23 Oct 2023
The Philippines is one of the largest labor exporters, with over 10 Million Filipinos. They are known as overseas Filipino workers or OFWs. Overseas Filipino workers send money to Philippines, which turns out to be $34 Billion a year on average, or about 10% of the Philippine economy. The rapid development of smartphones and personal finance apps for managing general finances (tracking bill due dates, subscriptions, credit ratings, and investments) has been a hallmark of the past ten years. It's essential to use online banking services, smartphone apps, and finance apps to participate in today's World actively.
You can download a personal financial app to your tablet or smartphone. It provides easy real-time tracking of your investments, savings, and spending. It can keep track of your credit payments and alert you to recent changes in your credit score.
These apps allow you to track upcoming bill payments, keep tabs on your credit score, and manage your investment portfolio, revealing where you spend the most money. The finest personal finance apps offer a variety of tools for managing your total financial situation. This covers shared wallets, track subscriptions, bill due dates, and email reminders.
Overseas Filipinos and their families are empowered to learn how they can manage money by using personal finance apps. It takes effort to manage your finances, and only some people do it. Fortunately, apps for managing personal money can perform all the work for you. You can track your expenditure using personal finance applications that link to your bank account. This will help the workers to save up; thus, they can easily send money to Philippines.
Many different sorts of personal finance applications assist users and financial institutions in achieving a particular objective. Typically, there are two primary sorts of financial apps: simple apps that require manual data entry and complex apps that use automated data entry.
These are the most straightforward apps for tracking income and expenses, as the name would imply. These applications typically rely on human data entry. Since these apps are not connected to bank accounts, there is no risk. These apps are economical to use while creating a personal finance app. The manual data-entering technique contributes to a high human mistake rate, and the entire procedure takes time.
More advanced finance apps are complex ones. They allow consumers to link their bank accounts and credit cards, which causes automatic data synchronization. These apps are typically far more comprehensive. They enable users to carry out several operations. Complex finance apps are highly efficient since they help users save valuable time.
It gives real-time transaction updates so the user is always aware of how they manage their money. Complex finance apps demand additional security investment because they deal with sensitive and essential data. The expense of developing a complex personal financial app is often significant.
Personal finance applications act as a friend or well-wisher who encourages you to handle your money sensibly and assists you in keeping tabs on your spending. Here are a few benefits you can enjoy as a user, viewed from the standpoint of advantages.
Personal money management applications are created by companies that offer financial software development services in an approachable manner. You don't have to be an expert in finance or computing. These apps have an intuitive and appealing user interface and provide a clear view of all features and functionalities. With these apps, you can still use various techniques to control the cash flow. They make your life easier. 6 Ways to Better Manage Your Finances as an Overseas Filipino Worker will help you utilize your expenditures better.
You don't need to worry about the costs while using personal finance software because you can create your budget with just one click. It aids in budget optimization for expenses like food, rent for a home, utilities, transport, loan EMI, and other necessities. You can easily keep track of your savings, credits, and debits.
Due to their hectic work schedules, most people frequently overlook paying bills like their credit card or electricity. Then, rather than paying the usual fee, they pay more. No one wants to find themselves in such a dire circumstance, yet it does occur.
An ability to create a reminder about an ongoing bill to prevent a late fee is available in a personal financial app. On the other side, you can see previous invoices that have been paid in the history area.
With personal finance apps, personal accounting is quite simple. One of the main functions of these apps is accounting. A general ledger, pay-and-receive accounts, and other features help the users. Let's say you want to create a personal finance app. Then, with the aid of specialists with in-depth knowledge of fintech app development services, you may add a few sophisticated features.
To handle funds, good money tracking is once again a critical component. You have already won half the battle if you can pull it off. However, personal finance software can assist you if you're having trouble. Later, you can use it to make any financial decision confidently.
Saving money is the main objective of utilizing a personal finance app. Your incoming and departing funds stay transparent while utilizing a personal finance management mobile app, and you may view them anytime. By employing tools, you may keep tabs on your expenditure and receive advice on how to save more.
The best way to save money is to log your expenses, which you can do easily. This will help the overseas workers save, and then they can send money to Philippines and even buy something nice for themselves.
When you access all financial information on your smartphone, you may achieve all your financial goals. The software can provide you with all the weekly or monthly financial information. You can use it to attain your financial goals and save money.
Most fintech apps include instructional materials and guides that offer tutorials, tips, and advice for creating budgets or managing them effectively. Additionally, they feature a FAQ section where you may find quick answers to your queries about managing your finances.
The one factor that all family members value equally is the budget. It will be great if the family members contribute to the budgeting process. You might be shocked to learn that you can even add members of your family to the app so they can actively engage in budget planning.
Personal finance applications are advantageous in every way for managing personal finances and generating revenue for a business. You can work with a mobile app development business to create and release an app.
ACE Money Transfer makes overseas money transfer more comfortable. You can count on the firm to send or receive money securely. ACE Money Transfer is looking out for flaws to make them better. This firm prioritizes your safety and protects you from fraud. ACE Money Transfer takes legal action against any type of criminal activity, including fraud, money laundering, and financing terrorism. If you are a Filipino worker searching for a remittance service, you can surely count on ACE Money Transfer.
Although numerous personal finance applications are accessible, each has particular features and advantages. Utilizing a personal financial app has many advantages, including the ability to monitor your expenditures. You may choose where to spend your money more wisely by having a comprehensive picture of your finances. This will result in more money, and expats can send money to Philippines to their families. Setting financial objectives is another advantage of utilizing a personal finance app. As you work towards your goals, this helps you maintain your motivation and direction.
Answer: A personal finance app is a digital tool designed to help individuals manage their finances. For OFWs, these apps offer benefits such as tracking expenses, budgeting, and managing remittances more efficiently, ultimately improving financial stability.
Answer: Personal finance apps allow OFWs to set and track budgets for various expenses, providing a clear picture of where their money is going. This can help in making informed financial decisions and saving more effectively.
Answer: Yes, these apps often include savings goals and investment tracking features. OFWs can use them to save for their financial goals, create emergency funds, and invest their hard-earned money wisely.
Answer: Reputable personal finance apps employ encryption and security protocols to protect users' financial data. However, it's essential to choose well-reviewed, trusted apps and follow best practices in safeguarding personal information.
Answer: Getting started is simple. Download a personal finance app from a trusted source, enter your financial information, create a budget, and start tracking your income and expenses. Many of these apps offer user-friendly interfaces and guides to help you get started.