How Your Cell Phone Can Help Your Finances

How Your Cell Phone Can Help Your Finances

With the current recession and cost of living crisis, finances are something that everyone is concerned about. Managing money, evaluating investments, handling budgets and savings and loans… all of it can begin to feel overwhelming. The great thing is you likely have something already in your pocket that you can use to help you out: your ever accessible, favourite device, your cell phone.

Since the invention of the mobile phone, the technology behind it and the results it can create have progressed in leaps and bounds. From simply making a long-distance phone call to now being able to video chat, play games, browse the internet – the growth in capabilities of the cell phone is truly astronomical. However, the technology advances at such a rapid rate it can be very challenging to keep up. Do you really know what tools you have at your disposal? For example, do you know how to add insurance card to apple wallet? Do you know what apps to use to manage money and investments? Do you know just how powerful your cell phone could be when it comes to financing?

How the Tech Can Help You

The truth is that financial apps are relatively new to the world’s scene. It was only in very recent years that the imitative to encourage innovation in financial services was first launched. T was at this point that banks could begin sharing customer data with third parties in a safe way, with permission of the account holder. These third party apps are what can help you to manage your money more effectively. This method of open banking has led the way to open financing and gives evidence to the fact that the future of financing is indeed digital. Open finance allows data sharing for a wide variety of financial products, in accordance with the rules that data-protection and consumer-protection dictates. The objective? To generate innovation, motivate new ideas and empower the consumers of financial services with the ability to decide who can have their data. Now that third parties can access your data, they can help you manage your money a great deal more effectively. Just a few examples, you can easily see an overview of all your accounts and spending, and even set up automatic transfers to save up some extra funds without having a negative impact on you normal spending habits.

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Apps in Your Armoury

There are so many apps to choose from when you browse through the app store, the choice is overwhelming. How can you pick a reliable, trustworthy app that also gives you the help you need with your finances? In a recent survey, more than half of those questioned said they would like to have an app that gave them an overview of their accounts and would like help with budgeting. However, on the other hand, only one in ten people surveyed said they actually use a financing app other than one provided by their bank. Evidently, the desire to go digital is there, yet perhaps there is a fear of the unknown that is holding people back.

For many people, money is a dirty word. It’s hard to have conversations about money and it’s challenge to even think about it at times. Budgeting and management of money can feel like a tricky, time-consuming task when really all you want to do is to be able to confidently enjoy day to day like without the worry of money. The plethora of financial applications available can be a step towards this. There are even a few that take care of things for you, if you’re a person that doesn’t like to think about money 24/7 and constantly readjust budgets and update your spending. These useful, hands-off app can help you to stop thinking about money but still achieve the goals you have in regard to your finances. You can easily see how much you have available to spend, track your bills and due dates and have the app pay these automatically and even channel your spare change into investments that will help you in the future.

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Technology is assisting the field of finance in more than just the personal area, but one a business level too. More and more companies are relying on technology to take care of their budgets, spending and investments. With this intelligent support, business owners can make well informed decisions, backed by evidence and real time data.  With the financially precarious environment in which we now all live and operate, this reliable intelligence can be a great helping hand to everyone who needs economic reassurance.

Apps Can Be Danger Too

While the financial apps in circulation today are of great benefit to money conscious users, there are other apps out there that could be a financial danger. Sinister mobile are apps are one of the biggest threats to the security of financial services. When apps are downloaded from illegitimate sources, it accounts for a major part of financial cybercrime. These malicious platforms unlawfully take the information regarding the user, their identity, and their account. With the right education however, you can make yourself aware of these dangers and prepare yourself for them. They don’t need to catch you unawares.

Get to Know Your Phone

The bottom line is that there is a great deal of help available to you, all you need to do is some research. That way, you can find what apps could be useful for you, and what built in features of your tech could be an aid to your financial situation. Investigate and read honest reviews and don’t commit to one option without trialling it for a short time to see how it fits. Your finances are certainly no flippant matter, they require great time and effort to get the management of them started. Once you have however, you will save yourself so much time, effort, and money that you will wonder how you ever managed without them.

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Shankar is a tech blogger who occasionally enjoys penning historical fiction. With over a thousand articles written on tech, business, finance, marketing, mobile, social media, cloud storage, software, and general topics, he has been creating material for the past eight years.