LUTZ BUSINESS INSIGHTS
4 ways mobile apps are changing personal finances
jim boulay, investment adviser, managing member
Thanks to advancements in technology, our mobile phones can do more than send messages or make calls. We can now use these devices to learn a new language, keep up with current news, and so much more. One considerable opportunity present-day mobile phone applications offer is better financial control.
Financial apps today can help you invest, create budgets, and transfer money between different accounts. You can now better handle your monthly expenditure, keep track of funds, and adjust your budget with a few taps and clicks. Here is a comprehensive look at how mobile apps are transforming personal finances.
What Are the Different Mobile Apps Available for Users?
There is an overwhelming number of mobile apps in the personal finance category. Here are a few that stand out:
Acorns invests the spare change from your linked credit card and debit card transactions. Note: There is a $2 monthly fee on the individual retirement account.
Users get snapshots of real-time spending, regular updates on withdrawals and deposits, financial planning tools, and the ability to pay bills. Additionally, all Mint users get access to free credit score tracking.
If you are thinking of sending or receiving money online, PayPal is an excellent alternative. It is an online payment company that is free to set up and use. You can also link your credit or debit card.
Cost-conscious investors will find Robinhood rather useful due to its zero-charge commissions. App users can trade in stock, options, or cryptocurrency. It is an easy-to-use trading app with zero balance requirements and low fees.
Venmo is among the leading peer-to-peer mobile payment applications in the market. Users can move funds into different accounts, request money, and split payments.
Banking apps allow you to manage all your finances while on the go. You get to view your bank account balance in real-time, deposit checks, and make withdrawals or deposits with the click of a button.
How Mobile Apps Are Changing the Way People View/Use Personal Finances?
According to a 2021 ESET survey, 85% of bank account owners with smartphones used some kind of mobile banking. These mobile financial apps are redefining the way people use/view personal finances. Here’s how:
1. Provide Quick and Easy Access
Keeping up with personal finances was less efficient in the past. Bank account holders had to go to their local banks to check balances and make transactions. Now, mobile apps make it quick and easy to access your finances from anywhere at any time.
Having this kind of flexibility and convenience allows you to plan and budget effectively. You can quickly see whether you are almost reaching your credit card limit or check your account balances before making any purchases.
2. Simple to Use
Most mobile financial apps feature a user-friendly interface for simple navigation. It has never been this easy to make financial decisions. You can fulfill all banking and financial needs wherever and whenever you want.
Users can budget, invest, check stocks, save money, and deposit checks within a few seconds. A single click of a button can help you get all your finances in order.
3. Gives Your Real-Time Updates & Security
Mobile financial apps ensure users are kept up to date in real-time. Every financial decision is documented as soon as it happens, allowing you to keep track of every transaction almost instantaneously.
Real-time updates also help improve security and reduce fraud. When it comes to your money, protection is critical! Most apps also offer live support so you can receive help immediately if you notice a transaction you did not authorize.
4. Helps with Bill Management
Do you find yourself paying extra charges due to late bill payment? Mobile financial apps can help you ensure you never miss an important due date again.
Many personal finance apps come with a bill-payment alert feature. You can set up the exact time and date for the alerts, thus ensuring you never miss a payment. Some financial apps also allow you to schedule recurring payments, so funds are automatically transferred from your connected account without any thought or action on your part!
Get Your Finances in Order Today
Mobile financial applications give you the simplicity of quick money management and peace of mind that your funds are secure. If you have any questions, please contact us. You can also learn more about our Lutz Financial services here.
ABOUT THE AUTHOR
JIM BOULAY, CPA/PFS, CFP®, CAP® + INVESTMENT ADVISER, MANAGING MEMBER
Jim Boulay is an Investment Advisor and Managing Member at Lutz Financial. With 30+ years of experience, Jim specializes in financial planning and investment advisory services for high-net-worth individuals, families, and business owners. He lives in Omaha, NE, with his wife Regina, and four sons.
AREAS OF FOCUS
- Comprehensive Financial Planning
- Business Owners & Families in Transition
- Family Office Services
AFFILIATIONS AND CREDENTIALS
- American Institute of Certified Public Accountants, Member
- Financial Planning Association, Member
- National Association of Personal Financial Advisors, Member
- Omaha Estate Planning Council, Member
- Certified Public Accountant
- Personal Financial Specialist
- CERTIFIED FINANCIAL PLANNER™
- Chartered Advisor in Philanthropy
- BSBA in Accounting, University of St. Thomas, St. Paul, MN
- Catholic Charities Endowment, Committee Chair
- Crohn's & Colitis Foundation, Chapter President
- Christ Child Society, Past President
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