Is your phone helping you to save money?

Is marking down our every financial decision making our lives easier or more stressful? Well, it is both cost-conscious and efficient to keep up with your financial status and expenses so that they meet up with your income. If you’re not making ends meet, your lifestyle is a little too expensive or you just want to save money, knowing your personal financial status is quite important.

Nowadays we might not use our diaries or calendars to know how much money we have spent because it is slower than to use technology, especially cell phones. As an addition, cell phones provide us help in doing this in real-time. When smartphones came to the market in the 90’s they didn’t have as many opportunities as these days (Tech Hive, 2010). After January 9th, 2007, the smartphone-world started to boom after Apple announced its very first iPhone (Apple, 2007). With the help of smartphones came applications, better known as apps.

These apps have provided us help for being able to keep better track of our financial situation and expenditure. Examples of personal finance apps are Pocket Expense and Pivo. Pocket Expense helps organizing and keeping track of personal finances such as keeping track of your accounts and setting alerts when bill payments are due (The Telegraph, 2013). Pivo on the other hand is a smart-wallet, which is directly in connection with your accounts, so it is easy to follow everything.



We as consumers want what’s best for us and usually – what’s the cheapest. If the goal is to save money, an app in your phone can be a good idea because it reminds you of your ongoing situation. Still, it is funny that for example Pocket Expense costs £2.99 for the user (The Telegraph, 2013). If you want to save, why do you start saving by buying something?

Following your expenditure 24/7 and hearing a peep every time you buy or pay something or even think about saving, might eventually get rather annoying. You might start getting stressed about your money even more than before because you’re constantly reminded of your decisions. If there isn’t any sign or alarm that drives you up the wall, your cell phone has other ways to get you a little anxious. Do you feel exposed that all your financial decisions are in a tiny gadget that might easily get lost? Do you use your phone too much to check up on your savings? Are you constantly aware of your every financial move? If you are not feeling any of these symptoms, you are clever and not too attached to your phone. If any of the above trigger you even slightly, you should maybe start thinking if saving money with the help of a cell phone is actually worth your own physical health.

My post is not about being critical of these personal finance apps. No, they are fine inventions and they have good purposes. But if we get to our main goal, being financially where we want to be, by damaging our health, psyche or happiness – is it worth it? Being aware and able to stop using too much technology and apps is necessary when a productive source of helping you to save money becomes a dragging way to use your energy. This is something all app users must ponder themselves.


Apple Inc. Apple Reinvents the Phone with iPhone. Read 3 March, 2014.

Tech Hive. Read 3 March, 2014.

The Telegraph. The best apps to make and save money. Read 3 March, 2014.



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4 Responses to Is your phone helping you to save money?

  1. anttivuo says:

    If you’re spending so much that the phone beeps get annoying, the beeping might be exactly what you need (= discourages you from wasting your money) :—-D

  2. viuhti1 says:

    Very useful text for phone addicts 😉

  3. anttihnurmi says:

    If everyone had one today I believe that visiting city centers would block your ears for good. Especially this week when people are going crazy at the Stockmann shopping centers..

  4. heidiraj says:

    Good post! I think that this is interesting subject 🙂

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