In the past few decades, smartphones have changed every aspect of our lives, from keeping up to date on the news, to keeping in contact with friends and family.
Around 87% Australians own a smartphone today, and the numbers of smartphone users are projected to increase even further according to Statista figures. But many Australians don’t know that the helpful devices in their palms can be seriously useful for managing personal finances too. (https://whitejasmine.com)
In this guide, we’ll explore all the ways your phone can help you keep on top of your money in 2022.
- Budget
According to CEIC data, Australian household debt reached a whopping 124.5% of GDP in March 2022 – up from 44.2% in 1988. It’s likely this will only rise as the cost-of-living crunch develops through 2022 and 2023.
To bear down on debt, you need to budget, but that doesn’t mean you have to bury your head in a spreadsheet.
There are lots of apps available to keep on top of your budgeting. Apps like Emma, Money Dashboard and Plum let you quickly and easily create a budget and keep track of your spending each month
- Save money
Smartphone apps can also help you find discounts and better deals for your shopping, bills and more. Downloading apps like Honey give you access to all possible discount codes out there while you shop online, though the mere act of shopping online is often enough to cut your costs – online stores are constantly hosting sales, and you can get alerted to sales occurring via app.
- Investing
Whether you’re putting your money in an index fund or betting on the upwards and downwards movement of stocks and shares via CFD trading, there are lots of apps that let you do so from the comfort of your smartphone. If you’re day trading, this can be useful, letting you keep on top of trades while on the go.
- Managing your bank accounts
With so-called neobanks, there’s now no need to go to the bank in person. So, whether you need to move money between accounts, order and cancel lost cards, or even apply for forms of credit like loans and mortgages, your bank’s app will almost certainly let you do it.
- Making payments
Payments made via banking app or payment platforms like PayPal are arguably much safer, simpler, and fuss-free than meeting up and paying someone in person. You’ll likely be protected if something goes wrong too, with many payment apps having reliable complaints procedures you can call upon.
How do you use your smartphone to control your finances? Let other readers know your top tips and tricks in the comments section below/
