One of the advantages of Smartphones is that they have enabled users to get smart with their money. Apart from considerably simplifying the process of banking, the smartphones have a wide range of apps that can help you to save your money by ensuring it’s spent wisely.
As most of us have our expenses disorganized, there are few wonderful apps that can help in organizing out personal finance. While we always had the access to accounting tools and spreadsheets, these apps take you a step further by enabling you to see the big picture of both your income and expenses.
By continually managing the disbursements in a better way, you can have more control over your finances. Check out the list of apps that can help you achieve it.
Financial Reports
There are a host of innovative cloud-based apps that have a fairly simple interface, yet are effective in tracking your spending and assisting you in micro-managing your expenses.
The apps have a profound mechanism to prepare a real-time report on your expenses in comparison to your income across various timeframes such as annually, quarterly monthly and weekly.
Some apps also have the feature to generate such a report on a daily basis, which can enable you to see the report for even yesterday and compare it with the day before.
Expense Categorization
While most of us are aware of the total expenses on a monthly or daily basis, it would be interesting to find out the avenues where we spent the most. For instance, you may like to know how much you spent on food, groceries, entertainment, etc. However, distinguishing the expenses using a manual tool such as spreadsheet can be a tedious task.
It’s the smartphone that again comes to our rescue, as there are a couple of apps that specialize in categorizing the expenses based on various parameters. By giving you a detail report on how much you spent and on what, again for various timeframes, they can give a profound idea on where your money is descending.
Tax management
Keeping track of various taxes such income tax, estate tax, sales tax, etc., and making timely payments can be much more intricate than it appears. However, there are a number of smartphones apps available as paid versions or for free that can help you manage your taxes much more efficiently. They not just help you with the reconciliation but also send prompt reminders when each of the tax is due. Furthermore, they keep a track of the taxes paid that can be really helpful during the end of the year.
Currency Conversions
Frequent travelers have a lot many things to remember. However, keeping track of currency rates to find the best deal might just be one of those things that are easy to forget; but not if you have a smartphone with a capable currency converter app. Such an app wouldn’t just give you a timely reminder, but also can automatically convert your currency based on the latest exchange rates, which can be quite handy when you travel.
Banking
Your banking app can be quite handy in assisting you in making automatic payments without fail, and can thus save you from paying unwanted late fees. The app can also keep track of your expenditure by providing both mini and detailed statement copies. It can give you a prompt reminder on the balance whenever you make a purchase, and can also come in handy if you wish to transfer funds quickly.
While these are some of the types of smartphone apps, there are a number of new apps getting launched regularly. By utilizing these smartphone apps in the best way possible, users can organize their personal finance much more efficiently.
