How to Hold Your Financial World In Your Hands

Elaine King

“How much have I spent on eating out this month?” you wonder to yourself as you’re deciding whether or not to order take-out. If you used a budgeting app, all you’d have to do is bring up your expenses on your phone to find the answer. 

In today’s world, technology, including cutting edge tools like artificial intelligence are here to help you manage your finances. By using the correct apps, you can make sure you are achieving your financial goals. These apps can save you the time you’d have to spend crunching numbers by analyzing and tracking your finances for you. 

Before you start adding any financial app to your phone, you should know that each financial app you use should serve a specific purpose. After evaluating the needs and focus you have, you can identify a helpful app that will help you reach your goals. 

There are seven main steps in financial planning that you should consider. They are:

  • Discovering your personality in finances. Are you a spender? A saver? Do you love to invest? Or maybe you’re a giver? Your financial personality affects how you think about money, your priorities, and how you spend.
  • Setting goals. You need motivation to change your money habits. If you want to save money, why do you want to save it? Maybe you’d like to save for a vacation, to ensure a good retirement, or for a rainy day fund. Your goals will help you stay focused on making it to the final destination.
  • Making a budget. Everyone needs a budget to help them decide how to spend their money. If you need help in this area, check out the GoodBudget app. With this app, you divide your money into categories such as groceries or entertainment. Then, the app tracks your spending in each area.
  • Saving. Everyone should save as a part of their budget. Save before you spend. Otherwise, you’ll only save what’s “left over” which is often nothing. Try Chime Bank if you struggle to set aside money for savings.This bank offers several solutions including saving a percentage of your paycheck or rounding up purchases to the nearest dollar.
  • Eliminating Debt. The interest you pay on debt can add up quickly. That’s why it’s smart to make a good plan for paying off debt. Whether you take on a side gig to earn more money to pay it off or you find new ways to scrimp, paying off your debt is a smart idea. Try the app Clarity Money if you need help analyzing your finances to find where you could make changes that would help you eliminate your debt.
  • Investing. You can change the world through your investments! Whether you’re passionate about green technology or social programs, you can earn money and support causes. This is called impact investment. You can use the Motif App if you’re interested in this sort of investing. 
  • Sharing. Money is for more than spending and saving. You can also share money with others by donating to charities or organizations that are important to you. Sharing money feels good and makes the world a better place! Use independent evaluators like Charity Navigator to choose charities that follow the best industry standards.

With a selection of carefully chosen apps and digital tools, you can truly hold your financial world in your hand. Once you do, you’ll see how easy it is to decide whether or not to order take out, plan your charitable giving, and track your savings.

Don’t miss essential advice from Elaine King, Certified Financial Planner and international expert! Follow her on Facebook, Youtube, Instagram and Twitter.

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Elaine King - Family and Money Matters™ 2021