Since the advent of smartphone technology, users have increasingly turned to it to connect with the outside world and get their jobs done. Smartphone apps and payments play such a significant role in people’s lives that they expect services to adapt to the technology that fits into this new lifestyle. Every bank and personal finance app in Australia have had to pivot their strategies from offline services to online platforms, particularly to adapt to smartphones. Over 48.9% of Australian smartphone users use banking and finance apps to manage their accounts. They offer better control over the finances as individuals can check them anytime, even when they are on the go. With a few clicks and taps, they can get their balance, budget, investing tips, breaking news, stocks and shares or transfer money. Here are a few benefits that personal finance apps provide to their users.
Allows Easier Savings
Saving money and spending within the budget are two challenging financial goals, especially with the advent of online shopping and quick pay. Mobile payments make it easier to go on a spending spree and lose track of one’s account. But having one of the most trusted personal finance apps in Australia can provide them with complete visibility about their income, balance and expenditure. Observing how much they spend on groceries, eating out, or morning coffee can be an eye-opening experience. Just knowing how much one spends on everyday things can push one to change their lifestyle. It can motivate them to spend less on items they don’t need. It increases the savings from each check and the investments. Personal finance apps help people become more selective in their spending habits.
No More Late Payments
Everyone has slipped up paying their bills a little late at least once in their lifetime. Late payments lead to excess late payment fees, which is just money going down the drain. It is a tedious task for people to keep track of all the payments over several months. A great feature about personal finance apps is that they can alert users when they are due. Some also set up alerts to notify them a few days before the due date to pay the bill well before. According to Moneysmart by the Australian Securities and Investments Commission, personal finance management systems not only help people save money but can also help improve their credit score.
Define Financial Goals
Having well-defined financial goals is a recommended practice to have wherever a person is in life. The best personal finance app in Australia can help people set their financial goals and take the necessary steps to achieve them. Some recommended financial goals include paying debts with high interests, having savings worth at least three months of bills, having an emergency fund, investing the income in stocks and mutual funds. No matter the goal, it always helps to have a personal finance app to track them and make modifications whenever necessary.
Enhances Financial Confidence
There are times when a person would reach the counter, but he isn’t sure if he has the money to complete the transaction. It is not the best feeling to know if the bank account or the credit card is positive or negative. Keeping track of the balance and the expenditure can help them quickly check their accounts before making a transaction. By consistently following the goals set in the app, they can be confident that the purchases that they are making are based on well throughout financial decisions. It also helps them stick to intelligent spending habits.