How the Mobile App Technology Can Help You Manage Inflation Rates

How the Mobile App Technology Can Help You Manage Inflation Rates

Inflation has doubled over the past few years. Who would have thought that prices of gas would soar up to triple digits? You don’t need to be an expert investor to understand that the prices of gas and grocery have doubled over the past few years. A gas tank that you could fill up for $40 just a few years back now costs $100 for the same. 

Many factors have contributed to high inflation rates. First, consumers started to notice inflation in 2021 due to increased consumption during the Pandemic. Besides, the Russian invasion of Ukraine has put extra pressure on the price of gas in many countries. 

Fortunately, Technology for a change seems to solve almost every problem today. And mobile technology is one of the ways investors can manage inflation in any battered economy around the World. 

In this article, we will explore how mobile technology can help you manage inflation rates and the best mobile apps to help you save money in an inflationary environment in 2023. 

5 Ways Mobile App Technology Can Help Consumers Manage Inflation 

According to the US Bureau of Labor Statistics, inflation in the US climbed at a rate of 9.10% between mid-2021 and mid-2022. There are chances that inflation may continue to soar in the future. But the good news is that technological advancements can shield you from high inflation rates. Let us find out how it will help.

1. Offer Many Investment Options

Before the advent of technology, investors used to contact brokerage firms to place their buying and selling orders. However, in today’s age of technology, you can avail of as many investment options by using your mobile app, including those designed to protect investors from inflation, such as Treasury Inflation-Protected Securities (TIPS). This allows you to choose what you want to invest in from anywhere in the world. 

2. Financial Education

Getting an insight to know how the economy is working and performing is one of the best ways to get by in an inflationary environment. In most cases, developers create such apps with new investors in mind to help them learn the ropes of investing before putting their hard-earned money into it. 

3. Alerts and Notifications

With the help of mobile technology, you can keep tabs on the overall health of an economy, budgeting, personal finance, investing, and more. All this will help you to make informed and better decisions in an inflammatory environment, including making a few adjustments to protect yourself from the negative effect of inflation. Even better, you can manage money from anywhere with the help of mobile technology. 

4. Diversification

Most Mobile apps are designed to accommodate a variety of investment products.  This allows them to diversify their portfolios, which helps manage inflation risks and, more importantly, realize profits during inflation.

5. Automatic Saving and Reinvesting

With the help of a mobile app, you can set an automatic saving plan to help you save money consistently during inflation. Ideally, such plans transfer a specified amount of funds from your checking account to your saving account. 

6. Budgeting

If you are lousy and not good at budgeting, You can rely on Mobile Software to do it for you. All you need to do is, set the app to help you live within your means, including tracking your expenses. Besides, you can get software that offers discounts when paying for certain products and services. 

5 Mobile Apps that Can Help You Get By During Inflation 

For the most part, these apps revolve around the “Must Have” products. These are the products that you buy in your daily life for daily usage. The list of the apps goes as under.

1. GasBuddy

Once you download this software, you can access the real-time gas prices in your area. It has access to over 150,000 stations, allowing you to find the cheapest option. 

2. Ibotta

Ibotta is an app that gives you cashback on must-have products and services, such as groceries, clothing, and travel. When shopping through its web version, you can access stores like Walmart and food delivery services, where you can claim cashback offers depending on the service provider.

3. Mint.com

This app helps you to track your expenses by presenting all your financial accounts in one place. Thereby it helps you to monitor your Cashflow and set notifications to track your expenditures on various products. 

4. SpotHero

SpotHero is a software that helps you to find and book the cheapest lots, valets, and Garages in your area. 

5. Chipper

With the help of Chipper, you can easily and conveniently deposit free changes to your student loan account. Besides, it offers all the information students need to know about student loans and the best repayment options.

Wrapping Up

Overall, mobile technology can be useful to investors and individuals looking to reduce the effects of inflation in a battered economy and possibly benefit from it. They give real-time information, budgeting tools, automatic savings, diversification options, discounts, and more. 

So is not it better and wise enough to thoroughly research and choose the mobile app that can help you achieve your financial goals during the hard economic times? 

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