Mobile Apps Can Help Manage Personal Finances More Efficiently
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MIAMI (CBSMiami) -- Keeping a budget can be a time-consuming chore that many people struggle to handle. But there are personal financial apps that can help make paying bills and balancing accounts as easy as texting your friends.
Ashley Bona found herself in a boatload of financial trouble when she graduated from college with $70,000 in student loans and no clue how to manage her debt.
She said she didn't have a full grasp on the amount of debt she was in until after she graduated from college.
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But not too long ago, Bona found a high-tech solution to her problem. She uses a couple of different mobile apps that break down her spending habits into categories and alert her to overspending.
"I set a budget, whether it be monthly or weekly, of how much I want to spend on each category," Bona said. "It will send me weekly alerts if I'm going over, if I have room to spare in my budget and it helps me keep track of where I am with each of the things and really shows me where my money is going."
Personal financial management apps, such as the ones Bona uses, pull data daily from personal bank accounts, credit cards and even 401ks. Some of the apps feature a snapshot of the user's financial standing with graphs and charts, highlighting what bills need to be paid, where money is being spent and how a savings plan is coming along.
Julie Conroy, research director for Aite Group Financial Services, said the financial apps can make it easier for users to handle their money.
"It takes a lot of the headache out of the issue for consumers and gives you that good picture of what your money looks like without the tedious effort associated with balancing your checkbook and comparing all of your statements from all of your different online applications," she said.
Some apps can help you avoid overdraft and late fees. Others may alert you of opportunities to pay down a balance quicker.
"There are a lot of different things that you can get out of this," said Mark Schwanhausser, a director of financial services at Javelin Strategy and Research. "The question is, what is it that you want? What are your greatest needs? And then just go out there and find the app for it."
No matter what app you choose, checking your accounts regularly will not only keep you updated on your cash flow but alert you to any fraudulent behavior that you can immediately report to the financial institution.
Bona said she wishes she had found the financial apps sooner so that she could have managed her money better while she was still in college.
One tip for downloading a financial management app is to download it directly from the website rather than the app store. Sometimes fake apps are posted and your financial information can be taken.
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