Why You Should Use a Personal Finance App
Looking after your finances can be difficult. After all, financial mistakes and poor decisions are not uncommon.
In 2020, for example, $5 billion of the revenue from Las Vegas casinos came from gambling payments. Still, you can become more confident with your money and commit fewer mistakes. If you have ever looked at your bank balance and wondered where your money has gone, a personal finance app may be just what you need. From Joola, here are the main benefits of using a personal finance app.
Accounting is an essential part of every personal finance application. Most bank applications show your account balance, but they don’t offer any detailed accounting information. In contrast, personal finance apps offer professional tools that make accounting simple and hassle-free. For example, some personal finance apps consist of payable and receivable accounts, fixed assets, a general ledger, and bank reconciliation.
Financial Guidance Features
Making mistakes with your money is easy without a personal finance application. Luckily, personal finance apps can notify you of troublesome spending habits. You can even set yourself a daily, weekly, or monthly budget. Your card will then stop spending once you reach your limit.
You can also try the less traditional strategies supported by Joola. Invite trusted friends to join you in the app to share and support each other on your financial goals and reap rewards in the process. Check it out to see if you could benefit from Joola’s collaborative finance strategies.
Tools To Avoid Unwanted Fees
Late fees frustrate millions of people. Sometimes, you’ll forget to pay a bill, or you don’t have enough money to cover particular expenses. It doesn’t matter whether it’s an accident or your fault — your bank will hit you with a late fee. A report found that 26% of Americans made a late credit card payment in 2019. However, many personal finance apps can track the due date of your bills, so you’ll never forget to pay them on time.
Overdraft fees can also impact your bank balance. The average overdraft fee in the U.S. is usually around $35, and banks issue billions in these fees every year. When you use a personal finance app, you can select balance alerts to show whether you’re below $0.
Business and Personal Account Separation
Personal finance apps can be your best friend if you own a business. They can help you separate your personal account from your business funds. If you’ve formed a business, you must separate your business and personal accounts because you could lose your limited liability if you commingle funds. As a result, you could be liable for lawsuits and company debts. Fortunately, a personal finance app can help you avoid these issues.
Other Benefits of Personal Finance Apps
Here are some more benefits of using a personal finance app:
- Simple navigation. Developers build personal finance apps with easy-to-use interfaces to make banking simple.
- Robust security. Developers install strong security features to prevent security breaches.
- Customer service and tech support. Many personal finance apps offer around-the-clock technology support to ensure you can quickly resolve any issues.
- Goal-setting. You can set up your app to help you cut spending, save more money, or meet other personal financial goals, like buying a house. Use an online calculator to learn how much house you can afford and adjust your savings goals accordingly.
Always Look After Your Finances
A personal finance app is essential for handling your money. Using a personal finance app can help you stay organized and in control of your finances. You can easily track your spending, budget better, set financial goals and save money. Using an app makes it easy to stay on top of your finances and avoid unexpected bills or fees that may arise from not paying attention to your financial health. With the convenience, accuracy, and transparency that personal finance apps provide, managing your finances is easier than ever before!
Cherie Mclaughlin has been creating and growing couch-based businesses since her couch was in a dorm room. Through both success and failure, she knows that all it takes to be successful is a willingness to go into it with the understanding that it’s a learn as you go process, and the boldness to step out of your comfort zone and give it a shot.