Technology has made it easier than ever to keep a tight rein on your personal finances. With the right app, you can manage a personal daily budget, save for something specific—a dream vacation, for example—and even automate transfers from your checking account to your savings.
Using apps to manage money is increasingly becoming the norm and not just the practice of hard-core computer geeks. In fact, digital banking and finance technology (or, “fintech,” for short) are becoming global phenomena.
Juniper’s Digital Banking: The Roadmap to 2020 report, predicts over 37% of the adult global population will be mobile banking users by 2020.
A recent survey by ING reveals that among European bankers surveyed, 48% felt that mobile/digital banking made them more in control of their finances and 20% said the technology helped them pay bills on time.
And from the same Juniper study referenced above, Andrew Mikesell from SAP said, “Customers who adopt mobile banking channels tend to be more profitable.”
Below are a few apps we suggest for your Android or iOS phone:
Mint: Budget, Bills Finance
Intuit’s Mint app is a comprehensive budget manager. The app serves as a centralized portal from which you can manage bank accounts, credit cards, and more. Intuit is a leader in fintech, so the Mint app can also be used to export and import data from other Intuit apps including TurboTax, Payroll, and QuickBooks.
Credit Karma
Nearly everyone by now has heard of Credit Karma, and not just because of its quirky TV commercials, it’s a darn good app. Credit Karma lets you check your credit score for free while not causing damage to your credit rating. While it doesn’t provide the actual score from the credit agencies, it provides an accurate estimate of your credit health. The app also offers suggestions to help you increase your credit score.
For Small Business and Personal Banking:
Quicken
Quicken is an ideal personal finance app for anyone who is also an entrepreneur. The personal finance edition is Quicken Home and Business, which lets users manage a budget, mortgages, investments, pay bills, and more. You can upgrade to Quicken Home and Business to manage your small business ledger, business taxes, and more.
Those are just a few personal finance apps we here at the Rules of Thumb blog from MoneyThumb approve of. Read this very detailed post with reviews of 18 different phone apps for personal finance from Investor Junkie. Each review has a link to the app. Great, helpful post!
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