Using a personal finance app can greatly help you understand and improve your financial position. This post introduces the topic of a personal finance app. It explains how using one can hugely assist you on your journey towards greater financial freedom.
Getting a handle on your financial position so that you can improve it, has always been important. The challenges we’re experiencing right now in 2020 make it even more important than ever. A global recession is now at play. With the continued challenges posed to the Australian and global economy by the corona virus, understanding and improving your financial position is becoming a hot topic for a growing number of Australians.
Improving your personal financial position can give you greater security during challenging times. That’s truer again when the risk of a job loss, reduced hours, or a lay off is all too real. Even if you’re in a different stage of life, and are thinking ahead about retirement, understanding your financial position is also critical. A personal finance app can help!
Understand your financial position with a personal finance app
If you want to complete a jigsaw, you’ll need to piece together all the pieces to create the finished article. The same concept applies to understanding your financial position. Traditionally, getting an understanding of your net worth and financial position required a lot of manual effort. Piecing together your financial footprint in excel or with a financial advisor isn’t easy.
These days, many of us have more than one bank account. We may have a credit card (or cards) or a savings account with a different institution to our transaction bank account. Then there’s a mortgage or shorter term debt. More again with multiple superannuation accounts, share trading accounts, or other financial and non-financial assets or liabilities. We invest in different asset classes compared to ten years ago like cryptocurrencies. Our personal financial situation is no longer limited to one institution. This can make piecing together the pieces of the puzzle to create a holistic view of your financial situation very difficult….until now. Enter the personal finance app!
How a personal finance app can help
A personal finance app is exactly what it sounds like. It’s an application (iOS, Android or a website), that should help you get a better understanding of your financial position. It should ease understanding your spending, and help you manage your personal finances. Beware however, as not all apps are equal.
What you should expect
The ability to gain a holistic view of your net worth
Without a personal finance app that’s easy to use and facilitates a clear view of the entirety of your personal financial situation , it’s likely that you’d need to piece this together in excel. Or maybe on old school pen and paper! You’ll need to login to many different financial institutions to understand your assets and liabilities. Then you’ll need to capture the balance at that point in time. With an app, instead of doing that manually, you should expect to be able to easily collate a 360 view of your financial position, in a fast and easy manner.
An up-to-date view of your financial position
The problem with manually collating a view of your financial position, or apps that require manually inputting your assets and liabilities, is that it’ll be out of date the second you close that excel sheet and head for a coffee. An app with connections to your financial institutions however, will always have an up to date view of your position, without requiring manual input.
Transparency on your spending
Understanding where you’re spending, and what you’re spending your hard earned cash on is important. While your banking website or app may show you the transactions, it probably won’t help you easily understand exactly how and where you’re spending. Remember that subscription service you signed up for a few years ago that’s deducting quarterly fees? Maybe you don’t. You should be able to see a summary and the detail of your spending. That will ensure you’re crystal clear on your expenses and ongoing subscriptions.
A coherent summary of your income and expenses
Managing your personal cash flow can be difficult. Without a logical and uncomplicated summary of your cash flow situation, you’re likely to be flying blind. The best personal finance apps should help you by summarising your income streams and your expenses.
A secure and safe solution
As with any situation that involves your financial information, you should expect extremely high security standards, similar to that of a bank. A secure solution will ensure any prying eyes can’t gain access to view your financial position.
Free or paid solutions
Last but not least, expect most services to offer a free or paid service. Those that offer free solutions will likely try up-sell alternative products to you. Paid services will require an ongoing subscription for access to their ‘premium’ add-ons.
Humaniti is free, safe and secure and will never try to sell you anything.
Build a brighter financial future with Humaniti!
Humaniti offers a personal finance app that is free, safe and secure, and can help you get a greater understanding of your financial position within minutes. With greater insights on your spending, you can stick to your budget. Unlike other financial products, Humaniti will never try to sell you anything.
Humaniti can help you to..
Easily discover your net worth and track it over time
Quickly compare your Super to other Australians like you
Track your spending and learn where you can save
Earn extra cash every week by completing surveys that are relevant to you
Get a clear and comprehensible picture of your financial position
How does Humaniti’s personal finance app work?
Once you’ve registered an account, you’ll then be prompted to link with your financial institutions. This will help you get a holistic view of your net worth and spending, Link your bank accounts, super accounts, and any share trading accounts you use to create a 360 degree view of your net worth. Furthermore, you’ll also get a view of where and how you’re spending in minutes. If you were to try to do this manually, it would probably take a few hours. You’d need to log into multiple different accounts. Even then, you’d never get the clear view and comprehensible insights on your spending and superannuation that Humaniti offers from it’s dashboard immediately after you link your accounts.
What about security?
When you link your financial institution accounts with Humaniti, your login details are never saved. No transactions can ever take place using your Humaniti login details. In addition, Humaniti uses bank level encryption technology, and partners with security experts to ensure your information is safe and secure at all times. Humaniti is also compliant with the Australian privacy act.
What Humaniti’s members are saying
“This is a fantastic secure tool where it’s possible to track bank balances, superannuation balances loyalty balances and much more with one login. I wasn’t aware anything like this existed and everyone should have access to this one stop shop. I love it.”
“Initially I was attracted by the earning of rewards but after exploring the site I was very impressed with the tracking and analysis of my spending, which has provided me with great help in that area. After more research I also feel very good about the charitable aspect of the site.”
81% of our members would recommend Humaniti to their family and friends!