Friday, August 23, 2013

Mobile apps in Home Finances

Extract from the Bonus Chapter “How a Smartphone Can Improve Your Home finances”
Future is coming
 I did some research on Techcrunch to find the most promising start-ups in the home-finances category. Here are the best ones I found, aside from the aforementioned LearnVest

Moven is a service, in which you can load, transfer, spend and track your money using your mobile device. It gives instant feedback on your spending patterns. Also, Moven launched CRED score, the assessment of your “credibility score” (not a credit rating), which measures your financial health. It draws on a wide range of data, including your social influence, as well as answers to some finance-focused questions. Moven’s CEO Brett King says, “It’s not about your credit, but your credibility.”

Simple calls itself the “bank of the future.” It focuses on simplifying the banking process by unifying all accounts, making them accessible through your bank card. Simple is going to introduce “Safe-to-Spend” balances within its mobile app. Rather than making money from different fees, Simple plans to split the interest margin with its partner banks. Thus, this will eliminate the incentive to push confusing products at consumers.

This is a money-saving app that helps you save money in a fun way. The app is also the gateway to a community of savvy savers and spenders. Here is the quote from AppStore description: “Reach your goal! Go ahead. Buy that bag, guilt-free. Or, proudly pay off that debt. You earned it. Share with the community. Post about your success, see what everyone else is saving for, and cheer each other on. We're the support group for savvy savers.”
I’m sure that there are more home-finance apps coming to the market that have social-community features and friendly support for you to reach your financial goals. Stay tuned!

Family Money Fitness Program
If you were to accomplish just one thing after reading this chapter, what would you do?
My Pick: Find a decent mobile app for either your savings goals, debt snowball (reduction), or expense tracker, and try out the app.

Examples of simple apps (some of them are paid):
For savings goals: Unsplurge (iPhone), Saving Made Simple Money App (Android)
For debt snowball: Debt Free (iPhone), Debt Payoff Planner (Android)
For expense tracker: Spending Tracker (iPhone), Expense tracker (Android)


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