Mobile money management allows users to bank online, manage investments, track spending, and analyze purchases through various mobile apps. Online banking services offer remote account management, while investment apps provide analytics and expense tracking. Some apps also help users make buying decisions.
Mobile money management includes the ability to bank online, manage investment portfolios, track spending, and analyze potential purchases. There are separate mobile phone apps for smartphone users who want to learn more efficient money management techniques. Online banking services often provide mobile phone users with access to mobile banking that allows them to manage their accounts remotely. Mobile money management apps can include interactive numerical and graphical tools that provide education and convenience.
Banking institutions may offer customers full or partial access to 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 classify payments. Mobile banking apps 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 providers through their mobile phone banking applications.
Those who choose to invest in the stock market, mutual funds, or other open-ended investments can use a mobile money management analytics app. Investors can monitor the aggregate market and individual investment trends. They may be able to schedule trades, including purchases and sales. Remote monitoring of portfolio accounts, including performance and performance graph displays, may also be available.
Expense tracking is another type of mobile money management. These applications may be geared toward a specific category, such as expenses related to a person’s car or home. Other expense tracking apps are more comprehensive in nature, taking input from the full range of a person’s expenses. These programs can provide users with information by generating graphs or charts that show them the areas where most of their spending occurs.
For example, as a person enters payments and places them into categories, a mobile money management app might display a trend graph for a three-month, six-month, or one-year period. By using this tool, a person can visually see the amount of money that goes towards travel, housing, car expenses, and food. Tools of this nature can help an individual determine if she is spending too much in a category. For example, if a person discovers that he is spending 20 percent of her take-home pay on restaurant food, he may want to start cutting back.
Some money management apps help people make buying decisions. For example, financial analysis tools can take input 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 need to wait and save more.
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