Financial Health 101: Do You Need a Personal Finance App?

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If your goal is financial health over the long term, a good plan created by your financial advisor helps you achieve it. This professional may recommend you use a personal finance app to help you stay on track with your investments, savings, and spending. E Technical Talk presents everything you need to know about this helpful money management tool.

What Are the Benefits of Using a Financial App?

A financial app offers you many great benefits designed to help you maintain your financial health.

1. Track All Your Accounts

Does having one place to check on all your bank, investment, and credit card accounts appeal to you? That is the convenience you get with a financial app. This tool receives the information from all the accounts you grant access to and provides real-time metrics on one dashboard.

If you want to manage personal and business finances, it is better to separate these two into different accounts. This is especially true if your business structure is a corporation or a limited liability corporation. Combining all your funds could cause you to lose your personal liability protection for lawsuits against your company and leave you responsible for paying any debts.

2. Protects You From Mistakes

A mistake can be critical when it comes to your finances. A well-chosen app enables you to view all your transactions so you can catch an error and correct it quickly.

3. Makes Budgeting Easier

This type of tool makes budgeting easier because it does all the work for you. Enter in all your major expenses and how much you owe on any debts, and It will generate payments for you. It also reveals all of your digital spending amounts and habits so you can cut back on those lattes, if necessary.

4. Simplifies Banking

Your banking can be done from any location with a personal finance app. You can balance your checkbook, make a payment, or transfer funds from one easy-to-use digital dashboard. You may even find that your app keeps tabs on your credit score, which is important to know if you plan on opening a credit card, starting a business, or buying a home. A good score is considered to be 740 and up.

How Do I Select the Right App for my Needs?

There are so many financial apps available today, so it is essential to choose one that meets your needs and is compatible with your accounts. The most significant component is to select one that has a reputation for ensuring security of all your financial data. This protection is essential to keep hackers out of your accounts.

There is no use in having this tool if you are confused about operating it. Look for an app with a user-friendly interface that is easy for you to manage. Browse online through the available apps and try out a couple of options to see which one is the most comfortable for you.

It is also helpful to select an app with an API to retrieve bank account balance that helps you avoid overdraft fees. The tool verifies your current account balances to prevent you from transferring funds you don’t have available.

Many apps focus on a specific goal. Whether your goal is to pay off debt, save for retirement, start a college fund, or build up a hefty health savings account, you will find an app to help you.

The convenience and features of a financial app make it easy for you to keep your financial goals on target from any location. You can keep your personal and business monies separate, avoid critical errors, check progress on short- and long-term goals, and stay on top of critical financial details like your credit score. Finding the right tool for your needs is the first step.

Looking for technical reviews or information? Visit E Technical Talk for tips and resources from the pros!


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