FinTech: Top 5 Apps For Improving Your Personal Finances

  Unless we are deliberate about the way we handle our finances, we’ll often wind up pouring our money into things we don’t really need. The best way to cut wasteful spending is to set a plan for better financial health and to stick to it by carefully tracking the flow of funds into and out of our wallets and bank accounts.

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But sticking with such a plan may prove difficult, especially when there’s a lot that could weaken our resolve. We need a way to improve our prudence that isn’t hard to stick with. Personal finance apps can help you achieve this. These apps are typically designed to help their users streamline expenditure, gain visibility into their savings and spending patterns, reveal what items take up most of their money, and provide ways to use funds more efficiently. If you would like to gain the upper hand in your struggle with money issues, here are five apps you should consider having.

Mint

Mint provides a suite of banking services: current and savings account opening, loans, e-business solutions, and card solutions. You can also pay bills with it. The Mint app has a number of features for individuals who need help with managing their finances. There’s Savings Goals, which makes it easy to save for specific aims—like a car, rent, holiday, or business –on a daily, weekly, or monthly basis. Another feature, Money Manager, gives you a view of the things you spend the most money on. With this app, you can set account and spending limits that raise your chances of keeping to your financial goals.

Sparkle

The creators of the Sparkle platform call it a ‘digital ecosystem’—meaning that it takes care of several related financial transactions. These include bill payments (which could be split between family and friends), money transfers, and a digital wallet with a debit card. Users of the app can save for multiple goals on the Sparkle Stash, and do so by either aiming for a fixed amount in savings or no target sum. They may also stay on top of their spending with the expenses tracker. It gives users real-time notification of their transactions and breaks down payments by categories (food, utilities, transport, etc.). Sparkle’s chatbot, Indy, is always available to take on questions about the platform and its services. Find out more about Sparkle here.

Carbon

On Carbon, you can store your money in a wallet with no cost to you, and get paid monthly interest on it. If you choose to invest through the platform, you could earn an annual interest of up to 16%. The Carbon app also offers loans. This service is available 24/7 and comes with possible cash-back for early payments. Fund transfers to banks are free as well. If you want a good view of how well you’ve done with your finances over a given period, you can request a free credit report from Carbon. Other things you could do with the app include recharging airtime, purchasing data, and paying bills—all at with no costs attached. There’s more about Carbon here.

Branch

Here’s another app you could use if you’re seeking a loan. Branch lends to loan applicants without requiring paperwork or collateral from them. The app determines the user’s creditworthiness by accessing their BVN and credit history as contained in their bank-related SMS and other phone data It’s also a great place to hold some of your money; if you’re investing with it, you could get up to 20% return on your funds. There are no restrictions on transfers to bank accounts, and you can do them for free.

PiggyVest

PiggyVest is one of the more well-known savings and investment apps in Nigeria. It’s been downloaded over 500,000 times. Tellingly, the vast majority of the several thousand reviews on it are positive. That’s because PiggyVest gives its users something they won’t readily get from a traditional bank—the chance to save towards a specific goal, and earn significant interest while doing so. There are three savings plans, each offering varying degrees of operating flexibility. If you want to grow your funds, even more, you could take advantage of the app’s Investify segment, which presents you with investment options that yield annual interest of up to 15%. Learn more about PiggyVest here.

Final Words

Taken together, the five apps discussed here provide you with convenient and cost-effective ways to transfer and receive funds, make payments, track expenditure, save, and invest. By using one (or a combination) of these apps, you could set yourself on the path to improving your personal finances. Featured Image Source: The Africa Report

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This article was first published on 4th February 2021

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