Keeping up with finances is a complex process that, although it does not often require expert knowledge, mandates one to be dedicated and attentive to details. In other words, it is something that only those who are resourceful and willing to learn will truly master. Fortunately, 2019 is a year when practically everything is just a few taps of the finger away. In other words, the resources that are required to succeed are available at one’s fingertips given the evolution of smartphones, tablets, and laptops. So, what are some of the most revolutionary apps that help people keep up with their finances?
To be approved for almost any major financing deal, the applicant will have to show a decent credit history. Well, for approximately 68 million Americans, credit scores are a sore subject. This is because their scores tend to fall into the categories of poor and bad. This is where Credit Karma can come in handy and allow one to build up their credit score over time. The app works by keeping the person notified of their score changes as well as opportunities that will help it grow. For instance, Credit Karma matches the person with prospective lenders who might approve them for a loan or a credit card based on their spending history. That way, they will be able to apply with providers that are very likely to approve them and begin improving their credit scores.
Although Credit Karma showcases one’s credit history and offers tips on recovering from a low score, this is generally where its capabilities stop. Mint, on the other hand, is a company whose app will depict one’s net worth by accumulating the balance of all their debit and credit accounts. This is done after the app integrates into someone’s bank accounts and analyzes all their transactions and balances. Then, it puts together a summary that shows spending patterns, recurring charges, potential savings, and much more. Not to mention that it also displays the user’s credit score at any given moment. And the best part? All of this is offered to the customers for free as Mint mostly makes their money from third-party providers who use the app for marketing their offers to users.
Making transactions is a fundamental principle of finance. This includes repeated charges where someone’s account needs to be reimbursed. For instance, roommates who are splitting their bills often have a single individual who oversees the actual payments while the others simply reimburse them afterward. Well, to simplify these transactions and allow people to recoup their capital faster, Venmo has positioned itself as a secure peer-to-peer payment processing app. This app links to the user’s bank accounts and lets them send or receive money almost instantly.
Lastly, Sunil Chugh reminds us that everyone should have at least one app that tracks all of their expenses. Although Mint can do this through an automated process, there might be some inaccuracies with how expenses are categorized. So, to avoid those shortcomings, one should use apps like Bills Monitor. This is a free tool that allows the user to manually input all their charges and set them up to repeat as often as necessary. That way, they will have a predetermined budget of all monthly expenses that are based on historical trends.