How do you keep track of your finances? From pen and paper to digital software, there are plenty of options. One method that is growing in popularity is using your smartphone. You may be nervous to store such important information on an accessible device, but it is secure, easy and helpful. Spend less and save more by tracking your finances. Here are some ways you can use your phone to take charge of your financial life.
Tracking Your Cash
If you are like most people, you probably don’t walk around writing down every dollar that you spend. But, if you do use a lot of cash, there are plenty of ways that your smartphone can help you keep track of your spending and budget. There are many free money management applications you can download, such as Mint, AndroMoney and Money Lover, to help with just that. Insert individual purchases or the category and amount you spent, such as “$100 on groceries.” These apps will add it all up for you and help you budget, and some link to your credit cards so you don’t have to manually enter those purchases. It’s an easy way to stay organized without having to keep receipts for days and worry about confusing papers.
Along with adding purchases to your budget right away, financing on your phone enables you to keep an eye on other things in real time, too. You can see exactly when your paycheck hits your account, when your rent is taken out or if that clothing return actually went through. Getting notifications and updates for these types of events will help you better keep track of what you can and cannot spend. Plus, you may second-guess making a spur of the moment large purchase when you know that it’s over your spending limit notification. These simple reminders being present will help keep you on track for financial success.
The age when wallets no longer exist and are replaced with cellphones is almost upon us. Mobile payment and digital wallet services are growing in popularity and are accepted almost anywhere. Choose a phone that is compatible with these features, such as the Samsung Galaxy S6 Edge that works with both Android and Samsung Pay. It allows you to pay without having to worry about cards or cash and keeps track of it right on your phone. Plus, when you have a phone like this with a big memory, you can download plenty of apps to control your finances and further watch your budget.
If your phone is protected with a security code, so is the information you keep on it. You may think it’s a little unusual to keep such vital information in a handheld device, but as long as you take proper precautions, security should not be a problem. Don’t connect to unprotected Wi-Fi, and be sure to hide your screen when putting in your security code, or only use a fingerprint entry. Having your finances synced with your phone can also help protect them further. Signing up for text alerts for fraud and large purchases puts you in the position to stop fraudulent activity just as it is starting.
There are many benefits to keeping your finances on your phone, from tracking spending to using mobile payment options to having real-time updates on your accounts. Consider switching your budgeting over to your smartphone and witness the amazing features you should be taking advantage of.