This Hot Trending App Is Making Personal Finance Easier for Everyone
- Author: Jessica Williams
- Posted: 2024-07-24
It seems like every day, we hear about another app to help manage your finances. Some of them are more useful than others. However, many people find that using multiple apps to manage their finances actually adds complexity to the accounting process. A new startup promises to revolutionize personal finance for all. Here's what you need to know about it.
An App Called "Emma"
Most personal finance apps focus on one aspect of it. For example, there are several apps that offer paycheck advances. There are also many that promise to let you see an easy overview of all your financial accounts. These are helpful, but none of them are an all-in-one solution besides "Emma".
Offered on both Android and iPhone platforms, "Emma" takes charge of aspects of your personal finance you allow it to manage. Using a combination of Artificial Intelligence (AI) and Machine Learning (ML) based on your spending habits, as well as goals you set, the app helps manage your money. Here are all the things this novel app can do. Note that the app does not perform any transactions automatically; you must approve each one to ensure that the app doesn't do harm to your finances.
Money Overview and Management
This app lets you take a look at your current finances across multiple providers. You can see credit card accounts, loan information, bank account balances, 401(k) and IRA balances, and more! Unlike most other apps out there, Emma supports most common types of cryptocurrencies, as well. This feature also includes insights and points out oddities in your spending. This could potentially help you to detect identity theft early.
Subscription Killing Tool
Unused subscriptions are a huge money waster for most people. Almost everyone has signed up for a free trial of a service and found it wasn't for them. These could stay active on a credit card bill for years, especially if it's a small recurring cost. That's where Emma comes in! The app analyzes your subscriptions by looking for common, recurring costs. It shows you the list and lets you select the subscriptions you don't use, instantly saving you money and time.
Fee Analysis and Killer
There are many types of small fees added to transactions. For example, most ATMs have a fee for withdrawing your own money from them. First, Emma looks for appended fees to transactions. You may not even be aware of some of them. This lets you change your course of action if you're consistently paying a fee you could avoid.
The app also looks for hidden bank fees you can avoid. For example, Emma can warn you of a pending overdraft in your account. This gives you time to cancel a transfer from your debit account before it's too late.
A Pulse on Your Finances
Emma regularly makes sure that you're in good shape financially. This includes comprehensive credit score monitoring with suggestions if it falls. You also can directly see how well your investment accounts are doing on a day-to-day basis. Emma also detects when your regular payday is and provides a "countdown" on the main app dashboard of when your next paycheck is coming in.
A Mini Money Manager
Rather than stress about your finances all the time, Emma provides respite. You can configure push alerts or "notifications" of certain events. For example, you can set the app to alert you when your bank account receives your paycheck. You can make a custom configuration to alert you when almost any financial condition is true.
You'll be automatically alerted if fraud or other suspicious activity is found on a card. This gives you an advantage, since a common trick fraudsters use is put a very small charge on a credit card to see if it goes unnoticed. People who don't scrutinize their bills usually don't notice five cents missing. However, this rapidly turns into a much larger sum you need to dispute with your credit card company. You can avoid all of this with this new app!
A Revolutionary App or Remake?
It could be argued many components of this app are available within other apps. What made this app start trending is that it's a completely integrated solution for personal finance. Instead of being told about penalties and fees after the fact, Emma enables you to respond proactively.
