Finances on Your Phone?

June 7, 2011
Finances on Your Phone?

More than 10 million Americans use mobile banking to manage their finances, according to recent research. That number is estimated to rise to 50 million by 2015.

“It’s very empowering to be able to take a read on things whenever, wherever and make transactions on a moment’s notice,” says Carley Knobloch, CEO and founder of Digitwirl. Knobloch believes such technological advances help people take back control of their finances.

People who can’t afford a financial advisor, and those are just want to stay in the loop, are able to get very sophisticated advice right from their phone, says Knobloch. A few of her favorites money apps are Mint, Pageonce and PearBudget.

“Banks are going to have to up their game if they want anyone to bank with them in the future,” says Knobloch. Some of Visa’s bank partners may have mobile payment options later this year, according to The New York Times.

What to be weary about?

If you’re apprehensive about handling your finances online, Knobloch says the same common sense rules apply. “Do your research. Only put your trust in reputable vendors.” She recommends sites like LastPass, where you can create passwords to stump even the most experienced hackers.

Bonus PINK Link: Besides your cell phone, the contents of your purse can also tell you a lot about your finances.

By Malee Moua

“Money is the opposite of weather. Nobody talks about it,
but everybody does something about it.”  Rebecca Johnson