61% of Americans say they don’t have enough savings to cover $1,000, even if it was for an emergency, like ER bills or to keep their car on the road. It seems that Americans are finding it more difficult than ever before to manage their finances, but companies are also making it harder, with overdraft fees and interest rates increasing almost every year. Using your smartphone to take control of your money can help to pull you out of debt, save up for vacations and budget for your retirement.
Mobile banking apps are in the top three apps that Americans regularly use, a trend that is growing every year. Banking apps make it easy to manage finances, transfer money and make payments, along with many other features. With the rise of online-only banks and increased consumer demand, banking apps are quickly becoming more advanced, making it easier and quicker to manage your money without having to go near a physical bank branch.
A helping hand with budgeting
Americans faced $34 billion in overdraft fees in one year alone, according to a MarketWatch report, proving that even though you can regularly check how much money is in your account, it’s still a struggle to stay on track. There are several apps designed to help you budget better. Some help you to get out of debt, save or just to keep everything paid on time. Many apps will merge all your accounts and financial information into one place so that you can see exactly what has been spent where. They even advise you when you’re spending too much on unnecessary things, like frequent coffees, to help you cut back. Check out Mint, You Need A Budget and Mvelopes to see what suits your needs best as they claim to have helped hundreds of thousands of people get out of debt.
Acorns investment app
Acorns is a great app if you have a little money leftover at the end of the month and want to start investing it. With your permission, it takes any virtual change out of your account and invests it, with very little effort on your behalf, making it great if you’re new to investing or you don’t have a lot of spare time. Acorn can round up transactions, investing the little extra, you can set up regular withdrawals from your account or do one-off transactions. There’s also a new shopping function, called Found Money. When you shop certain brands the brand partners automatically invest into your Acorns account.
Most people have a smartphone or access to a computer or laptop, so make the most of technology by using it in your favor. Get your finances under control to relieve the stress they can cause you with the help of mobile money management apps.