Digital tools are part of every part of our lives, and that includes managing our money. With this in mind, developers have created some great finance apps that can help you take control of your financial wellness.
Manufacturers have even started including certain finance apps and even developing tools and features for different phones so that you don’t even have to download them yourself.
Ahead of Finance Awareness Day which is observed on 14 August, phone manufacturer Alcatel shared a few ways your smartphone can be one of the most useful tools in your financial toolbox.
Here are a few finance apps to help you stay within your budget by:
1. Paying bills and fines on time
Did you know that missing payments when they are due can attract additional interest and if you miss too many, it can even get you a bad credit record?
It’s important to pay bills on time so they don’t pile up, if you do not have debit orders set up for certain bills, it may be worth setting up a recurring calendar reminder on certain due dates to ensure you make payments on time.
Alcatel also recommends finance apps like PayCity which were created to make it easy to view and pay for your outstanding traffic fines, renew your vehicle license, settle your municipal accounts and purchase prepaid utilities.
2. Mastering the art of budgeting
While seeing your bank balance dip below a certain amount is not the most fun, it is important to know how much money is coming into your bank account and how much is going out.
Budgeting apps help you keep track of your spending, upcoming costs, savings and more.
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22seven is one of the most popular budgeting apps out there with a range of free functions that lets you track income, spending and savings across your bank accounts. It also keeps you up to date with your credit and store cards as well as investments, loans, and rewards.
3. Keeping track of receipts
“Even in this digital age, we have yet to completely escape paper-based receipts. These receipts can come in handy if you need to claim from insurance after your TV gets stolen, must get your smartphone repaired when it breaks under warranty, or want to report tax-deductible expenses for the home business you are running,” said Alcatel.
But, they are also prone to fading when they aren’t stored the right way.
For this, you can turn to finance apps like Smart Receipts and Expensify. All you need to do is scan and store your receipts in case you ever need them.
4. Managing your insurance cover
Insurance providers have entered the realm of financial apps and now, most companies have their own apps that allow you to do a range of things like checking your insurance policy information, requesting emergency home and roadside assistance, and tracking claims.
Some apps even let you get a final insurance quote for your car, home contents or single items on their apps.
5. Watching your credit score
“Credit scores are one of the main ways creditors, employers, insurance and finance companies use to assess your creditworthiness. Apps from the credit bureaus let you regularly see your credit score. This allows you to ask for any incorrect info to be corrected.
“It can also alert you if you have become a victim of identity fraud via someone using your details to apply for a lot of credit.”
Apps from Credit Score Report, Clear Score and TransUnion are all available for this purpose.
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6. Planning for the purchase of your dream home
Buying a house is a daunting commitment.
It takes careful research, diligent financial planning and a bit of luck to find your perfect place and close the purchase.
The Property24.com and Private Property apps are great places to house-hunt.
Ooba’s app, meanwhile, gives you all the help and information you need to get through the home buying process, including a range of calculators to help you get to grips with the finances.