If you feel like financial technology or fintech is passing you by, you have two choices: keep holding up the grocery line by writing checks or jump on board. A fintech company or app provides financial services through technology – most likely your cell phone. Learn how to update your financial game through some great fintech apps. There are many to choose from so focus on how the app can help you.
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There are some great tools out there to help you manage your personal finances and some of them are even free. Mint, for example, is billed as an all-encompassing money management tool that can remind you to pay your bills, help you create a budget and track your spending. You can connect all your accounts in one place. If you need something more akin to a personal accountant, for a modest fee, Quicken might be the answer. It has a ton of extra features that help you manage your investments and plan for retirement. If you’re not sure what you need, consider sending a question to expert Don Gayhardt to help tighten your learning curve, or if you’re squeamish about uploading your banking information, consider Goodbudget. This app lets you create “envelopes” for each type of spending from bills to entertainment. It’s old-school budgeting of divvying up your money into allotted categories without a bank account link.
Money Exchanging Apps
At this point, you’ve probably noticed an option to pay via PayPal when you order something online. The transaction is easy and doesn’t involve fees or sharing financial information. PayPal is also great for contract workers or small businesses who want to save money by eliminating paper checks. Once the money has been sent to your PayPal account, you can use it at most online retailers, bypassing the need to put in your credit card number.
On a smaller, friendlier scale, Venmo (run by PayPal) can be used among friends to split a check or pay a babysitter. “Venmoing” someone has become synonymous with paying your fair share. If you go out with a group of friends frequently, this is a great app for you all to have. It’s quicker than writing a check and less cumbersome than searching for exact change. These are by no means the only two money exchanging apps. To focus in on what will be really helpful to you, do some app research.
Also called Insurtech, insurance apps are changing the way claims are handled. Tractable, for one, speeds the process of disaster and damage claims through Artificial Intelligence. It offers real-time repair estimates. Many individual insurance companies like Allstate and State Farm offer apps that hold all your insurance information and help you streamline claims by uploading pictures of accidents. They also enable you to reach roadside assistance easily.
If you have been afraid of using apps then start slowly because there really is an app for almost everything. Choose one area that you feel like you can use some help – budgeting, banking, insurance, etc. and give it a try. Do your research, ask an expert and then download away. If the app doesn’t transform your life, it can always be deleted.