I often ask the question, “Are you a master of money, or a slave to it?”. For anyone wanting to master money management, smart budgeting is an important cornerstone of success. Many people would be amazed at the dramatic results that can be realized simply by paying closer attention to how you spend and save, and by having a spending plan. By cultivating good habits and overseeing your spending plan with care, you can make amazing progress toward your goals.

Even better, thanks to today’s technology, we have a whole range of exciting new tools that can help make this process simple, easy and a pleasure to navigate.

Smarter spending and better saving through technology

One of the best things about modern personal finance is the availability of so many great software applications. These digital tools can be exceptionally useful in terms of helping you keep your money management goals on track.

To help you find the tools that work best for you, consider looking for the following features  when evaluating money management apps.

  • A comprehensive approach to personal finance. Today’s most powerful money management apps allow you to sync all of your accounts. This includes credit cards, checking and savings accounts, recurring bills and even your investment portfolio. By choosing an app with comprehensive features, you can get a bird’s eye view of your financial situation, and make changes as needed.
  • The ability to check your credit score. Many money management apps allow you to check your credit score instantly, at no charge. This is a highly convenient way to monitor the health of your credit.
  • Built-in notifications. Today’s software apps can send you an alert if you’ve forgotten to pay a bill in a timely manner or if you exceed your budgeting projections.
  • Month-to-month expense tracking. This feature allows you to uncover basic spending patterns by tracking how your expenditures change on a monthly basis. You can evaluate how much you’re spending each month on food or transportation costs, for example, and even break these categories down into smaller groups (spending on coffee, Uber etc.).
  • Resources outside the platform. Many apps offer links to supplementary materials, including financial podcasts, websites, tutorials, etc.

The takeaway

Smart money management is essential to leading a happy, fulfilled and financially independent life. By looking for the features I’ve listed, you’ll be able to find the app that’s right for you. Please contact me for additional information on becoming a Master of your Money!

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