Mobile money management allows for online banking, investment tracking, expense monitoring, and purchasing analysis through various mobile applications. Banks offer mobile banking for account management and transactions, while investment apps provide analytical tools for market monitoring. Expense tracking apps can categorize and graph spending trends to help individuals budget better, and financial analysis tools can aid in purchasing decisions.
Mobile money management includes the ability to conduct online banking transactions, manage investment portfolios, track expenses and analyze potential purchases. There are separate mobile phone applications for smartphone users who want to learn more efficient money management techniques. Online banking services typically provide mobile phone users with access to mobile banking which allows them to manage their accounts remotely. Mobile money management applications can include both numeric and interactive graphical tools that provide education and convenience.
Banking institutions can offer customers access to all or part of their account information through mobile banking services. This type of mobile money management allows customers to move money between accounts, make bill payments, monitor deposits and categorize payments. Mobile banking applications communicate directly with the account holder’s phone to verify fund amounts and identification before authorizing the transaction. Some banks allow customers to make purchases with certain suppliers through their mobile banking applications.
Those who choose to invest in stocks, mutual funds or other openly traded investments can use an analytical application for mobile money management. Investors are able to monitor the aggregate market and individual investment trends. They may be able to schedule negotiations, including buying and selling. Remote monitoring of portfolio accounts may also be available, including graphical views of returns and performance.
Expense tracking is another type of mobile money management. These applications can be targeted towards a specific category, such as a person’s car or home expenses. Other expense tracking applications are broader in nature and take data inputs from a person’s full range of expenses. These programs can provide users with detailed information by generating graphs or tables that show them the areas where most of their spending is done.
For example, when an individual enters payments and categorizes them, a mobile money management application might show a trend graph over a three-month, six-month, or one-year period. Using this tool, a person can visually see the amount of money going to travel, accommodation, car expenses and food. Tools of this nature can help an individual determine if she is overspending in one category. For example, if a person finds that she is spending 20% of her take-home pay on restaurant food, she may want to start cutting back.
Some money management applications help people make purchasing decisions. For example, financial analysis tools can take inputs regarding the interest rate on a car loan, the proposed down payment, and the number of payments. Tools like this can help people determine if they can really afford a potential purchase or if they should wait and save more.
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