How To Use Your Phone To Gain Financial Freedom

The digital world has gone from offering us huge screens that need to be carried by more than one pair of hands to small portable devices we forget are in our pockets. Through technology, we have been able to access pretty much the whole world right in the palm of our hands, and fortunately (sometimes not so much), our finances too. But, a lot of people are sceptical about cellphone banking and financing with the fear of being scammed looming in the back of their minds, rightfully so. However, there are ways to protect yourself and your finances and some cautionary measures you can take. In this article, we will be taking a look at how you can gain financial freedom with the help of the very mobile devices you use for everything else.

Apps…Free And Fun

We are going to take a risk here and say that apps maketh the mobile device. Because without them, our cellphones are just telephones. Apps help us manage our social, professional and even health lives with on-the-go updates, push notifications, easy access to important information and more. When it comes to money, such services exist too. You can start small with your personal banking app. If you have your banking app installed on your phone, you might want to play around with it to see what you can get out of it. A lot of banks offer things such as creating multiple accounts, creating fixed accounts that you will not have access to for a set period of time, as well as small change/petty cash storing features that basically save you some small change that you may need to use at a later stage.

Rewards On Rewards On Rewards 

There are lots of rewards programs and initiatives that exist to give you little added extras when you make purchases and save money. Most banking apps also pay you for having a positive balance in your bank with a little something every now and then. There are apps such as Stash, which let you save bits of money as you purchase with your bank card, and registrations for such are quick and easy.

Budgeters Make Bank

We cannot stress how important budgeting is. You have to know what you are getting in and taking out at all times in order to be able to account for all your money decisions. As we mentioned earlier, there are apps you can use to manage your finances. Budget apps also exist, where you can record all your income and expenditure to have a better understanding of how you should manage your money. Try apps such as Mint, which helps you keep track of your everyday expenses and finances.

Invest As Soon As Possible

Investing is the new wave that everyone needs to get on as it secures your future. While it may seem like investing is hard, there is a way for you to educate yourself on it with simple, easy steps and examples. A popular investment tool or app that has been gaining popularity in South Africa is EasyEquities, which gives people simple and convenient ways to invest and does not require a lot of capital. Start small, start with R100 or less, and watch yourself become the finance fundi you always thought was impossible. 

Health Is Wealth

You hear this a lot and are probably wondering what it all means. It’s simple – taking care of your health reduces your risk of visiting the doctor, which saves you money. However, investing in medical aid, which in turn will also come with an app to keep track of your health, can help. With health apps, you also earn rewards for staying healthy and adopting certain lifestyle choices. Remember, good health choices also help lower your medical aid premiums, so look into a healthy lifestyle that suits you and your pocket, and flourish.

Live Below Your Means

Hear us out; we are not asking you to starve yourself here. But, think about changing your lifestyle a little. Lower your non-essential expenses to increase your savings so that you can always have a little extra, especially on those rainy days.

Buy Wisely, Pay Wisely

If you are looking to buy assets such as motor vehicles, then you know how important it is to be able to afford to pay for them, more so if you will be going the instalment route. Try something like the WesBank app to calculate your affordability, get a rough idea of your monthly premiums, apply for financial assistance, and so much more. Yes, all of this at the touch of a button. This and other apps are helping more and more people make better money choices.

In Closing, Don’t Be Afraid. Stay Safe

We know a lot of illegal things happen on a daily basis, and hacking may be one of your greatest fears when it comes to trusting technology with your money. Worry not, as a lot of smartphones (which usually house these apps) have security features that you can use. There are facial recognition, fingerprints and password features to keep you safe. You can also use apps that hide your other apps so that you do not find yourself compromised. Also, remember to try and spend at least a minute a day on your finances as a start, and watch yourself become more money savvy than before.