In the Philippines, over half the population use banking apps. These have emerged after a recent legal change which means that, with your permission, third parties can access your financial data. Banking apps come in different forms, including roundup apps, which ’round up’ each expenditure of yours to the next dollar and put the extra money in savings. Furthermore, banking apps can oversee all your bank accounts and credit cards to bring to light your spending habits. Whatever your financial situation, banking apps can be a very effective tool when it comes to managing your money more effectively.
Easy to use and accessible to all
Given the tech-based world of today, it is no surprise that 75% of Millennials rely on banking apps to a certain degree. However, the intuitive functionality of banking apps are easy to use, making them suitable for all, whatever your budgeting needs. In addition to them being easy to use, something that makes banking apps particularly appealing is that you can view all your accounts on the same app. This helps you get a sense of your overall outgoings and spending habits, making it easier for you to keep a handle on things.
Saving money through ’rounding up’
‘Roundup banking apps’ link up with your bank accounts and round up each transaction to the nearest dollar. The app will then take the sum of ’round ups’ from your personal account and put it into a separate savings account, on a weekly basis. What makes this a popular type of banking app is the fact that it enables you to save money over time while not really noticing the incremental amounts of money being debited from your account each week.
Apps that monitor your spending
Superstores encourage customers to overspend with several carefully thought-out tactics. Money management apps can help reduce the urge to buy more than we need. They link to your personal accounts and credit cards tap into your current accounts and categorize your spending. From here you can set your own budgets and download reports one your spending habits. As a result, you are more likely to be self-disciplined and stick to your budget.
Banking apps: a helpful option for managing money
The many different ways of paying for things these days can make budgeting particularly challenging. However, banking apps can give us a helping hand. Whether you want to reduce the amount you spend on trivial things, or you want to find a way of saving more money, there are various types of banking apps out there that can help you manage your money more effectively.
