There are several ways to pay in the 21st century. There’s always credit cards or the old bills, but payment apps have recently been developed and they’re now used by many people.
Payment apps are usually connected to your bank accounts and allow you to use your credit and debit cards without having them physically with you. This is why they’re also called mobile or digital wallets.
Firstly, you download the app on your phone. You should choose the best for you, according to their limits on how much money you can send, how high the fee is, and other variables.
Then, add whichever cards you’re planning to use on your app. Since they’ll be ready to use when you need them and won’t ask you for passwords at the moment of the transaction, make sure that your phone has a strong password!
When paying in a store, most apps have a simple system. You may be allowed to pay by tapping your device at a point of sale, or your app could display a code that the cashier would scan to complete the transaction.
Some apps even let you send money to friends and family! In this case, you’ll need their phone number, email address, or their social media account, depending on the app you’ve chosen.
You might find yourself in a position where you’ll think it’d be easier to receive money from some payment through some of these apps. You should also check which apps let you accept these mobile payments and, if they do, how high their fee is.
Use money management apps to improve your finances!
So, we all know the rule: save more money, spend less. And as simple as it sounds, it is definitely not easy to get there. But there’s no need to worry. Fortunately, technology is here to make our lives easier.
There are many apps out there that will help you manage your finances, but not all of them are good. Here’s a list of 3 of them that will actually get the job done:
This app will allow you to sync all your investment accounts and expenses in one place. You can monitor and track your mortgage, credit cards, etc.
A great feature of this app is that it will detect any hidden fee you might be paying and it will calculate how much it is affecting your retirement plan.
YNAB stands for You Need A Budget. And it is true, we all do. This app will allow you to easily sync all your accounts in one place so you can manage them all together.
It presents all your financial information with charts that make it a lot easier for you to get the idea of how your finances are doing.
It also offers the possibility to create saving categories and set goals.
The best feature of YNAB is that there is a community built around it, so if you ever need support or advice, you can hop on to the YNAB forum or listen to their Podcasts.
This app will allow you to manage your investment accounts, including IRA and Roth IRA. If you require investment guidance, Wealthfront is the app you need. They will automatically rebalance your portfolio that can be composed of 7 different types of assets.
The sooner you start taking control of your finances, the sooner you will start enjoying your economic freedom.
Stay on top of your budget with Virtual Wallets
Sitting down one afternoon to create a budget and control your finances is not a pleasant task, but there is no escape. We all need to do it. Fortunately, there are a lot of apps that will help you with that.
If you are tired of living in a paycheck-to-paycheck cycle or you need some help organizing your finances, you can always turn to technology for a little extra help. Here are some great virtual wallets that will help you manage your finances:
Acorns will help you control all your accounts from one place. You can start investing your money, and the starting point is as little as $5. Among its many features, you can find an automatic contribution option, a customized portfolio that matches your exact needs, and very low management fees, ranging from $1-$2 per month.
Albert will dramatically improve your budgeting technic. If you tend to calculate your budget by subtracting your expenses to your income, this is probably the best app for you. It will help you detect any overpayment you’re currently making and it will also detect any saving opportunity. And it’s free!
You will never again miss another bill with Prism. This app will help you stay on top of your money by giving you a full picture based on your income and all your bills. They will sync your account balances and bills and from there, you can make every payment and keep track of all the due dates.
The good old envelope method reimagined. With this app, you can create budgets and set saving goals. It will allow you to connect multiple bank accounts and create real-time budgets with automatic transaction syncing. You can select to pay a low $4 monthly fee or $40 annually.
Take control of your finances. Use all the means available to stay on budget and learn how to manage your money. Build better money habits and improve your spending and savings!