Easy Ways That Your Smartphone Can Save You Money

| September 8, 2017 | 0 Comments

SmartphoneDo you know anyone who doesn’t have a smartphone? Even your grandma probably has a smartphone. And probably almost everyone that you know that has a smartphone spends a considerable amount of time on their phones.

There’s a lot of skepticism on whether or not it’s healthy to spend time on your phone, but the fact of the matter is that your smartphone can do a lot of things that your computer can do, which means that you can do these things much more conveniently.

One of the many things your smartphone can do, is actually save you money.

Money saving apps

Saving money from your smartphone may seem like a foreign concept. Once you adopt a few key changes and behaviors into the way you use your phone, though, you’ll be saving money and not even realizing it.

There are actually tons of apps on the market, a lot of them free, that help you save money. The premise behind many of these apps is usually that they save your “spare change”, or rather, they save such small amounts at a time that you don’t notice it.

It’s kind of like if you go spend $4 on a coffee. It’s a small enough expense that you don’t really notice it. One great app that does just that is called Digit. The first month is free, and after that it’s only $5 a month, which is another expense that you probably won’t ever notice.

You can set limits within the app so that it will never transfer funds if your checking account balance is below a certain amount, so you never feel like you’re running out of money. You can also set limits so they never save more than a certain set amount.

They’ll use your spending trends to figure out how much money you can save every day, and then they transfer that to your savings account.

Another great app that works off the same principle is called Acorns. It works similarly, but instead it invests your money. This is great if you really don’t know how to invest and want someone else to do all of the work for you.

Anytime you make a purchase, they’ll round that up to the next dollar, and use that spare change to invest for you.

Set up budget reminders

SmartphoneIf you tend to spend more than you budget for, or you forget to track your spending and therefore go over your budget, a budget tracking app may be a helpful tool for you. There are apps like Mint that will help you evaluate your spending habits, and then set up a budget.

When you start nearing the limit of your budget, you can set up notifications to remind you not to spend money where it’s not necessary. Tracking your budget is an easy way to save money.

Pay your credit card bills from your phone

Your credit card is one of those bills that you sometimes forget about, or rather, you’d like to forget about. A lot of people have a tendency to use their credit card when they don’t have enough money in their checking account, with the intent of paying off their credit card balance as soon as their next paycheck hits the bank.

Unfortunately, that’s rarely the reality, and that’s how credit card debt begins to accumulate. As this article states, managing your credit card intelligently is one of the most important things you can do for your finances.

You can easily pay your bill from your phone, though, by downloading the app that goes with your credit card company. When your bill is due you can set up notifications to remind you to pay it before the interest accrues.

The key to avoiding credit card debt is to pay your credit card bills as soon as there’s a balance, to avoid paying interest. The interest is where you start to really lose money and hurt your finances.

The great thing about using all of these apps on your smartphone is that they all run in the background, so your smartphone is quite literally saving your money for you without you putting in much effort.

Now the next time someone asks you what you’re doing on your phone, you can tell them that you’re saving money.

 

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Category: Money Hints

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