Nowadays there is a mobile application for everything. Ever since the smartphones came into our daily life, we download hundreds of apps. The market is flooded by programs offered both by Apple and Android companies.
The most popular choices are still related to games and social media. In the same time, the latest statistics and finance app reviews show that the users’ interest to personal finance apps is growing.
Personal Finance App becomes a must-have and can be found almost on every device. If you would like to know how to pick a personal finance app in such a variety of choices, follow this article.
Categories of Personal Finance Apps
First, it is important to think what kind of application will be useful for you. According to their functions, there are four types of financial apps.
1. Financial Assistant
This type of financial applications is used to keep the information about all financial operations in one place. It will help you to track the expenses during a month or a year. You may also observe the year income. These apps will keep together all your investments and savings accounts collecting and storing all the information about your finances.
2. Budget Tracking
These apps are made to help a user to make a budget and stick to it. You enter your income and track your spending. When you have a clear picture of how close your expenses are to the limit, it is easier to control the spending and save money.
3. Loan Calculators
The loan calculators help you to find out the monthly payment of the loan. It is necessary to enter the interest rate, loan amount, and term. These apps can calculate an annual salary needed to pay the loan without stress and tension. This kind of program is good for fixed loans like a mortgage.
4. Spending and Saving Apps
These apps offer a lot of activities related to spending controlling, saving money and even predicting the expenses for future. This may include setting a budget for different spending categories, a calendar for future income and expenses, creating graphics for retirement, college, and other significant events.
Important Characteristics
After you decided what kind of application is better for you, there are other criteria that should be taken into consideration.
1. Security
As the financial app has all the information about your money, it is essential to make sure that it is secure. Always read Terms and Conditions section and privacy statement. A safe app must have this information. It is great if an app offers an additional password, passcode or a fingerprint ID. Using this can make entering the app more difficult and time-consuming but you will be more protected from fraud or thefts.
2. Credibility
Not everybody who provides programs on the internet can be trusted. Before downloading a financial app, consider checking the company who produces it and read the feedbacks of the users. A lot of brands build the reputation and try to win users’ trust. It is better to choose trustworthy applications.
3. Clarity
A user should clearly understand how the financial app works. If you see the graphics that says nothing to you, there will be no use in it. The market offers a lot of applications for people with different knowledge in finances and different perception of the material. The application should be convenient to use or you will give up on it very soon.
These tips will help you to find a right financial app and organize your finances. Do not forget that application is only a tool to manage your spending and savings but the responsibility for sticking to a budget is still on you.
