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Here, Carl Koenemann, discusses emerging applications that will change the way we look at money management.
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There are a number of applications, websites and online services that make today’s money management a much simpler process than even 10 years ago. It’s these services that
encompass the industry of e-finance, and they have already dramatically changed the way we
deal with and think about money.
Paym is the UK banks’ way of pushing back against PayPal. Until
now, PayPal has been the dominant force in mobile
payment services, allowing people to pay friends using their email addresses back-linked to bank
accounts. Paym is a free service that uses mobile numbers instead
of email addresses and allows people to pay up to 250 euros a day without releasing bank details.
Osper is another service from the UK that is aiming to teach
children quality money management skills and
independence. Parents give their child a pre-paid debit Osper
card which links back to the app. The child gets independence and control while the parents get to track charges and teach
their children how to make better financial decisions.
Mint makes it easy to glance at your total amount of money. It’s a budgeting and finance app that consolidates your
investments, bank accounts, and loans all into one neat and centralized location. You can also use the app to stick to a budget plan, to set goals and strategies, or just to remind
yourself to pay off certain bills. Mint makes it easy to glance at your total amount of money. It’s a budgeting and finance app that consolidates your investments, bank accounts, and loans all into one neat and centralized location. You can also
use the app to stick to a budget plan, to set goals and strategies, or just to remind yourself to pay off certain bills.
For those who prefer a gradual and seamless approach to investing, Acorns is likely the perfect
app. It collects the spare change from all your everyday purchases and then invests that money
into a diversified portfolio based on your personal goals and risks. There are no trade commissions, no balance requirements, no transfer fees, but it does cost $1 a month plus a 1 percent management fee.
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