There are plenty of money management apps available, but are they right for you? and which one do you choose?
In a recent Wall Street Journal Article Geoffrey Fowler reviewed several money management apps designed to help you save, it is well worth having a look at to see what is available and if they might work for you.
I think the bigger question is why do we need all these money management apps in the first place?
There are apps for everything else so why not have money management apps as well, we all live the world of smart phones and technology so it does make sense from that aspect.
But the more serious point is, as Geoffrey points out in his article “adults under 35 have a savings rate of negative 1.9%” in other words they are spending more than they earn. Is a money management app going to address that problem?
I am sure for many of those who are spending more than they earn it is technology that got them there in the first place.
What do I mean by that? Well, we are so far abstracted from money we may have no idea what we earn what we spend, we don’t see our hard earned cash so it disappears before we realise it has even arrived. The ease of spending and obtaining credit is a major contributor to the problems the under 35’s are experiencing.
I am not saying don’t use money management apps to help you manage your money, what I am suggesting is you make sure you know what is coming in and what is going out so you are making your own choices about what you spend and what you save.
Just for 30 days, go back to the good old days and track your spending, (yes, I mean using a pen and paper method), then once you know what your spending habits are and what you need to work on you can then make a much better assessment of which money management app is right for you.
If you would like to learn more about your spending habits and behaviours and how to change them, feel free to drop us a line