Use Your Smartphone to Manage Your Money

Credit: Ivan Samkov via Pexels

The modern smartphone is capable of a lot of things. It can take professional-looking photographs. It can navigate you through traffic-congested roads so that you can reach your destination in the nick of time. It can play podcasts, plan your workweek and order your dinner when you’re too tired to cook. So, it should come as no surprise that it can also help you manage your money.

Banking

You don’t have to go to a bank branch to move your money around. You don’t even have to leave the house! All you have to do is download your bank’s digital banking app onto your smartphone. Then, you can access your accounts, check your balances, transfer funds, pay bills, and more.

Managing your money on your smartphone is a highly sensitive activity. So, you’ll want to make sure that your private information is well-protected on your device. Use strong passwords to log into your banking app and your smartphone homescreen to keep intruders out. When you do any online banking outside of the house, you shouldn’t do it on public WiFi — hackers could potentially access your data through that connection. Your information would be safer if you used a Virtual Private Network (VPN).

Borrowing

In times of emergencies, you may need some extra financial help through a loan. You don’t have to call your bank to book an appointment at the branch and start a long application process. You can pull out your smartphone and see whether you can qualify for Line of Credit loans through CreditFresh — if you meet the qualifications, you can send in your application right away.

With approval, you can request a withdrawal from your line of credit and have it deposited into your bank account in a short amount of time. Then, you can use those funds to cover the emergency expense. After that, you can pay back what you owe to replenish the line of credit’s balance.

Budgeting

A personal budget is a basic financial tool that everyone should have. Why? It gives you a clear guide of what you can afford to spend your money on and what will push you over the edge. By following a budget, you can minimize your chances of accidentally overspending and putting your checking account into the red. You won’t go overboard.

Avoiding financial trouble isn’t the only reason why you should have a personal budget. It can also help you track your spending, spot bad money habits, find opportunities to shrink variable costs, and work toward savings goals.

How can you make a budget on your smartphone? You can simply download one of the top budgeting apps onto your smartphone and follow the instructions. It’s wise to use a smartphone app for your budget instead of using a simple spreadsheet. Most budgeting apps will connect to your online banking, which ensures you have an accurate view of your income and spending. There’s no guesswork necessary.

Credit: Ivan Samkov via Pexels

Paying

Statistics show that more Americans adopted contactless digital payments during the pandemic, using their smartphones to make transfers and transactions to avoid handling paper money. With the growing availability of mobile payment options, it doesn’t look like people will go straight back into their old habits. Contactless digital payments are here to stay.

So, how can you use your smartphone to make payments? If you want to make in-store purchases, you can turn your smartphone into a digital wallet with the help of apps like Samsung Pay, Android Pay, Google Wallet, or Cash App. These apps allow you to use your smartphone in place of your debit card or credit card at the cash terminal.

You need to tap into the true potential of your smartphone. Look into all of these money management tools on it and get your finances in incredible shape.

This article has been published in accordance with Socialnomics’ disclosure policy.