Top Apps That'll Improve Your Financial Literacy
Developing money skills is crucial if you want to achieve financial stability, pay off your debts, and perhaps even escape the rat race to finally live on your own terms. The average American nowadays is $38,000 in debt (that’s excluding mortgage debt), and only around 23% of the US population is completely debt free. The situation isn’t much better in the UK, where the average household debt now stands at £15,400.
It’s high time for you to master the money game, and you’ve guessed correctly, there’s an app for that. Forget about poring over generic personal-finance books; instead, fire up your smartphone and improve your financial literacy with these types of mobile apps.
A budgeting app
Creating a weekly and monthly budget is the number one skill of financially responsible people. It helps you track the expenses you make, break them down into categories, and see where you tend to overspend. Once you develop the habit of financial planning, you’ll be on your way to more financial freedom.
A business magazine or finance news app
Keeping your finger on the pulse of the economy will make you more conscious of fresh business opportunities, and potential financial downfalls. It’s always great to have the current information about the levels of inflation, interest rates, and unemployment, as well as the meanderings of the stock market. A finance news app will allow you to absorb all of this essential knowledge in an easily accessible format you can engage with during your daily commute.
A poker app
Mobile poker play is becoming more regulated and available across the country. You can now enjoy poker apps in Pennsylvania and three other US states, but more regions are opening up as we speak. This age old classic can teach you some powerful lessons about how to manage your bankroll, think strategically, and take calculated chances to boost your profits gradually. It’s no wonder that this game is so popular among stockbrokers and businesspeople of all stripes.
Your personal and business banking app
If you want to know more about finance, you would be wise to fully explore the mobile app that comes along with your checking and savings accounts. Banking apps often have cool features that you might have missed. Many of them include mortgage rate calculators, allow you to pay for things with your phone by using near-field communication (NFC) or open up extra accounts so you can start saving towards a distant goal such as a dream trip or a new car.
The Monopoly app
First developed as a board game, the Monopoly app can help you develop a solid business acumen in a fun way. You’ll quickly learn the difference between assets and liabilities, and how the former can provide you with high levels of positive monthly cash flow. Once you grasp these basic concepts, you’ll quickly get inspired to apply them in your life by developing a side hustle and looking for extra streams of income.
A trading or long-term investing simulator app
You don’t need to have a small fortune to start learning about stock market investing. There are many apps that gather real-time data from the biggest financial markets in the world and feed it to our simulator app where you can test your investing strategies. You will then be emboldened to enter the market for real and make an actual profit in the long term.
These are the most important categories of financial apps you should explore to keep your money game tight. You are likely to find over a dozen suitable apps in each category so hit that app market and start learning today.