Monday, Mar 27th

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You are here: Business Small Business Mobile Technology to Help Improve Your Financial Health
Personal financial management is a lot like managing your own health and weight. Your net worth is like your overall health and spending too much money and failing to save much is like when you pack on those extra pounds over the holidays by overindulging.

But as spring rolls around and summer swimsuit season looms on the horizon, you set your mind to the goal of losing that extra weight and investing more in your overall health. In terms of your finances, this means cutting spending and investing more in savings. Here are a few tried and true tips you can use to make it easier:

Spend Less

When it comes to spending less money, there's no shortage of advice out there. But one theme rings true throughout most of it: budgeting. The concept of evaluating your spending habits and modifying them to stay under a certain monthly dollar amount is nothing new, but there are plenty of apps to help you keep track of everything to make reaching your goal of spending less money a lot easier.

If you want an app that offers you a real time picture of your spending, Mint is a great option that you can get for free. For something with additional benefits, like advice and help with how to change your poor spending habits so that you can get out of debt and stop living paycheck to paycheck, try YNAB. YNAB, short for "You Need a Budget," is a subscription-based app ($5 per month or $50 per year) that helps you see the big picture of your spending, while also offering strategic ways to make lasting changes.

Save More Money

After you've chiseled down your monthly spending, commit to doing something positive with all of the money that you won't be spending every month. Do your future self a favor and start stashing the extra cash away, whether it's for a down payment on a house, your retirement savings, an upcoming vacation or just a rainy day fund.

When saving money, it's helpful to think of it as paying yourself, rather than depriving yourself of something in the moment. Like eating healthier to lose weight and improve your health, saving money is all about making a positive change, not denying yourself the things that you want. It's alright to allow yourself little indulgences here and there as long as you are making progress toward your overall financial goal. Be cautious about being too strict with yourself; a little flexibility goes a long way in making major lifestyle changes more sustainable. For a little extra motivation in your savings journey, use a free app like Unsplurge, which pairs visual motivation and community support to help make saving even easier.

Diversify Your Income to Boost Savings

If your income is being stretched to the max but you are hesitant to change your spending habits, diversifying your income with another job is a great way to build your savings. With contractual or freelance jobs, you can create your own hours and do as much or as little extra work as you need to in order to meet your savings goals each month.

Mobile technology has made it easier than ever to find ways to make extra money on the side. You could do work on Fiverr, sell Amway products to friends and family, drive for Uber or even do odd jobs for hire through a platform like TaskRabbit.
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