The entire economy suffers as a consequence, because young people delay the purchase of cars, houses, and other substantial goods due to their loan bills. You can take greater control of your financial situation, however, by managing your finances through your smartphone.
The speed of live notifications and mobile app features can help you take action on payments, trades, and credit score changes immediately.
Live credit scores
Credit affects multiple areas of our lives. For example, before you can sign up with a cellular carrier, rent an apartment, or buy a home, you will be subjected to a credit check.
It’s important that you remain aware of your current score, since it has an impact on so many facets in your life. FICO credit scores range from 300 to 850, and depending where you land on the scale, your credit will receive a label with categories from “Very Poor” to “Excellent.”
Multiple factors will affect your score. You can keep tabs on your credit score by using apps such as Credit Karma or Mint.
Bank account alerts
We all dread overdrafts, because they can quickly compound into a terrible burden. For example, you might have forgotten about an automatic bill pay that you linked to an account.
If you don’t have enough funds to cover the bill pay, then your bank will charge you an overdraft penalty fine. As long as you’re unaware of this overdraft, you might happen to use your debit card at the supermarket, which leads to even more overdraft fines per transaction.
These can accumulate very quickly and land you in significant debt. But you can avoid such situations by signing up for mobile alerts through your bank and linking your accounts to services such as Mint’s mobile app.
These services inform you of any low balances.
Your mobile device also enables you to obtain real-time information about investment statuses. Apps such as Fidelity and ETRADE can give you access to instant updates.
This allows you to act on potential trades any time of the day. Being able to execute trades during your lunch break or between classes will give you a competitive advantage.
Whether you’re watching tech stocks casually or working with a commodity trader, you’ll be able to keep your eye on the market with mobile trading tools.
You’re able to view real-time information regarding your debt, payment statuses, and investments from your smartphone. So what are you waiting for?
Gain more control over your financial situation with mobile apps.