Numerous finance apps on the market provide a wide range of facilities. Here is a comprehensive guide on the different types of financial apps and how to choose the right one for you.

Main Types Of Financial Apps

Based on the services provided, financial apps can be categorised into different types. Payment gateways are generally used by e-commerce websites to facilitate easy payment for goods using debit or credit cards via payment gateways. For instance, Venmo and PayPal are a few apps that use corresponding gateways on e-commerce websites. 

Budgeting apps are designed to help with savings and expense tracking. They are usually associated with a person’s bank account, and the bank shares the user’s transactions with the app, which then creates a statistical report of all spending. Financial forecasting apps use high-end technologies and artificial intelligence to predict and analyse the risks or profits of making an investment. Banks and financial companies usually use these apps. 

Then there are online banking apps that are most commonly used by the general public. Banks have individual apps for their brand that facilitate customers to track their spending, create an account, and make payments. Bookkeeping apps are widely used by large-scale organisations to keep records of their finances. Peer-to-peer payment apps have become very popular in the past few years. These apps are used to send, receive, and borrow money from your peers. Lastly, there are tax management apps that help you with calculating taxes and filling out tax forms.

Focus On Your Monetary Goals

Using the right finance apps will help you achieve your monetary goals faster. The right apps will assist you with tracking your progress and figuring out areas for improvement. Different types of apps are better suited for achieving different goals. For instance, if you plan to get out of debt after a hefty purchase, then apps like Acorns allow you to set up saving and budgeting goals. If you want to monitor your spending and expenses, apps like YNAB are your best option since they have tracking and budgeting features. So, keeping your goals in mind while choosing an app is essential.

Review The Features And Pricing

The wide range of applications offered by finance apps is obviously not free; they come at a price. You need to weigh out the advantages of the features against their price to pick the best app for you. If you’re on a tight budget, then free apps are a better option. If you’re looking for premium services that help develop goal-oriented monetary plans, then the services provided by apps like Greenlight are perfect for you. 

Sending and receiving money is also another crucial aspect of money management. Check whether the app you choose facilitates the transfer of money between two different apps. Apps such as CashApp and Netsend have these features. Sending money from Netspend to Cash App is a simple and straightforward process. So, you should consider all possible features when picking an app for long-term use. Compare the services and prices of different apps and choose the one that is worth the investment.

Check Reviews

You can’t get a thorough idea of the pros and cons of an app just based on its description. So, the best way to understand if an app works for you is by reading its reviews. Looking through scores and reviews on app stores will give you a general idea of an app’s benefits and drawbacks. Feedback will let you know whether an app is worth using or not. It’ll give you insight into other users’ experiences with the app. You’ll save a lot of time and money by carefully going through reviews. After all, you don’t want to begin using an app only to find out later that it doesn’t meet your requirements.

Security

The foremost aspect you should be looking into before using an app is to check its privacy policies and data protection systems. Your banking information is very sensitive and can pose a lot of trouble if it gets into the wrong hands.  You want to choose an app that has been consistent with keeping users’ personal information safe and secure.

Understanding your financial goals and needs will help you make a better decision when it comes to choosing a financial app. There are a number of options to choose from. So, peruse through them all and you will certainly find one that works for you.

Moving into your 30s likely means being bombarded with new responsibilities like family dependency, loans, EMIs, insurance, kids, etc. And the list goes on. As such, it is important to be cautious and avoid any careless financial steps that could stun your financial growth and make you financially stagnant in the coming comings. Your 30s is the time to get smart with money. It might take some discipline to adopt sound financial habits, but they are sure to help you build your wealth. Here are some simple financial goals to pursue as you venture into your 30s. 

Create a budget and stick to it 

Spending frivolously can keep you from pursuing your financial goals. Hence, create a budget and stick to it. The idea is to know where your money is flowing. Once you are aware of your spending habits, you can make sound financial decisions. 

Even small expenditures like eating out or shopping can affect your financial plans in the long run. To stick to wise spending habits, document your expenses. Jot down how much you spend and what you spend your money on. Keep the receipts and check your expenses at the end of the month. Over time you will understand where your money is going and refrain from impulsive buying. 

Pay your debts 

Student loans, automobile loans, and credit cards- all these expenses have high interest. As such, you should try to clear these debts as early as possible, or else the high interest rates and repayments will hover over your head, eating up your hard-earned money. Write your debts in ascending order, irrespective of their interest rate. Pay the minimum amount for all the debts. But for the smallest one, pay as much as possible every month. Once you clear your smaller debt, move ahead to the next ones. 

