Need for a good Money management application
To keep our portfolio and money intact, it is good to start using some money management applications. There are a few money management applications readily available on the Google Play store to manage your finances. They have a facility now to check the messages you receive from the banks and automatically recognize your transactions. With the help of AI and other modern advancements the app is also able to find out when your next bill due date is and send you reminders accordingly.
I wouldn't say that everyone would need a money management app. Some people may not need it and some people might need a restricted or customized money management application based on their needs. I'm sure there are a few with some customizations too. But the overall idea that I wanted to register via this article is that having a good money management application is very good for not just having a check on your earnings and spending but also a check on your overall portfolio.
Looking at our assets gives a good feeling
Everyday morning when I wake up, I have this habit of taking a look at my assets on Coingecko. Sometimes there will be a pump in the price of BTC or ETH but the alt coin markets may not see any pump. That saddens me but there would be some days when the altcoin market pumps and that is when I see the value of Hive also pumping in my portfolio. This is when I see a huge difference in my overall portfolio value. The main reason is that all my holdings are in the form of Hive.
So coming back to look at assets. Not just cryptocurrencies but in general it gives a great feeling to have a check on the assets. If we have FIAT or stock market investments or even mutual funds, having a look at them frequently to see the movement is also something similar and would give us a good feeling. Let's imagine someone having a shop and they collect payments through a digital medium. Imagine the kind of feeling the shopkeepers would have when they regularly keep checking how much they have earned so far. This is a similar feeling we would also get when it comes to viewing our assets.
Managing the money becomes easier
With the help of money management applications, it becomes easier to manage the money. We will be able to see a detailed report on what our spending is and where we have invested the money. With the help of the report, we will be able to make some alterations to the investments we are making.
Sometimes we don't have to worry too much about the money we have or the payments we have to make. There are a few applications where we can automate the payments and make it send us reminders whenever some payment is due or even pay the money directly if there is a payment due.
Have a check on spending
Budget planning is something that can be done with these financial management applications. Once started this application will start tracking our expenses and income and let us do a budget on top of that. Despite the budget, if we try and spend more, there are restrictions to give us a notification or a caution note. This way we have a check on our spending. Having a proper budget and sticking to that budget also helps us not go beyond the limit of spending. Maybe during the initial days, this can be hard but gradually if we start planning everything under a budget, we will be able to have enough money for our regular activities and at the same time if we have some extra expenses coming our way, we will be able to analyze and take a decision than directly spending the money.
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