With a phone population larger than people living on the island, Singapore has one of the world’s highest mobile phone penetration rates. We’re also a key market for mobile phone manufacturers, which means Singaporeans are among the first to get access to latest flagships as soon as they’re launched.
As great new phones are, they are only as useful as the software that run on it and take advantage of the multitude of processors, sensors, transceivers and data. Here’s a list of must-have apps that you should download when setting up your new phone that will help you manage your finances better.
# 1 Budget Tracker (Toshl Finance)
Whether you want to reduce your spending, lose weight, or improve your team’s performance at work, collecting data and identifying areas for improvement is a key first step.
A simple, flexible and reliable budget tracker is thus invaluable. I’ve used many budget trackers over the years and spoke to others for recommendations. Toshl Finance stands out as a mature product that is a pleasure to use.
In addition to powerful charts and features for sorting your spending, the most important feature is the speed and ease in which you can input your expenditure – which is vital since you’ll be doing this multiple times a day.
Alternatives: Wally, Mint, Seedly
# 2 Receipt And Document Scanner (Microsoft Office Lens)
Proper storage of receipts is important, since they will be required to be presented as proof or purchase when seeking refunds, repairs within warranty, or making claims. At those times, receipts become as valuable as cash, which justifies the effort to safeguard them in a secure, easily accessible manner.
The last thing you want is not to be able to find your receipt when you need it the most, or to find that the text on the paper has faded beyond recognition. A receipt and document scanner like Microsoft Office Lens allows you to intelligently scan and upload your receipts and documents into the cloud and/or your phone’s camera roll, preserved in pristine condition and ready to be used anytime.
Alternatives: Google Drive, Evernote
# 3 Banking Apps
Much of the day-to-day banking services that we use on a regular basis can now be done using our apps on our mobile phones. From transferring funds, paying your credit card bills, and even making investments, you can now do so anywhere you are, any time you like.
Downloading and setting up your bank’s app will ensure you have access to the current state of your account and perform key banking functions amidst your busy schedule.
# 4 Fines And Bill Payments (AXS)
Paying bills is one of the things we need to do, but is really a hassle. AXS kiosks have made 24/7 payments at convenient locations a reality, but their app brings even greater convenience for making payments of your utilities bills, town council charges, phone bills, income tax payments, credit card bills, insurance premiums, and hospital bills. You can also pay your traffic summons, URA fines, NEA fines and more.
Using the AXS app doesn’t make the bills any cheaper, but it does make the process less painful, and would make it less likely you’ll pay late and incur hefty late payment fees.
# 5 National Library Board App
Continual learning is an important habit to build up as part of your personal finance journey. In addition to reading Singapore finance websites, longform books are also valuable sources of knowledge on in-depth subjects.
The National Library Board allows you to search for books, reserve them for collection at libraries islandwide, and even download selected books and magazines for reading on the go. The best of all? Everything’s absolutely free!
Optimise Your Dollars When You Send Money Overseas
When we send money overseas to our loved ones, we often face high fees and unfavourable foreign currency spreads. Time is also an issue when it takes a few days for the money to be transferred.
Companies like InstaRem offer a convenient and faster way for you to transfer money overseas. With zero exchange rate margins and no hidden charges, you can make the most of the money you send overseas. For those that send money frequently, you can earn bonus InstaPoints for each transfer you make - this can be redeemed for future transactions.
DollarsAndSense Exclusive Promotion: Use the promo code DNS20 to receive an additional SGD $20 when you make an initial transfer of at least SGD $1,000.