Online services for financial management have skyrocketed in popularity. These platforms give people the opportunity to manage, monitor and save their money through a screen. From banking, to budgeting, to accessing financial information that is associated with work paychecks, these tasks that were once provided as an in-person or written exchange are now available through a mobile app without the need for communication with a bank teller.
Smartphones are not only for making phone calls, texting friends or taking photos. Now that technology has become an integral part of how individuals organize their finances, people depend on these tools for reliable financial services that can properly assist their needs. Whether it’s through a website, or an application, smartphones are a prominent part of an easy to use and convenient money management routine.
If you’re looking for more insight into how mobile devices are the best tool for financial organization, read on!
The convenience of mobile
For many people, smartphones are never left at home—we use these digital devices every single day, and because of this, we have very easy access to a variety of apps for all different purposes. But for financial wellness specifically, the convenience of our smartphones paves the way for simplified check-ins on our bank account balance, a quick way to access payments and bills, and even a way we organize and make changes to our spending habits.
If you’re at work, traveling, grocery shopping or out and about for another reason, financial management apps can send instant messages to your smartphone to let you know that there has been a change to your balance, if you have a bill due or if you are going above your set spending limit for the month. Without a smartphone’s notification system, you may miss something important that is related to your budget. Being able to check financial updates in real time allows for a seamless and easy way to track your goals and make payments on time.
Easy accessibility to apps
Smartphones are a central hub for applications. Through these, you can access, read more information on and download services that are tailored towards your financial success—there are thousands to choose from! It all depends on what you want from using a digital platform to manage your money. Before signing up for any account, think about why you want to organize your finances digitally and the features that would help you achieve your goals. It’s vital to ensure that these align to avoid yourself becoming disappointed in the features that they use later on.
Whether you’re interested in finding a solution for the management side of your finances, an online banking company to help you keep track of your balance, or an app for organizing your monthly bills to ensure you’re paying those on time, there is an option for everything. It’s about doing the proper research to determine which one is best for you and your lifestyle.
Rather than going into an in-person bank to make a deposit, order checks or to receive a bank statement, smartphones provide a variety of features throughout the financial apps that they display. The organizational elements that apps provide, such as color coding, labels and reminders, can help you maintain a structured approach to managing your money online. Other features that may make the most of this experience include automatic payments, expense tracking, and fee-free banking options that can reduce or completely remove the additional costs that come with maintaining your checking account.
It never hurts to connect with a representative from the financial institution you’re using to discuss the features they provide and how they can increase your financial literacy. The more you know about where your money is going, the better you can utilize the resources that are provided to you.
While shopping, there is no longer a need to bring your debit or credit card to the cash register with you, as smartphones now allow you to digitally replicate your debit or credit card onto a device. When paying for your items, you can scan your smartphone over a barcode reader that tells the computer system you’ve purchased the things you need. This not only saves time, but can link to a financial app you’re using on the same device and give you an update showing your balance in real time.
For situations where you’re not at the store, but rather stopping by the gas station or a coffee shop for example, companies have apps that provide a contactless payment system. Instead of paying with cash, or running your card through a reader, you can simply pay online or through an app using a rewards incentive. This also can connect with a money app that you use for financial transactions to give you an accurate representation of when and how much you’re spending.
Financial management has changed pretty dramatically in recent years. More individuals are putting the use of technology to the test when it comes to their financial well-being, especially when it comes to smartphone usage. Mobile devices are not going anywhere anytime soon, so take advantage of the offerings they provide to give yourself updated management strategies that are beneficial for you.