4 Ways Mobile Apps are Changing Personal Finances

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
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.
Mint
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.
PayPal
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.
Robinhood
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
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
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.
Important Disclosure Information
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Lutz Financial), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Lutz Financial. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Lutz Financial is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of Lutz Financial’s current written disclosure statement discussing our advisory services and fees is available upon request.

- Woo, Activator, Communication, Belief, Responsibility
Jim Boulay, CPA/PFS, CFP®, CAP®
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