Think long-term investments 

Investing your money is one of the most sensible financial decisions you should make in your 30s. Educate yourself on all the investment options available at your disposal. Share markets, mutual funds, treasury bonds, etc, are some high-yielding investments. Experts suggest putting at least 70% of your savings into mutual funds, index funds, and stocks to let them grow. 

Use insurance for risk management

Use insurance as a risk management tool. With products such as auto insurance, health insurance, home insurance, or life insurance, you save yourself from getting into a major financial crisis. If you can't bear the idea of filing paperwork or undergoing the long and tedious process of buying insurance, then don't fret. Salty, a high-growth insurance technology company , provides quick insurance when you need it the most. 

Save for emergency

Life can throw challenges anytime. It is only sensible to keep yourself financially ready to deal with the jolt. Create an emergency fund. Decide a minimum amount you should keep in it. Keep adding a set amount from your paycheck every month until you hit the base amount. Then, create incremental goals based on your expenses. According to experts, your emergency fund should be equal to 3 to 6 months of your living expenses. 

Save for your retirement 

While the 20s might seem too early to save for retirement, you should definitely begin saving in your 30s. Once you have paid off all your debts, start saving for retirement. Or better, don't wait to pay your debts. Even putting a small amount aside every month will make a big difference. While creating a budget, determine the amount you can spare to put in your retirement fund. 

The bottom line 

Being smart with money is something that everyone should learn before they turn 30. If you want to be wealthy and lead a safe and secure life, learn these financial lessons and adopt these simple habits to shoulder the full weight of adulthood. Make it a point to strive for these goals from the day you turn 30. 

For the past 16 years, Melanie White Terry has been working through her financial advisory firm, Harbor Financial Group. Her clients are primarily busy and highly successful professionals or entrepreneurs that have comfortably broken the six-figure barrier and want to secure their legacy.

Harbor Financial Group helps clients crystalise their objectives and take the time to understand what they want to accomplish from a business and personal perspective; giving them piece of mind.

What are the typical challenges that clients approach you with in relation to the management of their finances?

Most people don’t have the time, knowledge or inclination to implement all of the ideas and opportunities they want to pursue. Many have done some good planning. They have existing relationships with very good advisers. They have spent a lot of time talking about these things but, for some reason, the job never gets done. We will never undo any of the good work that they may already have in place, we tend to focus on their areas of vulnerability. We take responsibility for seeing their plan to fruition.

We typically explore some or all of the following seven areas:

• Family income and security
• Asset Shifting
• Asset Distribution
• Estate Equalisation
• Business Succession
• Asset Protection and Estate Depletion
• Charitable opportunities

What are the most important aspects that need to be ironed out in order to achieve satisfactory result and a well-organised retirement plan for your clients?

Understanding my clients’ objectives is paramount. I want to know how they feel about the areas they would like for us to consider: security for themselves and their spouse, estate distribution, general terms of their will or plan, succession plan, key employees, and tax issues.

It is also important to gather information about their family, business, real estate, liquid assets, qualified plans, life, disability and long-term care insurance, liabilities, charitable giving, and advisers.

Identifying issues and gaps in their planning and how they feel about them is critical.

Lastly, our clients should have enough discretionary income and/or sufficient assets to be able to either execute or at least begin the plan and the willingness to learn about what might be non-traditional planning opportunities.

How do you assist clients with finding out if they are compliant with federal requirements applicable to retirement? What are the key issues that they face in relation to compliance? 

We collect statements to support all of the information that we gather and keep up with the changing laws and regulations by taking applicable continuing education courses and leaning on the consultants on our team that have a wealth of expertise in tax law as attorneys and CPAs.

Additionally, we do a proper fact-finding analysis to determine their time horizon, investment risk tolerance and ensure that they are in plans for which they qualify, based upon their income, employer plan offerings, business structure, employee information etc.

How can your clients ensure that as much of their estate goes to their family on their death? 

Insurance is one of the foundations in a comprehensive planning strategy. We assess the amount and type of coverage they have already relative to their objectives and determine if there is a gap to fill.

We tend to recommend that our clients have enough life insurance to replace their income and pay off liabilities to creditors and Uncle Sam. When appropriate, we may recommend establishing appropriate trust documents.

Disability income insurance is recommended to protect what could be their greatest asset; their ability to earn an income.

Long-term care planning is recommended to protect assets because most of our clients did not budget for an additional $7,000-10,000 per month of expenses to self -insure above their retirement expenses.

Does Harbor Financial Group offer any solutions in respect of maintaining and growing wealth for future generations of the same family?

We make it a common practice to reach out to beneficiaries and other family members of our clients to address their planning needs as well.

Contact details:

9861 Broken Land Parkway, #150

Columbia, MD 21046

Telephone: 410-740-4719

Website: harborfinancialgrp.com

Email: mwhite@ft.newyorklife.com