January 8, 2022

4 types of apps to use for financial planning

financial markets in shock

Thanks to smartphones, we can manage virtually every aspect of our life on the go. From healthcare to budgeting, financial apps are a valuable resource every adult should download. You may be used to letting go of money management, especially if you are financially secure. While a person with a high income may not need to micromanage every penny, they still need to actively assess their spending and investments. These five apps will help you improve your financial game and gain more control over your budget than ever before.

Mobile banking

Most major banks have mobile apps that allow you to check your last statement, send and receive money, open accounts and more. If you are not already using one, download the app from your respective bank as soon as possible. Mobile banking can be used for both business and personal use. If you are an entrepreneur, you can even link separate accounts and monitor your business budget from anywhere in the world. Being able to access your money from anywhere also provides an added layer of security. If your card is used without your consent, you will immediately be able to see what fees have been charged and contact your bank to reimburse them.

Insurance provider

Most insurers have their own apps that let you review your policies, make changes, and even buy coverage on your phone. If you are looking to purchase a new policy, such as life insurance, you can get free quotes online, purchase coverage, and manage your account through your app. It’s a useful way to budget for premiums and plan ahead. If you buy a whole life insurance policy, you can even sell it for cash later. When it comes to getting money for your policy, this can be a viatic life or regulation. If you’re interested in how life insurance can be used as an investment tool, you might want to check out a guide on how you can sell your policy first.

Budgeting

Apps like YNAB (You Need a Budget) and Mint are popular with savers of all income levels. You can quickly link your account to your bank and get visual representations of your savings. It’s easy to set goals, track your spending and even automate your savings. For anyone managing multiple accounts or wanting a better understanding of how much they’re actually spending each month, these apps are essential. Anyone who has a bank account should also have a budget. Besides saving more, budgeting can also help you rethink the role of money in your life, curb impulse buying, and improve your spending habits.

Investment management

If you own shares or want to learn how, then apps like Acorns and Robinhood are your best options. These apps make it easy for newbies and experienced investors to manage their portfolios and achieve their income goals. While modern technology makes investing much more accessible, it also carries its fair share of risks. Anyone new to stocks and bonds should do extensive research on how it works before parting with their hard-earned cash. Investing is a fantastic way to build your wealth, plan for retirement, and boost your security, but it needs to be done with a solid education to support your choices. Fortunately, you can learn everything you need to know online. Many apps also come with knowledge bases that can help you make more informed decisions.


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