How many apps do you have on your phone? How many are games? How many are social media? How many are money management apps? You probably said "zero" for money management, and that's fine for now. But a money management app is another tool to consider as you start earning money.
A money management app is an app that you can download on your phone or tablet that helps you manage all your finances by tracking spending, budgeting, and saving. The best app to start with would be the free one your financial institution gave you when you opened your checking or savings account. This app allows you to pay bills, check your balances, and transfer money between accounts. There are also apps that help with budgeting, saving, and checking your credit score. What should you look for and are these apps safe to use?
Click the rows below to get a better understanding of features to look for in an app and how they can help manage your money. Many of the features you'll find in an app are the same as those you'll find in the software. As you browse the features of each app, think about which ones would be most important to you. Then answer the questions.
An app allows you to check your finances no matter where you are and allows you to store information digitally on your phone or tablet.
Apps allow you to connect all your financial accounts, receive notifications for bill due dates, track spending, design a budget, set goals, and track your credit score.
Most apps offer security to keep your data safe by encrypting your information so no one can read it.
Look for an app that offers customer service in case you have a technical issue and need to talk to someone.
Some apps do charge, while others are free. Decide if you want to pay for the service or use the free version. If an app can help improve your finances, it may be worth the fee.
Show your skills!
Use the knowledge you have gained about money management apps to match the scenario to the app feature in each example below.
