Mobile Money Management


Snip20141210_9It’s difficult to change from established ways, but a little know-how can make your life a bit easier — especially as you age and transportation becomes more of an issue. Mobile apps give you the ability to conduct banking and other financial transactions using a mobile device. In most cases, this means a cellphone. However, you will need a smartphone to take advantage of most mobile finance features.

In 2013, about 95 million Americans used a smart device (devices, including tablets, that allow you to access the internet) to manage their finances.4 Most mobile banking apps allow you to transfer money between accounts, pay bills and check your account balances, and some even let you make small deposits by taking a photo of your check with your cellphone camera and uploading it to the bank with a mobile deposit form. You can check to see if your Social Security and other benefit checks have been deposited while sitting in the waiting room at the doctor’s office and pay bills even if you’re laid up in the hospital or a rehab center. For people who want to make more sophisticated transactions, some mobile apps allow access to your IRA or employer sponsored retirement plan.

According to the Fidelity Mobile Money Study, some of the most popular times to use mobile financial apps are while watching television, playing golf, eating dinner or while parked in the car.

Click here to read “Five ways to make the most of mobile banking,” Fidelity.com.

In March 2014, the Federal Reserve published a report regarding the increasing use of mobile apps for individual financial management. The study found that the most common uses of mobile banking are to check account balances or recent transactions (93 percent) and transfer money between an individual’s own accounts (57 percent).

Click here to read “Consumers and Mobile Financial Services”.

Security Concerns

While many security experts assert that mobile banking can be as safe as conducting transactions on your computer, they concede that you have to be more careful about your surroundings. When using a computer at home, you don’t have to worry about prying eyes. However, if you’re checking your balance while in the checkout line at the grocery store, be aware of people around you who may see you input your password and other data. Also, only download apps from recognized sources and app stores and always log off when you are done. This is important because if your phone should be lost or stolen, a thief will not be able to access your account information.

App stores generally offer a wide range of apps, and many may look similar to ones offered by your bank. That’s why it’s generally safer to download apps directly from links posted at the custodial website of your financial accounts.

However, there are some very useful apps offered by other vendors that can track your spending and help you stay on budget. For example, for people on a fixed income, you can record your purchases while out shopping so you’ll know how much you have available to spend by the time you get to the grocery store. This can help you avoid paying bank overdraft fees and, if necessary, give you time to go to your bank app to transfer money from one account to another while standing in the checkout line. Immediate access also allows you to check if charges have cleared and balance your checking account much faster than waiting every 30 days for your statement to come in the mail.

Some personal financial management apps can pull data from your banks, credit cards and even investment and retirement accounts. Moreover, some apps can send you a message on your phone if you have spent more than your preset budget in various categories. The following vendors offer some of today’s more popular financial management apps for mobile devices:

  • Mint.com — can import data from your financial accounts and help you budget and monitor your spending
  • PersonalCapital.com — combines all your investment and financial accounts into one location so you can manage your cash flow, loans and wealth
  • Simplee.com — helps you manage medical bills
  • Betterhaves.com mint.– helps couples stay on budget by tracking shared and individual expenses

Click here to read “Best Apps to Keep You From Busting Your Budget”.

Our firm assists retirees and pre-retirees in the creation of retirement strategies utilizing investment and insurance products. To see a list of our services please click here .

If we can be of any help assisting you with any of your financial needs, please give us a call at 801-990-5055 or visit us at bossretirement.com.

Advisory services offered through B.O.S.S. Retirement Advisors, a Registered Investment Advisory firm, and offered through Global Financial Private Capital, LLC, an SEC Registered Investment Advisor. Insurance products and services offered through B.O.S.S. Retirement Solutions. The information contained in this material is given for informational purposes only, and no statement contained herein shall constitute tax, legal or investment advice. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. You should seek advice on legal and tax questions from an independent attorney or tax advisor. Our firm is not affiliated with the U.S. government or any governmental agency.

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