Personal Finance Technology Trends For 2012


I idea I’d begin the 12 months off with a few traits, in particular in technology, that would help you meet your personal economic goals because there are several personal finance services and applications, or apps as they may be known, which might be going to change the way we Americans invest, financial institution, tune our price range, shop, get coupons and so forth.

Finance Technology

Some of these apps use the web; however, more and more, many are to be had on cellular gadgets because more than a third of all American adults now bring “smartphones” with super quantities of showing the use of processors that are as effective as the ones in your computer. In truth, if you are like lots of my customers who’ve been holding out towards the invasion of an era, you may need to rethink your selection in 2012. This would possibly be the 12 months to allow the benefits of those improvements to help you benefit from better control over your price range.

Maybe now is simply the time to prevent the use of a pen to put in writing tests, paper to tune your expenses, and scissors to clip coupons, to permit generation to streamline this process for you a bit, and in so doing, to feature for your financial savings and bottom line. Because, let’s face it, your first-class coupon deals or lodge and airfare reductions now do not come as inserts or advertisements in your newspaper; however, visit folks that use the Internet. So right here are a few thoughts as a way to replicate on and take into account opening yourself as much as, and even as I inspire you to listen to those with open views, adopt most effective the ones that you are a hundred comfortable with, understanding complete properly that you may usually revert to paper and pen if this turns out to no longer be your cup of tea, so here are a few new ways to think:

1. Think “Mobile Money” How does that sound? Well, here’s the lowdown. With the era in which it is today, you may now wave your telephone in front of an intelligent tool to make all forms of bills, and this trend appears to be virtually catching on because it enables retailers, mass transit operators, and others to promote extra at the same time as cutting down fees. With cellular cash, your cell phone is securely linked to your financial institution or credit score card account and saves you the trouble of sporting a card, swiping it, getting a bill, signing it, and so forth, and it keeps the seller cash, too. Moreover, I suspect traders, service carriers, and Google Wallet will make this more attractive by supplying promotions and discounts to folks who adopt this cell payment technology, much like they presented incentives in the early days of the Internet.

2. Think Person to Person Payments. Remember how, while you’re at a restaurant with buddies and it’s time to cut the bill, you either ask for separate bills or fumble for coins to pay your share? Well, how about just clicking your smartphones in opposition to each other, and you are achieved? Companies like American Express, Mastercard, Visa, and PayPal now provide several offerings that permit you to, without problems, switch money between pals using validated financial institutions or credit card accounts. This makes sending money throughout the road, community, or the United States faster, less difficult, and much less steeply priced. Don’t forget that you are ALWAYS the bearer of any fee your bank or credit card organization incurs in all of the transactions you make, so if this era reduces fees, possibilities are that some of those savings will glide through to you, too.

Finance Technology

3. Think Money Management. There are new internet websites that have also become apps on your smartphone, including Manilla.Com, which I noted a few weeks ago in my interview with Terry Savage, and Pageonce, which helps you manage bills, payments, subscriptions, coupons, and greater; for free! So it would help if you never worried about an overlooked price, past due charges, journeys to the submitted workplace, stamps, ignored offers wherein you may’ve used a discount to keep huge, and so forth. Moreover, many of these offerings have an environmentally pleasant schedule and want to assist in replacing paper clutter with electronic account statements. Other additional specialized websites and savvymoney.Com help customers control their debt: credit score card bills, mortgages, and vehicle loans, and mechanically provide you with hints on how to refinance or make extra bills to reduce your average interest expenses, and so forth. Others, like betterment.Com, are designed to simplify investing. Subsequently, mint.Com, whose CEO I interviewed approximately a year ago, became the first website online like this out of the gate. And it’s a good website online to carry all your financial money owed together. So, with open thoughts, check them out and sign up for those that make sense to you. And consider that you may constantly choose out if you do not like them.

Before I move, I want to pressure you that I am not recommending these unique websites or validating what they provide but merely bringing up examples of era advances in private finance, which can be worth exploring further.

4. Think Personalized Deals. We all heard about the promise of personalization, and at the same time, as this has occurred to some extent with the Internet, it hasn’t panned out inside the non-public finance area until now. In truth, to understand personalization, recall attempting this test. Take your computer over to a pal’s house. Sort inside the same seek word: say, “pinnacle ten offers in Miami” in google.Com or some other search engine: your buddy on his PC and also you on your PC the usage of your friend’s Internet connection even as sitting proper next to him, I am nearly a hundred% certain that your search outcomes will fluctuate because serps customize search effects on your browsing records. The good news is that with smartphones and vicinity-based total services, stores can now recognize. At the same time, you stroll into them, see your purchase records and profiles, and entice them with special offers only for you: personalized discounts and instant offers to customers willing to decide on those packages. And frankly, for the maximum component, you have little personal facts to lose that you have not already lost through the use of the Internet, Facebook, e-mail, search engines, or smartphones domestically!

Finance Technology

Five. And Finally, Think about Social commerce. The Internet spawns ordinary phrases like this; however, what the heck! Apps now allow you to borrow or maybe legally take money from people the world over who may need to give you a loan where they consider in you greater than a financial institution, assist you out in a crisis, lend you money to do up a kitchen or toilet or spend money on a terrific idea: private individuals accomplishing out to each different and beginning their wallets in what’s called social commerce without boundaries. Check out websites like weemba.Com or kickstarter.Com if you have an idea you suspect others can also want to fund. It’s pretty cool to suppose that banks will not manipulate what you may and can not do financially. I love the unfastened markets.

But do not think big banks and corporations aren’t watching all this intently and actively stepping in where they experience achievement. So, in 2012, you will likely see plenty greater happening in personal finance generation. As we kick off the new 12 months, I urge you to try to “get with it” if you like and explore ways of saving money and time by using technology to your advantage.