5 Ways Apps Can Help Get Your Finances in Order

February 9, 2023

According to a recent study, 89% of consumers use mobile banking apps for a variety of purposes related to managing their personal finances. For young people, particularly, apps are the preferred way to go for just about everything. Nearly all millennials use mobile banking apps. In fact, more and more users will continue to use these apps as the technology develops and their convenience makes them worthwhile – regardless of age, job or gender.

In addition to providing a more convenient way of dealing with money, often free or low cost, there are many online tools that provide insights into your spending habits. Once you are more aware of how you’re spending your money, what expenses are causing problems, whether you’re in danger of debt and so on, you can make adjustments and create healthier habits.

1. Why People Like Personal Finance Apps

It’s no surprise personal finance apps are so ubiquitous. They’re highly accessible, easy to use, and are with you wherever you go. And there are many ways to use these apps, in addition to directly handling a financial account. They can also:

  1. Give an overview of your entire financial situation
  2. Tell your credit score
  3. Show your account balances
  4. Allow you to track your financial goals tracking
  5. Help you create and stick to your budget

If you’re considering adding an app to your routine, first ask yourself what specifically you want to do, and would help you the most. For instance, do you want to instantly know their overall balance with every purchase? That can be a benefit since it saves you the time and energy it takes to gather and tally your income and expenditures.

2. Consider Starting with a Budgeting App

Budgeting apps are especially popular. From EasyBudget to NerdWallet, there are countless free budgeting apps available to anyone willing to give them a try. For someone trying to reign in their spending, a helpful trick can be to upload a budgeting app before they leave home and use a tracking feature for staying on top of their spending. That allows them to keep an eye on how much money they have so they can make adjustments to their budget and spending accordingly.

3. Manage Your Money Wisely

The Mint app (backed by Intuit) is one of many that help folks in a variety of ways:

  • Set budgets
  • Track income
  • Track expenses
  • View accounts, assets, and debts
  • Keeps credit scores updated

Because it’s free and easy to use on smartphones, many people are taking advantage of their ability to get a clear and organized view of their finances in one location. In addition, using this app will also help out at tax time. One added benefit of the Mint app is that, if you use TurboTax, you can link Mint to your TurboTax account for easier data input.

4. Select Finance App that Works for You

The same rule of thumb applies here as for any app you might use. Don’t upload one just because someone else likes it. Do a bit of research to determine which one or ones fit your needs. Try it out, and if you don’t like it, move on to something different. Taking a few minutes to investigate the pros and cons will pay off by giving you something that you will actually use.

If you’re looking for ideas, The Balance – a personal finance website – lists their choices for the latest and greatest apps for different categories. Which category speaks to you?

5. Combine Apps with In-Person Services at Chicago’s South Suburban SSCE

When it comes to money management, apps aren’t for everyone, and they’re certainly not the only tool available for keeping track of your expenses. Chicago’s South Suburban Community Exchanges (SSCEs) provides many different services at four south suburban locations to help locals pay bills on time, take care of auto needs, and stay on top of their finances.

Whatever your preference, we’re here to help you take care of a broad array of tasks, all under one roof. Find your nearest location or check out our other offerings online to see what else we can do for you!

A person using a smart phone.