In the current tough economic environment, every shilling counts and being able to plan our finances well is a skill we should all have. This is because it is what makes the difference between being prosperous and struggling. With advances in technology, this has become easier as one can effectively plan their finances via apps such as the NCBA Now App.
Essentially, planning for the financial future helps people in many ways, including improving their ability to set goals, budget, save, borrow wisely, invest, manage risk and taxes. Generally, it has been noted that people who create financial plans are better able to reach their life objectives, make major purchases, provide for children’s education, retire comfortably and handle emergencies with ease.
NCBA Now App is a digital banking platform by NCBA Bank which is more than just a place to check your balance. It is also your personal money coach, financial planner, and bank branch—all rolled into one app.
Here is how the NCBA Now App can help you better manage your finances.
Tracking Expenses
For you to be able to better manage finances, there is a need for you to be able to determine how you spend your money. Without this information, one cannot be able to know what to reduce spending on or even cut off completely in order to save money.
The NCBA Now App enables you to be able to track these expense with ease provided that you use the app exclusively for making all your payments. With this information, one is able to create a proper budget that can help you kickstart your financial planning journey.
Budgeting
At times, coming up with a budget can be a tedious affair because we are generally not sure of how much we spend on the various items each month. However, the NCBA Now App makes life easier for you by coming up with a model budget that is based on your spending patterns.
It is from this model budget that one can now be able to create their own personalized budget that fits their goals and ambitions. If you are not sure of how to come up with a budget, let the NCBA Now App do it for you and start working for a prosperous future.
Investing
In order for you to be able to grow your wealth, there is a need to get your money to start working for you. However, with the various scams which are reported by the media on a daily basis one has to be cautious about where they put their money.
However, with the NCBA Now App, you don’t have to worry about such as it allows one to invest in unit trusts. Unit Trust Funds are essentially collective investment schemes regulated by the Capital Markets Authority. They pool investors’ money into a single fund which are then channeled into various professionally managed investments.
The unit trusts offer good interest rates ensuring that your money is generating some passive income rather than just being parked in a savings account.
Saving
One of the things that a good number of people struggle with in their financial planning journey is savings. We most often than not tend to start well but midway the journey, we find that something say an emergency comes up forcing you to utilize the funds that you had saved.
One way that I found to be effective in ensuring that you don’t dip into your savings unnecessarily is by saving towards a certain goal. This could be towards a wedding, holiday or even school fees. The NCBA Now app lets you create a goal that you can start saving towards making it easier for you to save.
During this financial literacy month, take a step towards prosperity by downloading the NCBA Now App and start working towards a better future.