4 Types of Apps to Use for Financial Planning 

financial markets reeling
financial markets reeling

Thanks to smartphones, we can manage virtually every aspect of our lives on the go. From healthcare to budgeting, financial apps are a valuable resource that every adult should download. You may be used to taking a backseat to money management, especially if you’re financially secure. While someone with a high income bracket may not need to micromanage every penny, they should still actively assess their spending and investments. These five apps will help you up your financial game and have more control over your budget than ever. 

Mobile Banking 

Most major banks have mobile applications that allow you to check your latest statement, send and receive money, open accounts and more. If you aren’t already using one, download your respective bank’s app ASAP. Mobile banking can be used for both business and personal use. If you are an entrepreneur, then you can even link separate accounts and monitor your company’s budget from anywhere in the world. Being able to access your money from anywhere also provides an added layer of security. If your card is ever used without your consent, you’ll immediately be able to see what charges were made and contact your bank to refund them. 

Insurance Provider 

Most insurance providers have their own apps that allow you to review your policies, make changes and even buy coverage on your phone. If you’re looking to buy a new policy, like life insurance, then you can get free quotes online, buy coverage and manage your account through your app. This is a helpful way to budget for premiums and plan ahead. If you buy a whole life insurance policy, you can even sell it for cash later on. When it comes to getting money for your policy, this can be a life or viatical settlement. If you’re interested in how life insurance can be used as an investment tool, you may want to first review a guide on how you can sell your policy. 

Budgeting 

Apps like YNAB (You Need a Budget) and Mint are wildly popular for savers of every income level. You can quickly link your account to your bank and gain visual representations of your savings. It’s easy to set objectives, track your expenses and even automate your savings. For anyone who manages multiple accounts or wants to get a better handle on how much they really spend each month, these apps are essential. Anyone who has a bank account should also have a budget. In addition to saving more, budgeting can also help you rethink money’s role in your life, curb impulsive buys and improve your spending habits. 

Investment Management 

If you hold stocks or want to learn how, then apps like Acorns and Robinhood are your best options. These apps make it easy for beginners and experienced investors to manage their portfolios and reach earning goals. While modern technology makes investment much more accessible, it also comes with its fair share of risks. Anyone who is new to stocks and bonds should thoroughly research how it works before they part with their hard-earned money. Investing is a fantastic way to grow your wealth, plan for retirement and build security, but it has to be done with a solid education backing your choices. Luckily, you can learn everything you need to know online. Many apps also come with knowledge bases that can help you make more informed decisions. 

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