Online Hacks and Apps for Your Personal FinancesBy Randell Tiongson on February 16th, 2016
There are over 3 million apps in both Google Play and Apple’s App Store as of July 2015. Whether it’s downloading games to play during your downtime or browsing through online retail stores both on your desktop and mobile, there’s always an app to suit our needs. Your personal finances are no exception.
From budget tracking apps to online investment portfolios, here are online hacks and apps for your personal finances:
Budget Tracking Apps
It’s time to say ‘goodbye’ to your notebook and pen. There’s no need to lodge them in your bag and take them wherever you go. Writing down your commuting costs every time you step off the bus or the train? Just input them in an app.
Here are 4 apps that track your expenses:
- Expense Manager (Free on Android and iOS)
- Mint (Free on Android and iOS)
- Wally (Free on Android and iOS)
- Good Budget (Free on Android and iOS but with cost if you want the expanded version; personal favorite)
Even better, these apps will allow you to categorize your expenses, from your rent to your food spending, and will total everything for you. You can also view your spending patterns by day, week, year and month to check if you’re exceeding your budget. You can also input your income (categorize them even: freelance, commission, salary, etc.) and see how much of your salary you’re spending. You can even take it a step further by linking your savings and credit card accounts with the above-mentioned apps. This way, you won’t leave any stone unturned and know exactly how much money is coming in and out of your accounts.
Debt Management Apps
Debt is a large part of one’s personal finances. With the multiple forms of available credit, it’s hard to meet someone who has zero debt, be it a car or a house loan. As with the quote, “what gets measured gets managed,” tracking your debts allows you to see whether or not you’re making progress. If you track your debt payments, then you’ll know that paying more than the minimum each month will not only allow you to pay your debts faster, but you’ll end up paying less in interest.
Here are 4 apps for debt management:
- Debt Payoff Planner (Free on Android)
- Debt Payoff Assistant (Free on iOS)
- Debt Tracker (Free on Android)
- Debt Manager ($0.99 on iOS)
The great part about these apps is they don’t only track your debts and payments, but they also offer different plans and strategies to pay off your debts. One of the most common debt repayment methods is the debt snowball method which is paying your smallest debt first. This strategy allows you to get used to the discipline and eases you into paying your debts. Once you build the habit of paying your debts and eliminate your smallest debt, you’re more confident to tackle your bigger debts. The apps above not only track your debt payments but offer strategies on how you can eliminate your debt.
Investing allows you to grow your money at a quicker rate than your deposit accounts. The clincher here is that investments are not guaranteed. That’s something most people fail to remember when they’re presented with an opportunity to get ‘a 100% return in 2 weeks’ and then fall prey to scams. However, if you do your own research, you’re less likely to fall for a scam. There are numerous apps nowadays that are focused on investments.
Here are 2 apps that benefit your investments
· Online banking accounts
Your online account not only features the amount and transaction history of your deposit and credit card accounts. If you’ve invested in unit investment trust funds (UITFs), you can also see your investment balance with a click of a button. This allows you to easily monitor your investments to avoid a panic or surprise attack during a bear market or a steep decline in the market.
· PSE Edge (Free on Android and iOS)
The PSE Edge is the official mobile app of the Philippine Stock Exchange. The app allows stock market investors to keep track stock prices in real time. Even better, this app provides individual profiles for all listed companies including quarterly and annual reports, disclosures, and dividends and rights announcements. These will help you in deciding whether or not to invest in a particular company and buy shares.
Financial Comparison Portals
Comparison portals allow you to conduct research in the most efficient way possible by providing everything you need in one page. When there was no Agoda or Skyscanner, booking flights and hotels can be an exciting yet tiresome task. Nowadays, looking for the most affordable booking is now made easier with these comparison portals. Just input your location and desired star-rating and other features on Agoda, and you have an extensive list of hotels to choose from.
When it comes to your finances, comparison portals such as MoneyMax.ph, among others allows you to view and filter financial products in one portal. There’s no need to move from one website to the next to look for the credit card or personal loan with the lowest interest. MoneyMax.ph provides all the information you need in one page, complete with filters (e.g. interest rate, monthly payments, loan amount) that best suit your needs.
Finance Made Easy
The tools above give you the ease and convenience of managing your personal finances. Whether it’s tracking your daily expenses or using the PSE Edge app to decide which stock you’ll invest in next, these apps are sure to benefit your finances, leading you to the path towards financial freedom.
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