Money management via your Smartphone or any other mobile phone opens up a whole host of new options for people who are keen to cast an eye over their finances.
There are a multitude of applications that allow users to watch their spending and to break down exactly where their money goes.
When finances are not readily available, having your available funds to hand can help to ensure that you don’t go ‘into the red’, with all the added hassle and fines that can occur as a result.
Synchronising with software
Being able to synchronise desktop and mobile software can help to provide up-to-date financial information.
It also means financial data is backed up elsewhere should anything happen to the mobile device it is stored on.
Using software also enables statements and transactions to be printed, meaning a hard format of your finances can also be kept should you so desire it.
Money management apps can also track spending and are capable of recording all transactions in a similar fashion to the way they would be recorded on a bank statement.
As a result you can be clear about what you are spending your money on from any location.
A considered approach to finance
Managing accounts in this fashion can be essential if any direct debits or transactions are due and there are not enough funds in a specific account to cover it.
Applications can be found for most Smartphones, including iPhones and Android devices, all of which can dramatically improve your financial management abilities.
Alternatively, you could manage your finances with the use of a prepaid card, as spending would be limited to whatever finances were available on the card.
In addition, they also offer plenty of security and funds can be credited should the card be lost or stolen.
New approaches to online shopping
Some applications are capable of merging your email accounts and gathering data on what you spend when you purchase products online.
That means that you not only know when items are due for delivery, but also how much you spend on specific sites and on specific items, such as furniture, clothes or food.
Other apps can log receipts of expenditure, which is especially useful if claiming back through company expenses or via certain schemes.
Managing your finances can result in a far greater amount of disposable income if done in the right way, so why not see which apps could help you.
Expert Comment: There are a number of money management App’s such as Mint, Manilla, Slice, Daily Cost, Check & Expensify which can help you manage your finances using your smartphone. However, the key to which app works best for you or for that matter, how effectively any money management tool works, whether it is a smartphone app, a prepaid card or a piggy bank, is dependant on your ability to set clear goals and define what you want to achieve. I am working towards saving enough for a deposit for a London mortgage; what are your financial goals for 2014? – Amit Sharma
Amit Sharma is the CEO and Founder of www.prepaid365.com and a senior prepaid industry consultant. You can follow him on LinkedIn.