It seems that there’s an app or software program for every purpose, including managing your money. Here are some examples where technology may be useful in helping you get a better handle on your money.
Creating a budget:
There are multiple apps available that enable you to input your monthly income and expenses to generate a budget that fits your needs. Plus, some programs are able to categorize and track transactions, which could help you see exactly how much you spend in certain areas on a month-to-month basis.
Do you occasionally forget to pay a particular bill? Are you looking for a regular reminder to keep an eye on your account balances? Look for an app that lets you schedule reminders that suit your needs, whether it’s an alarm that goes off for monthly bills or a service that automates payments you might otherwise forget to make.
You’re probably aware of your bank’s direct deposit services, but did you know that you can send payments, request refunds, and view transaction history using your bank’s mobile app? You can also find apps that feature calculators designed to help you make investment decisions, determine your net worth, calculate the time value of your money, estimate your insurance needs, and provide guidance on many other financial matters.
Shopping (and saving):
Some apps are designed specifically to help you save money, from searching for the best local deals to calculating the cost of driving from point A to point B. If you’d like to dial back your spending, look for an app that can help you cut costs. For example, apps can compare the cost of groceries at one store against another, or help you find the lowest gas prices in your area. That way, you can put the extra money you have from being a savvy shopper toward a long-term goal, such as retirement.
With some exploration, you may find additional money-related apps. Bear in mind that even though many apps and services promise security, technology isn’t always reliable and you could fall victim to hackers.
Think carefully before you provide information pertaining to your bank account, income, spending history, and any other personal information.
Prepared by Atlas Private Wealth Management, LLC in collaboration with Broadridge Investor Communication Solutions, Inc. Copyright 2017
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