Personal Finance Apps: Your Key to Financial Health

By Tina Martin on February, 2 2022
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Tina Martin

Managing money can be a tricky one. There's money coming in, (lots of) money going out, bills to pay, goals to achieve, and futures to think about. It can be a lot to consider, even for the best of us. Luckily, personal finance apps take the confusion and guesswork out of the process and help simplify it for you. Ruoff Mortgage shares essential information to integrating apps into your life for successful finances.


Benefits of Personal Finance Apps


Finance management apps are more straightforward than ever before. You'll always have access to your various accounts, with incredible insight into your spending habits and overall financial habits. At the click of a button, you'll see how much money you need to be saving or how close you are to paying off your student loans. This will be life-changing in actually sticking to set budgets. According to CNBC, most Americans struggle with impulse buying and poor spending habits - but finance apps help you monitor your apps to help cut back.


In addition to helping you achieve your future goals, apps can also help you manage past debts. Innovative strategies use real-time information to show you what you owe for loans, credit cards, and mortgages. Utilizing software like Plaid’s loan API is also excellent to help you budget, save and pay those bills on time!


Choosing a Personal Finance App


While every budgeting app is different, the main objective with all of them is to help you manage your money. Apps should be easy to navigate, for starters, and with seamless integration with bank accounts. You should also look for services with excellent customer support and certified secure networks. In terms of features, your app should help you:


  • Track and calculate spending (via Ruoff Mortgage)
  • Create a workable budget with spending verticals for different parts of your lifestyle (utilities, eating out, mortgage, etc.)
  • Set up and work towards your financial goals
  • Set up automated payments


Different apps will have specific key features, functionalities, and budgeting techniques that set them apart. When you're looking for a personal finance app, consider carefully if it helps you achieve what you want to do with its unique features.


Achieve Financial Confidence


We all have worries about our financial decisions. While being prudent about money is critical, too much hesitancy in making financial decisions can be detrimental. Struggling with money can result in hoarding cash without investing it or not taking advantage of available credit and zero-interest programs. The reality is, to grow your money, you need to get comfortable with a little bit of risk. With your finances laid out so clearly, you'll achieve confidence in investing, spending, and saving alike - but while committing fewer errors. If there are any mistakes in transactions or investments that aren't adding up, you'll be able to spot them well in time to correct them.


Build Wealth


Once you've resolved any outstanding debt issues, you'll be ready to make a plan to achieve financial independence and wealth. Personal finance apps can help you automate functions like setting aside monthly amounts to redirect towards your savings. As your investments build over time, you'll benefit from interest payments and capital gains. You'll find yourself with more money each month for your expenses, too. And as the years pass, you'll see you have more leftover for retirement - just by being more thoughtful about how you use your paycheck!


The National Payroll Week Survey reports that over 34% of Americans would struggle to meet their financial obligations if their paycheck was delayed even a week. If you're tired of living paycheck to paycheck and want to reach a state of financial health - personal financing apps are the solution for you.


Looking for more financial resources? Be sure to check out the informative articles and guides up on the Ruoff Mortgage site today!