Tech Tools for Managing Credit and Debt

If you have an iPhone or an Android, why not put it to work for you as a personal money manager? The number of applications available for smart phones is exploding, and there are many good apps that are designed to help you make the most of your hard-earned money by finding bargains, helping you stick to your budget, and keeping track of how much your credit is costing you. Here are 5 great tech tools to help you manage your money better.

1. Mobile Banking from your Bank. Many banks today offer mobile banking apps that let you check your balances, review transactions, pay bills, and transfer funds. You can set up mobile banking apps to notify you if you're about to overdraw, so you can transfer funds and avoid pricey overdraft fees. Paying bills on time and avoiding overdrafts helps keep your credit history positive.

2. Mint.com App. This free iPhone app was named the "Best Finance App" by Time Magazine in 2011. You can use it to review account information and check the effects of spending on your personal budget. For example, you can find out if buying that new sweater will put you over your credit card limit, or if you're nearing your discretionary spending limits for the month. The app is password protected, so if you lose your phone, your account information cannot be accessed without the password.

3. Moneystrands. This free iPhone app lets you check account balances, store information about transactions, and create custom alerts. Moneystrands has a great budget tool that is very easy to use. Available in English or Spanish, this app has great visual tools so you can clearly see how much you spend on things like dining out and buying gas.

4. Gasbook. It costs $0.99 and gives you up-to-date information on gas prices from hundreds of thousands of U.S. gas stations. Gasbook has an easy search interface, and lets you log fuel and mileage information to keep track of your gas mileage and the amount you spend on gas for your car.

5. Loan Shark by FoggyNoggin. It costs $2.99, but it can save you far more than that. Many people find it far too easy to charge big purchases on credit cards without really thinking about how much it will cost long term. Loan Shark lets you enter purchase, term, and interest rate information so you can see for yourself how much that new credit card purchase costs you by the time you pay it off.

Security

Maintaining security with your smart phone is critical in preventing identity theft and fraudulent purchases. Choose public Wi-Fi networks that require a secure (password) connection to go online. Make sure financial transactions or information gathering takes place on secure websites. Secure web addresses begin with "https://" and keep internet eavesdroppers from accessing your information. Never give out personal, banking, or credit card information on a site whose web address begins with "http://". If you receive a message on Facebook or through email asking for sensitive information, delete it. Your bank or credit card issuer will never send you an email asking you to enter account, password, or credit card information.

Sources:

http://itunes.apple.com/us/app/moneystrands/id306480796?mt=8
https://www.mint.com/how-it-works/anywhere/iphone/
http://foggynoggin.com/loanshark
http://financialsoft.about.com/od/pdasoftware/tp/Iphone-Apps-Find-The-Lowest-Price-On-Gas.htm
http://www.universityparent.com/2011/06/07/using-to-technology-to-manage-finances