apps have in-built guides and tips to help you make the most of your money.
- Instant payments. Mobile apps are great for completing transactions when you’re out on the go, such as splitting the tab between friends at a restaurant. You’ll also be able to see an instant update to your balance. Mobile apps will also work with Apple Pay, Google Pay, and Samsung Pay, so there’s no problems if you forget your wallet. If you need to send money abroad or in a different currency, using a mobile app can be a much safer option.
- Security. Although mobile apps do contain a lot of personal data and information, they do carry significant security measures in case your phone gets into the wrong hands. They are also great if you have a problem with your account, such as your card being lost or stolen, with most offering an easy cancellation process.
From both banks and independent suppliers, there are a huge range of apps available that can help you manage your budget. It may seem counterintuitive pay a monthly fee for an app, so look for options that give you what you need for free. Apps that come with no fee bank accounts are great all round options and usually have minimal advertising.