Saving Time Using Personal Finance Apps – 2

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Imagine a car with no gas gauge- this means you buy gas and use it with no tracking of usage. What do you think will happen if you miscalculate and your car stops due to zero gas while on your way to an important appointment? Yes! You guessed right! That’s not a situation we all want to be in. Same principle applies to the opportunity to track your personal finances.

Last episode, I shared some of the results of the research I’m doing on saving time with the use of personal finance apps. This episode is the concluding part with my perspective on what personal finance apps can do and why you may want to consider using them as such.

So here we go.

One example of a personal finance app is - A money management application – Some of these apps have the intelligence to group a user’s income and spending pattern from a bank account into types of income and expenses allowing granularity for budget planning as may be desired by the user.

This can promote wealth management by allowing the tracking of cash flow into what comes in and what goes out. You can even go further by accessing the creation of financial reports such as profit and loss statements, balance sheets, and cash flow statements. These apps not only allow you to track your income and spending but are intelligent enough to build budgets for you and check your loyalty to the budget.

This can be useful both at individual and institutional levels. For example, an intelligent application downloaded on a user’s mobile device, from studying the patterns of groceries purchased by the user over a couple of months, can begin to suggest items to the user on a next visit to the grocery store. This intelligence could be extended further to the application synchronizing with the bank account of the user, thereby grouping money spent into categories as may be desired. Likewise, companies can benefit from this intelligence to create bank reconciliation statements that match spending with recordings and identify irregularities.

Another use of personal finance apps is the use of errand applications for supermarket visits. After several visits to a supermarket, such an app can study your pattern of purchases over some time and predict items for purchase at a particular time.

Sometimes, the app is synchronized on the user's smart mobile device which notifies the user as a gentle nudge for items requiring purchase. Or the user may initiate the process with a click of a button on their device, and the supermarket receives the signal with the list of items that the user wants to purchase. The user pays for the order and the supermarket arranges for items to be delivered. The activities are limitless and can be helpful to free up time.

The retail sector being highly competitive with high personnel costs and low margins makes it an ideal place to take advantage of digitizing routine activities and saving time. The issue then remains the cost-effectiveness. This needs to be analyzed in context but as individuals what’s stopping us from taking the opportunities time-saving apps can afford us?

And if you’re wondering where to get such apps – just type – personal finance apps on Google or your app store. Look them up and see which one may work for you.

So, the question is - how are you going to start using the opportunities available with the use of these apps to get your time freed up?

Well, I encourage you to ponder on this as we begin our journey into the new year.

And this is wishing you all a very prosperous 2024!



This blog is about personal development for entrepreneurs based on the principles of fairness, compassion, and commitment. This includes the practice of 'speaking' positive affirmations, which can be a powerful tool to support self-development. Hopefully, you’re impacted positively in some ways. As we all know, personal circumstances are quite different. So, I encourage you to apply the lessons in line with your own context. Do continue to “Hola” to connect with people and remember “Let's continue to learn together and be encouraged to keep on connecting”.