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The best apps for managing your money

One of the easiest ways to manage your money is to use apps.

One of the easiest ways to manage your money is to use apps.

Since the average person uses just 10 mobile applications a day, as technology news site TechCrunch reported, the key then is to find a small number of really useful apps that will help you the most.

Even though all-in-one apps might sound great, the reality is that most good personal finance apps are specialised. Realistically, three types of apps will cover most of your needs.

First, you will need an app for budgeting so that you can manage your income and expenses well. Wallet, for instance, is one that’s really easy to use. You can set up a budget, input your expenses, and get reminders if you forget to add your expenses or if you’re saving for a goal such as a vacation and have not put aside any money.

Another app, Seedly, goes a bit further and allows you to sync your accounts so that you can manage your cash flow better. It has kept improving, adding features such as educational pieces on financial management and a community feature for chats.

If you’re an iPhone user, Spendio helps you set goals and figure out how to save enough to reach them. You can also use Spendio to track and manage your money by inputting expenses or income.

If you’ve borrowed too much, Unbury.me is a simple app that can help you plan how to get out of debt. You can input information about your loans and try a variety of strategies for different amounts every month to pay them off.

 

SAVING AND INVESTING MONEY

Second, after you have set up your budget and started tracking expenses, the next step is to save.

The easiest way is simply to use automatic debits. If you want an app, Hektor — a Singapore-based app that is launching soon — will allow you to transfer money from your bank account to your Hektor savings account.

Spontaneous savers can use the “Insta-Save” function to click and move money to savings, while people who plan in advance can set up regular savings such as setting aside S$25 every Monday.

And third, once you have saved some money, you will need to figure out where to invest it.

Some banks here have apps to help you invest, and you don’t need to be a customer to use some of them. OCBC’s OneWealth, which launched some time ago, keeps adding on features to make it more useful. DBS got into the game in May when it launched Your Financial GPS, a digital financial adviser.

A recently launched platform called FinAlly.sg provides basic information on investment funds and insurance. While it is an online site rather than an app and is skewed towards insurance, it has a useful calculator that compares insurance with investing in unit trust.

Investment advisory services such as Motley Fool or DollarsAndSense are online as well rather than on apps.

Automated robo-adviser apps such as Smartly or Stashaway can also help you to invest automatically.

If you are a more knowledgeable investor, Spiking can give you insights into shares to buy, gathered from watching trades by sophisticated investors and using the information to follow along. An educational platform can help you learn about investing in stocks.

For the super-rich, Chinese insurance giant Ping An launched Lu-Global, an app that offers wealthy accredited investors access to a range of investments. Be careful, though, since you will need to give the app full access to data on your phone if you want to use it.

While it is not exactly a financial management app, Harvest is useful for anyone running their own business. The app makes it easier to track your time if you’re a freelancer and need to bill clients, which can help your income.

 

USING THE APPS WELL

Once you have selected the apps you would like to download, the key is using them all the time to manage your money and end up with a bigger portfolio.

It’s easy to set up a budget using budgeting apps. You can input your income and regular expenses, track what you buy every day, and take a look every month to see how you can use your money better.

Savings should be part of that budget. To make savings easier, you can either have automatic deductions from your savings account or use an app.

For investing, an automated adviser or an app from a bank can work well if you’re not knowledgeable about investments. If you’re more experienced, an app such as Spiking can give you good ideas.

It is also important to keep three things in mind when using the apps.

First, the apps mentioned here are not the only ones available. You can find plenty more, such as Mint or You Need a Budget (YNAB) for budgeting, by doing searches.

Next, a number of great apps are targeted at consumers in the United States or other markets. While they can work here, they are often linked to bank accounts or other services in those markets. Some great apps, such as Everydollar and Qapital, are not available here at all.

Finally, it can be better to select apps where you don’t need to give access to data on your phone, so that you control your privacy.

Whichever apps you select, the key is to use them and get on track towards a smarter financial future.

 

 

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