Life today is full of little conveniences, such as ordering fast food before you hit the drive-through, booking a hotel room with just a few clicks, and reserving seats at a play two states away – all with the help of your smartphone. So, it shouldn’t be surprising that you are using online apps for money management. Check out apps that help you manage money in five areas: reducing and planning expenses, budgeting, setting goals appropriately, managing your earnings, and building up your savings. Here are the tips for online money management.
Rein in Spending
One of the most common pitfalls for people struggling with their finances is overspending. One online finance website suggests five core indicators that you’re living beyond your means:
• Your credit score falls belong 600.
• You have less than five percent of your income going to savings.
• The balances on your credit cards are going up, and you aren’t paying more than the minimum.
• You’re spending more than 28 percent of your income on your home.
• Your monthly bills are out of control.
If any of these signs sound familiar, ditch the pencil and paper ledger and save time with a budging and a spending tracker app. Fortunately, there are many high-quality apps that offer simple-to-use tools, and many of these tools are free. Choose your favorite app to quickly identify the areas where you’re overspending, learn how to plan ahead for upcoming expenses, and improve your credit score.
Stick to a Budget
Too many people try to budget for a short amount of time and then give up when they don’t have time. However, the benefits of returning to your budgeting efforts can transform your financial life. These benefits include giving you a sense of control over your money, helping you stay focused on goals (such as taking a vacation,) providing insights into how you are spending your money, offering organizational tools, helping you set aside money for savings, and alerting you to potential money problems. There are several budgeting apps that help you stick to your budget and improve your spending habits within minutes.
Set Financial Goals
Even if you’re barely making enough money to cover your monthly expenses, setting goals is essential. The first step is to write down short-term, mid-term, and long-term personal goals. A short-term goal may be paying your bills on time each month. A mid-term goal may include the ability to transfer funds to someone in Mexico. Long-term goals could include paying off your home or saving college funds for a child. After setting the goal, choose an online money management tool, such as Smarty Pig which specifically targets achieving financial goals.
Track Earnings Beyond Personal Spending
At first, managing your money focuses a lot on tracking your own personal expenses, but eventually, you may save for college, invest in stocks, take over your parents’ financial responsibilities, or tackle large debts. If you have multiple streams of income and several accounts to hold that money, managing your earnings becomes even more difficult. Even as a beginner, you can start investing or bring down your debts with online money management apps.
Start Saving Money
Saving money begins with intention. Think of how you could spend an extra $20 a month or more. Isn’t it worth trying to set a little bit aside with each paycheck? Take advantage of money management advisers online and then check out one of the many available free savings apps.
Get Started
If you’re not happy with your personal finances, check out online money management tools. The right apps could help you take control of your spending. Instead of worrying about money, spend that time in more productive efforts. Along the way, you’ll learn more about financial security and perhaps discover that it’s possible to feel comfortable with your personal finances.
