One of the fundamental abilities required to live a safe and pleasant life in the modern world is financial literacy. Financial literacy becomes important during the student period of life. After all, it is this period when young people are faced with the fact that they have a new responsibility. Namely, managing their own budget and planning savings and expenses. Of course, you need to learn how to do this, even if your major is not related to it. But modern students have a huge advantage. And this benefit is digital technologies. They help to solve various issues. And one example of such solutions to improve financial skills is the use of financial applications.
The Importance of Financial Apps for Students
It’s easy to undervalue the problem of young people’s financial literacy. But more and more students, when faced with the fact that they need to plan their own budget and expenses, realize that this cannot be left to chance. Especially when financial difficulties arise due to impulsive purchases, irregular income, or insufficient spending planning. Yet, with today’s opportunities and advances in technology, today’s youth have significant benefits. In particular, they can use financial management apps. They allow users to not only control expenses but also track income and even plan savings. With the help of such apps, students can get a realistic picture of how they spend money. As a result, they can make more informed financial decisions.
Along with mastering how to plan your finances, proper time management is equally important. Students are often overwhelmed by the intensity of their studies and other activities that are frequent companions of college life. So, among this intensity, they look for outside help.
Especially when it comes to writing academic assignments or other papers, it’s crucial to know how to thoroughly cover the topic while maintaining proper grammar and structure. To ensure the final result meets your expectations, you should consider reliable online writing services, such as EduBirdie. EduBirdie can do my assignment with a high level of quality, thanks to their professionals who are experts in writing academic and research papers, essays, studies, and more. Their online help guarantees that you will receive a paper that adheres to even the most stringent academic standards and is completed on time without violating deadlines.
Instead, you will have more time to devote to mastering financial literacy.
Financial Apps Worthy of Special Attention
Goodbudget
If you are a fan of the traditional budgeting system using envelopes, the Goodbudget app will be a great help. With this platform, you can:
- create digital envelopes,
- in the created ones, you can distribute your income into different categories.
For instance, if you’re a student, you can set aside money for studying and another for amusement, food, or transportation.
Mint
This app is very popular among those who manage their finances. Mint allows students to:
- easily control the budget,
- analyze expenses,
- receive personalized recommendations to improve their financial situation.
The app also offers a bill payment reminder feature. With its help, you have a better chance of not overdue payments.
The app integrates with bank cards and accounts. Thanks to this, it can automatically collect transaction data.
PocketGuard
A special feature of this app is the “what’s left for spending” function. It shows how much money you can spend after covering the necessary payments and savings.
PocketGuard also offers the following:
- helps you avoid unnecessary spending on irrelevant services.
- allows you to set financial goals and save money for future needs,
- integrates with bank accounts to automatically analyze income and expenses,
- provides recommendations on how to reduce costs.
YNAB (You Need A Budget)
If you want to make your approach to finances more structured, YNAB will help you with this. The app offers the “every dollar has a job” methodology. It assists you in avoiding unnecessary spending and concentrating on long-term financial objectives. According to this theory, you should set aside every dollar you have for a certain goal. In other words, your budget should be so thorough that every dollar has a purpose. This allows you to avoid situations where money seems to disappear. That is, when money is spent on unforeseen expenses.
How does it work?
- You create spending categories and distribute all your available money among these categories, leaving $0 “out of work”.
- If unexpected expenses arise, YNAB allows you to move money from one category to another.
- The app encourages you to create special categories for long-term goals.
- YNAB provides clear reports on how you use your money. This helps you understand whether your spending is in line with your goals.
- You have a clear idea of where your money is going. You’re less prone to make rash purchases when every dollar has a purpose.
Summary
Financial literacy is the foundation on which you will build your responsible and successful life. That’s why it’s crucial to develop this skill during your student years. By using modern financial apps, you can learn how to manage your money and thus adapt to new challenges more easily. Don’t forget that even though financial literacy starts with small steps, its impact on your life will be invaluable.
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