Let’s face it, smartphones are here to stay and most of us are addicts. Smartphone addiction is an interesting phenomenon, you can stare at that little screen, and enjoying the features it offers instead of going out and actually experiencing the world for yourself. If you even need directions to the grocery store across the street by using an app, then you are deeply addicted!
Like any reasonable person, the thought of addiction might be scary to you, but it need not be all bad news. Apps are helpful in many areas of life, from helping you lose weight to being tools of learning in some institutions. They can also help you manage your finances, a function that, in an economy where what you earn is just but a drop in the ocean of wants and needs that you have, is extremely crucial.
Nevertheless, with so many apps to choose from, how do you know which exactly to go for? Well, that depends on the category of people outlined below that you fall under.
You are an avid credit card user
Credit cards are awesome, but if you do not repay the amounts spent in time, interest accumulation might cause you to wind up spending up to 150% of the value of an item to purchase it!
If you fall under this category, then DebtDog is the app for you. Designed specifically for iPhones, the app calculates for you the actual amount of money that you will spend on an item before you buy it using your credit card.
You have unhealthy spending habits
If you do not trust yourself to be a disciplined spender, then there are apps that allow you to budget and not only that but also track your expenses, and warn you when you are going beyond the limits you set for yourself.
With all the budgeting apps, you are spoiled for choice, but as you make your decision keep in mind that you want an app that is flexible in terms of budgeting categories. You want one that has a currency convertor so that you can still track expenses even when in another country and of course, you want one that is simple to use. Expenditure and MoneyBook are great for these purposes. The iWallet for iPhones is another great option; it emails charts and reports of your expenditure to you periodically.
It will not do you much good though to have great budgeting and tracking apps when your finances are a mess and you do not know where to start from. iExpenseonline is specially designed by financial advisors and gives tips and makes available tools to monitor and repair your financial situation. It acts as a sort of pocket financial guide, giving budgeting tips and showing how to prioritize your expenditure.
You do a lot of online shopping
If you are always buying stuff online, you need a way in which you can pay for these items easily and in a secure way. If you fall under this category, then you need the PayPal app. You have probably encountered it while doing your web shopping, but this app now allows you to use it on your smartphone on the go.
The mobile app version allows also for “bump” which is a functionality that provides for easy transfer of money between individuals with the app on their phones. It is great for small businesses and people who are usually engaging in personal transactions with others.
You just need a good financial app
The mother of all of these apps is Mint.com. The app has features that easily make it the leading personal finance management app, from having the best budget tracking feature that allows it to securely link onto your bank account and take stock of your expenditure without any input from you to the ability it gives you to keep track of more than one account.
The app also has all the great features offered by your average budgeting and expense-tracking app, only that it is more automated. These include reminders of when bills are due, helping you stay ahead on payments. The app generally helps you get a full overview of your financial status and makes you really good at budgeting and keeping track of your transactions.
Nick Thomas is a finance expert and consultant. Through his site he advises about personal finance management and recommends the use of Top personal finance apps for making finance management easier.