In this day and age, our lives are made easier with technology in many ways. For instance, we have a slew of mobile apps for personal finance, investments, taxes, etc. In 2019, in particular, these apps trended a lot as the people ran all kinds of comparisons for these apps online including YNAB vs mint, Spendee Vs Prism, etc.
We know that this has been a good year for personal finance apps. However, the following are some of the main reasons why the trend is likely to stay for more years to come:
1. Control Over Money
Personal finance apps organize all kinds of financial data under one system. For instance, you can use an app like Mint to add all your financial accounts including bank accounts, credit cards, loans, and investments. So, you can track all your expenses, transactions, return on investments, and do much more from a single location. This kind of control allows you to save money as you get to understand where your money is going and exactly how much you are earning.
Without a comprehensive system for finance management, you can easily lose confidence in your financial position. You need to know exactly how you are utilizing your money to plan for your future. Since now there are many ways technology can help you manage personal finances, you can create detailed budget plans, ensure on-time payments, and do more with your money to develop confidence in yourself and your future.
3. The Rise of Fintech
It’s no exaggeration that the days of traditional banking will soon be over. This is because today, people want their financial products to be flexible and readily available. This is why the fintech industry is thriving and there are many reasons to support that too viz. resistance from traditional banks for change, changing demands of modern users, etc.
As the fintech industry is growing, people are availing all kinds of customizable investment options, loans, etc. These are best managed and checked with the help of personal finance apps that have dedicated support for them.
4. Financial Goals
If you want peace of mind and meet your financial goals which could be like “buying a new house in 5 years”, or “saving X amount of money by the end of the year”, etc., you need discipline and finance management. Both of these can be achieved with the help of some of the best personal finance apps.
Mobile phones are readily accessible compared to desktops or even laptops. So, managing personal finance is a lot easier with dedicated apps on smartphones. For instance, salaried professionals who live busy lives can review their spending patterns, expenses, investments, etc. when they commute to work. Even college students who have a hard time keeping up with tuition fee, rent, and other expenses can use personal finance apps on the fly.
6. Credit Card Debt
Credit cards have become ubiquitous around the world. People use them to improve affordability and avail some of the most amazing discounts and cashback offers. However, credit mismanagement often leads to massive debt and a poor credit score. This is why many are using personal finance apps to clear their debt and improve credit to qualify for new loans at low interest rates.
So, there you have it- some of the most compelling reasons why the popularity of personal finance apps is likely to only grow over time. In fact, it’s possible that you are using a few such apps already. Let us know in the comments section below!