This is an article “These Apps Help You Protect Your Money” by Marc Primo
With the current disruption caused by the COVID-19 pandemic, many have found themselves thrown off with their regular monthly payments and unstable income. Service providers also found themselves struggling for ways to collect since social distancing measures were implemented which prevented people from queuing in banks to settle their payables. However, a crisis may not be the best time to let your monthly obligations go past their due dates as interests may bite you back real good when things eventually go back to normal.
For unforeseen challenges such as a pandemic, medical emergency, job loss, or any other force majeure that can get you off track with your payments, being unprepared can quickly add up to financial problems. These days, any tool that helps keep your bank account in check and give you money control can be the most useful things you need.
Here are some mobile apps that can help you gain control of your finances especially during these new normal times.
Mint
When it comes to intuitiveness in financial tracking, Mint ranks as one of the most reliable apps available for download. This tool allows you to put all your funds, transactions, and payables in one mobile app that boasts easy-to-use features and a clear interface. Want to find out what your net worth is? Then Mint is the all-in-one financial app for you.
Try out the app by customizing features and exploring its other tools including bill reminders and budgeting. If you are still clueless about how to handle your money, the app also offers useful tips on how to improve your credit score, manage your savings, and cut down on your banking fees.
You Need a Budget
The app’s name says it all. YNAB is one tool that helps you deal with debt via in-app videos, podcasts, articles, and community discussions. It trains you to be a money master by teaching you more than the basics of financial management while helping you track your debt payment progress.
Check out YNAB’s well-presented infographics to get a good picture of where you stand financially along with a budgeting tool that lets you enter income and expense details then calculates how much you can actually pay off per month.
Spendee
Perfect for couples and those who divide payables among themselves every month, Spendee allows wallet-sharing for a more convenient way of splitting payments per household member. You can also track your home’s cash flow and plan a realistic budget by allowing you to understand just where your money goes and how much you can really save. Talk about transparency between housemates-- Spendee paints the perfect financial picture when it comes to your domestic finances.
If you need to get a quick overview of your household’s total income and expenses, this app efficiently tracks every member’s money details and presents a holistic report of everyone’s accounts. It also connects e-wallets or crypto-wallets for more convenient ways of inter-connecting accounts.
Handy tip:
When using mobile apps that take care of your money, always make sure you secure your login details and passwords. For good measure, don’t reuse passwords for similar apps in case your phone gets lost, stolen, or hacked.
Also, when practicing social distancing, you may want to use the apps’ online and no-contact payment options which are linked via available bank and credit channels so you won’t have to risk going out just to settle your bills.
The thing is that you can never be prepared when life’s challenges strike, but being able to control your finances early gives you a head start in dealing with them, especially if you have the right tools that can help you fix problems quickly.