Written by: Amos Faulkner
If you want to improve your financial health, technology can help. A personal finance app installed on your mobile phone can help you gain control of your finances, streamlining oversight and management. However, not all finance apps are created equal. This guide explains the benefits of a personal finance app and details what to look for in an app.
A personal finance app can be used to check account balances, monitor your spending, and reduce errors in bookkeeping and accounting. Another advantage of a personal finance app is that you can link it to multiple bank accounts, giving you oversight of your different accounts, such as your checking, savings, or investment accounts.
This is also useful if you have a business. A business bank account keeps your personal and professional finances separate. If you’ve established an LLC or corporation business entity, commingling funds will mean you lose any personal liability protection that your business entity gives you. You’ll be held personally liable for business debts and lawsuits.
Being able to quickly view your different accounts in one place makes it easier to organize your personal and business finances. Access to real-time data also gives you the information you need to confidently manage your money. This can boost your ability to make financial decisions with greater confidence in the future.
There are many different finance apps to choose from, so do your research carefully before picking one. Dividend offers a roundup of possible options, including Mint, YNAB, Every Dollar, HomeBudget, and Quicken. But just what should you be looking for when deciding which app is right for you?
Things to consider include the app’s user-friendliness, special features, security, and customer service availability. Also, look at the app’s purpose. An app like Personal Capital is great for investing, for instance, while PocketGuard is good for curbing overspending. Figure out your financial goals and how your app is meant to help you.
Credibility and security are also points to consider when selecting a personal finance app. If you’re going to link your app to your bank accounts, for example, you want to make sure it’s secure. Finally, consider pricing. If possible, try to use a free trial. You Need a Budget is one of many personal finance apps that lets you take a sneak peek before committing.
Once you’ve chosen your personal finance app, make the most of it. Ensure the app is properly installed and set up on your phone, and link it to any relevant bank accounts. Going forward, make sure the app is updated regularly. Updates can contain security patches that help keep your financial data safe. Don’t ignore them.
As you grow confidence using your app, think about other uses for fintech tools. For example, you can use an app to track your investments, which can be a valuable component of estate planning. Estate planning determines what happens to your assets—like stocks and bonds—when you pass on and is critical to building generational wealth.
If you’re just getting started with estate planning, a professional like Katje Law Group can help. A small law firm providing individualized service, they provide clients throughout Los Angeles with help in real estate and estate planning matters. Since estate planning is a very personal matter, getting an expert’s insights as you’re getting started is invaluable.
Technology is supposed to make everyday life easier. When it comes to money matters, financial apps can help you gain greater oversight of your cash and improve your money management.
For more content on personal finance and estate planning, check out these resources.
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