How Fintech Companies Help you Manage your Personal Finances

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How Fintech Companies Help you Manage your Personal Finances
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Personal finances, budgeting, and saving all seem overwhelming. What if they don’t have to be though? The days of spreadsheets and reconciling bank accounts by hand are over. Fintech companies have transformed the personal finance landscape.

Here’s how.

Automated Budgeting

If you don’t have a budgeting method yet, many Fintech companies can help you start. Mint is a great example. You link your bank account to Mint, and it automatically tracks your income and spending. You’ll always know where you stand, where you should cut back, and how much you can save.

Many other budgeting apps help you get your personal finances on track, including You Need a Budget, Personal Capital, and PocketGuard. They all have the same idea – track your spending, set up financial goals, and automate your savings.

If you want to take it a step further, try apps like Trim, which help you trim your expenses so you stop overspending. If you always think about negotiating your bills or cutting down on your expenses but never get to it, Trim can do the work for you.

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Create Regular Savings Habits

How often do you think about saving? Now compare that to how often you save. The occurrences probably don’t equal up, do they?

Fintech companies know this and created apps to automate your savings so you stop overspending and/or forgetting to save. They vary from rounding up your purchases to the nearest dollar and saving/investing your spare change (Acorns) to monitoring your checking account daily, sweeping any ‘unneeded’ funds into a savings account (Digit).

The bottom line is they all help you save by taking the thinking out of it. You don’t have to worry about how busy you are or how worried you are that you won’t have enough in your spend account. Taking the emotion out of spending helps build your savings account faster than you thought possible.

Get out of Debt

Debt will suck the life out of even the best planned budget. You have to get out of it, but it can seem so overwhelming.

At the very least, use a budgeting app like Mint to track your expenses so you see where you stand. If you want something focused on your debts, try Prism. It organises all your bills so you have them in one place. Know at a glance what you owe and when and say goodbye to late fees.

Once you have your debts organised, use the debt snowball method to get out of debt. Focus any extra money found using Mint or another personal finance app, and pay it toward the first debt in line. Keep paying that debt until it’s paid in full. Then move onto the next debt, doing the same thing until you pay off all debts.

Fintech makes it a lot easier to stay on track financially. If you use one or more apps, you’ll know with the push of a button where you stand financially, what you need to change, and how close you are to reaching your goals. Use the power of your smartphone to take control of your finances once and for all. Say goodbye to debt, forgetting to save, or always going over budget. 

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6 COMMENTS

  1. Fintech companies have a huge time saver for me, I appreciate their apps many features with helping us analyze our personal finances so easily within the grasp of our phone. And all the computations! They manage to do it for you. It’s a matter of trusting which app and fintech company aligns with your ideals, we are always free to choose.

  2. Mint has been extremely helpful for me so of all the fintech companies here that I’ve personally tried to manage my personal finances I can definitely vouch for Mint. But I realized I’ve been limiting myself after reading all the other companies you’ve mentioned here. I would want to try them out too. Thank you! I’ll see how this turns out.

  3. Thanks for this, I stumbled on this after looking into apps that can help manage personal finances. I didn’t know there were so many that covered many different things. And how cool is that we can securely link our bank accounts to a few of them. I always thought we would only be locked into our banks own app for security reasons. I do hope fintech companies heavily invest on security because that is really important for me and a lot of others.

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