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Using Tech to Manage Your Finances

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Technology is here to help you with money management and your personal finances. Most of us are used to spending money every day, and keeping up with every purchase can feel like a part-time job. It’s important to monitor your finances regularly, whether you are trying to stick to a budget or saving up for an expensive purchase, such as a down payment on a house or car.

You can use money management apps connected to your bank account to quickly check your available balance or see how much you have saved. This will give you a better idea of how much you can spend at any given time so you don’t go over budget. You can also plan your finances for the next several months or year to help you prepare for the future.

Husband and wife sitting on the couch and managing their finances on the phone. Article Image
Yellow notepad with pen svg icon Lesson Notes:
  • You can use money management tools to keep track of your spending in relation to your income.
  • Use this technology to stay on top of your financial goals and avoid going over budget.
  • Choose a money management tool that is designed to meet your needs. It should be secure, customizable, and work with all your mobile devices.

Using money management apps

Though dozens of money management and personal finance apps are available to budget-conscious consumers, they are designed for different purposes. Some are free, while others charge a monthly fee, but they tend to be affordable.

Most, if not all, money management apps connect to your financial institution. This means every transaction on your account will appear on the app once you upload your account information, including deposits and withdrawals. You should be able to connect multiple accounts, even those from different financial institutions, to keep track of all your money in one place.

Your current bank or credit union likely offers its own mobile banking app that is automatically connected to your account. For example, Ent Credit Union has the Ent Mobile Banking App and Ent’s Money Insight, free for all member-owners.

Once you have compiled all your relevant financial information, you can go through your information and categorize different translations. For example, you may label different income sources as “salary,” “freelance work,” or “investment payment.” You can also divide your payments into different categories, such as “food,” “housing,” “transportation,” or “entertainment.” All expenses in this category are totaled at the end of every month, so you can track how much you spend and earn from each.

Setting up the app may take a few minutes, but it will automatically organize your finances once you have the right categories in place. You can create as many different categories as you need. For more accuracy, add notes to your list of transactions to keep track of items you purchase with cash.

You can also customize the interface on the app. Most apps come with a dashboard on the home screen that shows you your available balance. Add important metrics and stats to the home screen to make it easy to keep track of the figures you care about most.

What are the benefits of money management apps?

Using a money management tool is beneficial for several reasons. It’s usually the most convenient way to monitor your available balance. If you live paycheck to paycheck, you can use this feature to avoid running out of money at the end of the week/month. Set up automatic alerts in the app, so you will receive notifications when your balance dips below a certain amount. This is a cue that you need to reduce your spending, so you aren’t left with a negative balance. Some banks charge overdraft fees when your balance drops below zero. Use this feature to avoid unnecessary fees and charges.

Most apps will also keep track of recurring charges, such as rent, your monthly utility bill, or insurance premium. Add the due date for regular charges in the app to ensure you have enough money in your account before or by the payment date. This is extremely helpful when it comes to improving your credit score. Having a bill sent to collections will hurt your rating. Use this feature to ensure you pay your bills on time.

Personal finance tools can also track spending. You can monitor specific categories of payments to see how they affect your overall cash flow. Look for ways to reduce your spending if you feel you spend too much on food, housing, transportation, or going out with friends. Use the app to compare your total spending with your total income to see how much you have leftover at the end of every month.

You can also use the app to automatically transfer some of your earnings to a separate savings or investment account as you work towards your financial goals. You can also see how much you need to save each month to reach your goal on time.

Budgeting is one of the best ways to grow your finances over time, but collecting data on your finances can be time-consuming. These apps automatically generate large volumes of data on your spending so that you can learn from your past behavior. Keep track of important statistics, such your earnings-to-spending ratio over time to see how your finances have improved.

What is the best personal finance app?

There are many mobile money management apps to choose from, but the best one aligns with your goal. If you are interested in tracking your spending and saving up a little bit every month, see if your bank or credit union offers a mobile banking app. These free apps usually have the basic features needed to manage your spending.

You may need a more sophisticated app if you want to track the value of your investments or assets. Apps like Mint or Quicken Deluxe track the price of your home, car, and investment holdings. These apps will tally the value of all your assets compared to your outstanding debts to calculate your total net worth.

The app should also work with your preferred mobile device. Most people use these apps on their smartphones, but you may prefer to go through your finances on your laptop. Make sure the app has a desktop and mobile version to give yourself more options.

It’s also important to protect your identity and avoid sharing your personal financial information with an app you don’t trust. The program should be highly rated by consumers and industry professionals. It should also provide a multi-factor security login to help protect your account.

Mobile banking with Ent Credit Union

You can always use the Ent Mobile Banking App if you are a member-owner. The app is free to use and compatible with all mobile devices. You can set up custom alerts in the app for different transactions, so you always know when something gets posted to your account. You can also track and review your spending and saving habits in Ent’s Money Insight app.

Contact a member service representative at Ent to learn more about banking with our mobile app.

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