• 5 Tips To Manage Finances & Investments From Your Smartphone

    by  • 20 May, 2012 • Tools • 1 Comment

    Managing finance is one of the most important day to day task for an investor. Technology has made it so easy that you can manage your day to day finance and investment portfolio from your smartophones now. There are many applications available on various operating systems which will help you to manage your finance and investment portfolio and day to dy functionality from your smartphone. These mobile applications can be of great help when it comes to making life easy in financial markets.

    Perhaps some are against sharing sensitive information on smartphones, don’t worry, these applications do not require you to create an account. These applications are just tools to calculate your ROI, Revenue, Expenses, Earnings, Profit, Loss, Bank Accounts, Credit Cards and much more.

    How To Manage Your Finance From Your Smartphone ?

    1. Record your expenses

    The best way to know whether you are spending too much is clearly writing down your major expenses. Some expenses are very common: rent, mortgage, household expenses, cell phone bills and internet. If you write all these things, you can make a prediction of how much you’ve spent and, crucially, when to control on spending.

    There are several apps to do so. If you have an iPhone, the best option is MoneyWiz. This is simple and intuitive application. It’s also available for Mac and iPad. MoneyWiz allows you to keep track of all the usual expenses you have, with the option to develop charts to forecast your expenses

    If you are an Android user, a great option is MoneyWise . With this application you can record your daily expenses, create graphics though not as good as those of MoneyWiz, set budgets, and so on. Its free version is very complete, and is a good way to keep your household finances in order.

    2. Keep control of your finances

    Your normal expenses may not be too extravagant, and almost always remain within the same horizon. What you need to take care of is Extra Expenses. If you are to make a major purchase, such as an electronic article or a similar item, it may cost you a lot of money and you have to make a projection of your finances before doing so.

    Both MoneyWiz and Moneywise can be helpful for this. To control the amount of daily expenses you have, you can use iOS free version of Bills , a very useful app that offers a calendar with your expenses and income.

    Also for Android, you have App Payment Scheduler, which has a very beautiful design. This app allows you to schedule our regular payments and make projections. Erase Debt and Mortgage Calculator are two amazing applications if you are indebted or you have mortgage. If you know what’s your balance as of now, you will be able to decide if it’s worth buying a new computer now or wait a few months until you finish paying off some debts.

    3. Get a quote

    Naturally, if you know how much money you are spending and how much money you are going to get in near future, you be in a better position to decide financial stuff.

    A good application for Android to keep abreast of what is happening with your monthly budget is My Budget Book. This application works without access to the Internet also.  It’s a good way to have influence on your overall budget.

    4. Record your daily expenses

    Now comes the hard part. If you really are a disaster to keep your finances in order, then you have to be more careful about your spending. A good way is to register every day. Grocery shopping, loads of gasoline or whatever, can be registered through your smartphone. Applications will be in charge of doing the sum.

    These applications will then allow you to see how you are spending your money  (a good incentive to stop smoking, for example, is to see how much you spend on cigarettes each month).

    Spendroid – clearly an Android application, can control your expenses. This application doesn’t only control expenses that you occur by cash but also those that happen in your bank accounts. An interesting alternative for iOS is Expensify, which also lets you create expense reports, something very useful if you’re also running a small business.

    5. Control your credit cards

    Finally, one of the biggest problems – we can call it “ignorance” – is not knowing what you are spending with your credit cards. If you are being cautious, then you are using the tool of Home Banking in order to know how is you balance. But if you do not pay too much attention, a good way to do this is through your phone.

    One of the best applications for this is Credit Card Payoff Calculator, where you can record payments, project costs, and keep track of different credit cards at a time.

    So, was it worth knowing all this ? If yes, give us your thoughts by leaving some valuable comments below.

     

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    One Response to 5 Tips To Manage Finances & Investments From Your Smartphone

    1. Jay T.
      6 June, 2012 at 7:02 am

      Thank you Elis.

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