Financial literacy 101: Mobile apps for the financial savvy

When it comes to managing your financial life, there has never been more technology to streamline and support your financial well-being. With so many tools available, where does one begin? In this quarter’s edition of Financial Literacy 101, we highlight some of the most useful financial mobile apps to consider for budgeting, credit monitoring, savings and more!

Are you currently utilizing technology to make your life easier in any or all of the following areas?

Budgeting

Only one in three Americans prepare a detailed written or computerized household budget that tracks monthly income and expenses.[1]

Let’s face it, budgeting and expense tracking is a chore. While the vast majority of us do not keep a detailed monthly budget, utilizing an expense tracking platform to gain insight into past spending patterns can be even more valuable.

Why?...Because tracking your past expenses provides insight into your actual spending behaviors whereas a budget is often an optimistic forward looking plan.

Learn more about the programs with mobile and online interfaces to not only track your spending, but also aggregate accounts and track your progress toward savings goals.

Credit monitoring

79% of consumers who disputed credit report errors were successful in removing them.[2]

While consumers have good success in disputing credit report errors, one needs to monitor their credit to be aware of any unwanted surprises. If you are not currently monitoring your credit regularly check out some mobile apps to consider that will also guide you to becoming a more informed credit score consumer.

Savings

Whether you prefer utilizing a credit union, a “big bank”, or an online bank, the technology available for setting specific savings goals, creating a plan, and tracking your progress towards your goals has come a long way in recent years. In addition to utilizing your bank’s mobile app, find other options to consider that can support a multitude of savings goals.

1 https://news.gallup.com/poll/162872/one-three-americans-prepare-detailed-household-budget.aspx

2 https://www.credit.com/credit-scores/10-things-everyone-should-know-about-credit-scores/