December 21, 2020

3 Ways to Manage Your Money on Your Smartphone

Your smartphone is the ultimate organizational tool. It helps you manage your work emails and virtual meetings. It reminds you of important dates and events. It helps you cobble together shopping lists when you go to the store and encourages you to browse online when you don’t want to leave the house.

Did you know that your smartphone can also be the ultimate tool for managing your money? Find out three ways that you can use it.

1. Online Banking

Going to a bank branch to deal with your finances can feel like a waste of time. You have to travel to the bank within its narrow work hours, wait in line and then talk to a teller in the hopes that they can solve your problem. Wouldn’t it be easier if you could address all of your banking needs online?

That’s where online banking comes in. When you download your bank’s smartphone app, you can manage your bank accounts without having to leave your front doorstep. You can do everything from viewing bank statements to planning bill payments. You can call, email or chat with a representative if you have a problem with your account. It’s that easy.

You can also find effective borrowing options online. Instead of jumping through hoops to apply for lines of credit or quick loans, you can fill out applications on your smartphone and finish all of the crucial steps in a short amount of time. Click here to see how you can apply for a line of credit by CBW Bank offered through CreditFresh on your smartphone.

These banking options are really convenient this year. If you’re worried about COVID-19, you can skip the trip to the local branch entirely.

2. Budgeting

If you have a bad habit of spending more money than you can afford to, you should start a budget. You don’t have to do it the old-fashioned way with a piece of graph paper and a pencil. You can put together a budget on a smartphone app and carry it with you everywhere you go.

What budgeting app should you get? Here is a brief list of options that you could try:

  • Mint
  • YNAB (You Need a Budget)
  • PocketGuard
  • Wally
  • Goodbudget
  • Every Dollar

3. Paying Back Friends

Owing money to your close friends is tricky. They’re happy to lend you money, but they’re not so happy to wait around for you to repay them. A survey from Bank of America found that 77% of people find an IOU is harmful to a friendship and 53% of them said they would end a friendship over money. So, you’ll want to send them funds as soon as you can.

That’s what makes money transfer apps so incredible. Instead of writing them a check or going to the bank to get them the exact amount in cash, you can just send them what they’re owed with a few clicks and get on with your day. You can use apps like PayPal, Venmo, TransferWise or Zelle for all of your IOUs.

All of these money management tools can sit right on the smartphone tucked inside of your pocket. Doesn’t that sound convenient?

About the author 

Peter Hatch

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