Can your phone help with your finances?

It’s something we all have – that we usually exclusively keep to stalking Instagram profiles, making calls, and sending memes. 

Gone are the days of heavy bricks with ariels (if anybody can even remember those), now we have tiny little computers in our pockets. We should be making the most from them. 

When it comes to finances, our mobile phones can not only make it SO much easier to manage our money, but there is an array of apps out there to help us with our spending habits. 

We’d go as far as saying that a mobile phone can actually help save us money. Here’s how. 

Monitor your spending and budget 

We get it, nobody wants to be exposed by their mobile phones…sometimes it is necessary, though. 

While it might be a “see no evil, hear no evil” type of thing – it has to be done. Diving into where you are spending your money can be really eye-opening. Yes, even if you have to read that you spent hundreds on clothes or shoes. 

Finance apps like Mint can hen swoop in and save the day. By setting budgets and monitoring spending, they will be the eyes of your finances, when you don’t really feel like it. 

A bittersweet part of these apps is their weekly spending summaries. At first, they might shock you a little bit, but they are helpful. 

Compare the best deals

One of the biggest advantages of technology, when it comes to finances, is the ability to compare. 

This can be regarding the bigger purchases like bills and car insurance, and even tiny little products that you may see in a store. 

How many times have you fallen in love with an item in a brick and mortar shop and impulse bought, only to check online and find it for much cheaper? 

Your phone allows you to find the best deals, wherever you are. 

Online banking 

Another major win for finances and mobile phones is online banking. 

There is absolutely no need to visit a bank to make payments or to set up direct debits anymore. Likewise, you can cancel any direct debits, at any time. All from the comfort of your phone. 

This becomes especially important to make sure that you don’t miss a payment. Late fees and overdraft fees are common – but they are avoidable. 

Setting reminders on your phone, and then paying said bill with your phone helps you to avoid those pesky late fees. 

Also, major banks have taken into account that we have a major love affair with our phones – some even offer various budgeting tools alongside their standard banking app. That’s always a positive. 

Artificial intelligence 

Artificial Intelligence has revolutionised traditional budgeting tools, too. This not only eliminates the need for you to input everything but allows you to be in total control of your finances. 

The best example of this is the Cleo app. This is AI-based and links your own transaction data to your spending habits – helping you to keep track of your budgets more firmly. 

You can also TEXT the Cleo ap from wherever you are. So, “how much have I spent on food this week?” and “How much money have I spent this month?” can easily be answered. 

Don’t worry, Cleo doesn’t judge you either. It’s just like having a totally understanding accountant ready to answer all your queries instantly. 

Roundup Apps 

Have you heard about roundup apps, MoneyBox is leading the way with this kind of technology. 

Yes, you guessed it – it rounds up your spending. So, if you spend £3.80 on a sandwich, MoneyBox will round that up to £4 and put the 20p into a stocks and shares ISA. 

This means you can spend £24.50 at the pub after a long day, and the app will put that 50p in a safe place. 

MoneyBox claims that users round up an average of 28p with every transaction. This means they save over £400 a year, without even realising. 

We need to download this app, right away. 

The apps that do it all for you

There are apps that just save everything for you, too. Chip works on a “micro saving” principle. It automatically saves money. 

For example, you set how much you want to put away, and the day you get paid, Chip just does it. 

Chip is its own bank account, which comes with a big benefit, too. With a starting interest rate of 1%, you can boost this to 5% by inviting friends, and you’ll get an extra 1% each time a new person signs up, using your code. 

We know, putting your trust into a robot can be hard. With AI, though, your mobile phone and these apps have such a promising algorithm that we and thousands of others can really vouch for it. 

Why is AI important?

We just want to talk about AI, and how it can distinguish between an occasional splurge in money and actual regular payments. 

When it comes to saving money, no month is ever the same – one month you could save hundreds, and the next, you don’t have anything left and that’s fine. Financial apps can pull all your information together, and really help you meet your budgeting goals. 

Ultimately, these apps will take a lot of stress and fear away from managing your money. Saving and budgeting can be seen as a negative, but we’ve found that these have turned it into a positive. 

So much so, that we think these apps represent the future of personal finance. 

So, to answer the question “can mobile phones help us with our finances?” we have to give it a big YES. Not only can they ensure that we don’t rack up late fees, but AI technology and innovative apps can help us save hundreds every year. 

With minimal effort, we can make better financial decisions, and take away the financial stress a little bit – something especially necessary during these hard times. 

What apps are you tempted to download, now? 

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