Must-Have Saving Tools for Mobile Phone

Written by on May 4, 2019 in Economy with 0 Comments

Financial technology, commonly known as fintech, has revolutionised how people manage their personal finances. Instead of keeping track of our savings, debts, and mortgage repayments on paper statements and hand-written notes, we now have countless mobile applications that can help us to better manage our money.  

In fact, your mobile phone is one of the most powerful savings tools you have. With a variety of mobile applications offering all kinds of financial assistance, keeping track of your spending and saving money has never been easier.

Information is available at the tip of your fingers, while countless processes can be automated and streamlined to make saving money much easier. Here are some must-have saving tools for mobile phones to help manage your personal finances:

Online Banking App

If you’re not using an online banking app, you’re only limiting your ability to save and manage your money.

Online banking apps are a great way to mange personal finances, giving you detailed information about your monthly incomings and outgoings, including outstanding payments, upcoming bills, and your current bank balance.

This lets you check information about any of your bank accounts at a moments notice, no matter where you are or what time it is. You can manage almost anything, including payments, transfers, receipts, credit cards, overdrafts and more – all of which help you to better manage your finances.

For instance, if you’re trying to save for a deposit for a mortgage, you can use a mortgage calculator like the one from Rightswitch and your banking app to determine your monthly net income to see where savings need to be made.

You could also use the app to open a savings account and put a set amount each month towards your deposit, all from the comfort of your phone.

Budgeting Apps

While online banking lets you keep track of your spending, it often lacks the same level of detail as dedicated budgeting apps. These tools are very useful for knowing exactly how much you are spending each day, with one of the common features being a spending tracker.

For instance, you can categorise your spending according to types, such as food, bills, non-essentials, and savings. You will know precisely where your money goes and whether you need to make any changes to your spending to save money.

Most of these apps are connected to your online banking account, making them a great complimentary saving tool for your mobile phone. Also, much of these apps are read only, meaning you can’t use them to spend or transfer money.

Investment Apps

Savings accounts only offer a limited amount of interest for your money. If you want your savings to give you more return, then consider using an investment app. These apps take small amounts of your savings and spend them on various types of investments.

A lot of these apps focus on micro investments, where you only invest minor amounts of money, often after buying something. For example, certain investment apps round up your purchases to a whole number, so if you spend £2.60 on a coffee 40 pence goes towards your investment accounts.

Because investment offer a bigger return than savings accounts, these can be a very useful tool for increasing your savings without much effort.

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