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We have another guest post this month, from Cherie McLaughlin! Here is her bio:
Like many of you, Cherie has seen all the social media posts promising to help you start your own business from the comfort of your couch. The catch? You have to pay for the golden ticket to couch-biz success, whether it’s a course, e-book, or one-on-one info session.
Take it away, Cherie!
Have you ever heard the expression, “There’s an app for that?” This Apple slogan holds true, considering you can purchase groceries, book a flight, and even manage your finances all from your phone. With so many options for finance apps, it helps to know how to choose the best one for you and also how one or more can help you.
How to choose the best apps
First, consider using your bank’s app, which usually lets you view any accounts you have and even transfer money. Often, banks offer the convenience of depositing checks via the app, so you never have to leave your home.
Next, determine what you’re looking for in a financial app. Do you need one to repair your credit, or are you looking to keep track of all your finances in one place? Perhaps you need an app to help you save money for a major expense. Take into consideration your financial goals and your weaknesses.
Additionally, read online reviews and compare your options. Look for apps that previous users stated are easy-to-navigate and secure.
Have all your financial information in one place
You can track all your finances in one place with a finance app. It lets you know how much you’re spending and how much you’re saving. Depending on the app, you may even be able to keep track of bill due dates to prevent paying late fees. Certain apps are specifically meant to help get you out of debt. Often, you can monitor your credit score, which is particularly beneficial if you plan to buy a car or house.
Know your faults and how to improve
With a financial app, you can stay on top of various aspects of your finances. You can determine your weaknesses, set goals, and even receive advice to improve your financial well-being. For instance, if you use your banking app, after reviewing your withdrawals, you can see where you’re spending the most money and find ways to decrease expenditures.
Use an app to save for a home
If you’re a veteran, a down payment isn’t necessary when you’re purchasing a home, but everyone else typically needs a minimum down payment of 3%. Ideally, though, for the lowest monthly payment possible, strive to put down at least 20%. In general, this means you need to save thousands, and you also need extra funds for closing costs.
Fortunately, saving for a home can be easier with an app. Use another app to determine if you can afford a particular home by inputting the house’s price, your down payment amount, taxes, and other information.
Use an app to save for retirement
Essentially, it’s best to start saving for retirement when you’re in your 20s. However, if you’re older, it’s not too late to begin. By searching in an app store, you can find apps especially for saving for retirement that can help you meet your financial goals.
Better financial health is available with an app
Get out of debt, save for a home, or improve your financial well-being in general with one or more financial apps. Make sure you select options that are easy to use.
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