How Apps Can Help with Personal Finance

How Apps Can Help with Personal Finance

May 2, 2020 0 By admin

The app market is one of the most active parts of the technology retail sector. One category that’s been undergoing a resurgence of interest is personal finance. Because of advances in technology and the fact that consumers have easier access to their credit reports, apps that help people diagnose and solve money challenges are big sellers. Why do so many adults use apps to help them save for a home, sock cash away for a vacation, or set funds aside for retirement? Because it’s simple. Gone are the days of complex spreadsheets and hours of calculations. The modern era of personal money management is about downloadable apps that do the heavy lifting and deliver solid results. Here are some of the top product categories among the best-selling apps.

A Home Purchase

Purchasing a home can be a daunting experience. Just getting off square one of saving for a down payment or selling your current home is a big challenge. Android apps that help plan and save for a first home purchase are among the hottest on the market today. New college grads are prime candidates of marketing campaigns, as they should be. Adults in their early and mid-twenties often have well-paying jobs but next to nothing in savings. These applications, most of which you can download for free, offer a template-based strategy for accumulating what’s needed in terms of down payment cash, credit scores, and finding a reputable realtor.

Student Loans

Several android apps help users apply for and/or refinance student loans. In fact, refinancing education debt is an ideal way to save money, month after month. Not only do refi applicants usually get more favorable interest rates, they also can get more time to repay and significantly lower monthly payments. These products are among the newer items in this retail category but they’re quite popular with adults who have been out of college for several years and looking to continue to get ahead.

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Retirement

One of the common bonds of modern culture is the need to save for retirement. Maybe that’s one of the reasons that standard android devices now come with IRA planning templates. If your phone doesn’t have one, simply download one of the free products from the net and get ready to see how much you’ll regularly need to set aside for a comfortable retirement. The sooner you start planning for retirement, the greater the compound interest factor will be.

Savings

Some of the coolest, cleverest application codes are in this category. There are literally hundreds of android products you can download for free, or for a small fee, that will round up all your purchases to the nearest dollar, deposit a fixed amount of money into your savings account every week, calculate exactly how much you need to save from each paycheck to reach a monetary goal by a set date, and more. Consumers are often surprised at how agile and helpful these savings applications can be. For example, simply rounding purchases to the next-higher dollar value and banking the difference can net you nearly $1,000 per year without much effort.