Managing day-to-day finances can be tricky enough. Daily spending like eating out, leisure activities, rent, etc. can already seem like a lot to manage, and thus it is easy to overlook the value of monitoring finances.
There are many different ways to manage money, such as methods using good old paper and pen, an excel spreadsheet, a budgeting app, and mobile banking apps. Mobile apps show your expense patterns in a clear and efficient way, but do they really help you make decisions on your spending, saving, and investment efforts?
Why managing money is important
Regardless of age or economic background, managing your finances is imperative. When you start managing your finances, you are able to better stick to your budget and have better control over money.
Money management also gives you the ability to set (and achieve) financial goals because you will have a better holistic understanding of your finances and can make feasible plans for the future. When you know where your finances are, you will avoid many negative surprises and save yourself a lot of headache.
How mobile banking apps help
Mobile banking apps are extremely convenient: you can take them everywhere you go and easily update them after every purchase. Many apps even give you the option to link your bank account, so that your purchase history is always updated on the app. They also organize your spending into different categories, giving you the ability to see spending trends over time.
Unfortunately, there are a few cons to mobile apps. Some of them have too many features, which can be overwhelming to the casual user. Additionally, many of them are good at tracking past spend history, but they do not predict trends for future spending going forward.
The best method for managing your money
A good and efficient financial management app that method is one that combines all of the above. It should include exactly what you bought, insights on how much you spent, the ability to monitor other people’s spending, and help you to fix a budget. If you add these four things to your money management, then you will set yourself up for financial success!
JiPay is an e- wallet, prepaid mastercard, and money management app that serves foreign domestic workers, employers, and kids in Singapore. On JiPay, you can see every expense, which is especially useful for families that are managing multiple spenders.
You also have an “Insights'' tab, which displays your spending habits, so that you can know exactly how much you are spending on what. The JiPay app also helps you with budgeting your money, since you cannot spend more than you top-up!
Download the JiPay app for free today on the App Store and Google Play here!