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.
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.
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.