Using Your Smartphone to Save Money; Long Island Accountants Diapoules & Feinstein CPAs P.C. Weigh in on the New Trend

Share Article

As more people turn to smartphones to keep track of finances, Diapoules & Feinstein CPAs P.C. offer a response.

On February 21, Long Island Accountants Diapoules & Feinstein CPAs P.C. respond to the growing trend of using your smartphone to keep track of personal finances and savings.

With so many easy and accessible finance apps, such as Mint.com, available for smartphones today, it is no wonder more people are using their phones to keep track of their income and spending. Mint.com alone has over 10 million users, according to an article from Deseret News, and big banks like Chase now offer features such as the ability to make deposits with your smartphone.

Mint.com does more than just tell people their account information – it collects all of your spending data and analyzes it. This can help people find the necessary motivation and wherewithal to save money and control spending, states the article. The article reports that “ninety days after sign-up, spending for things like entertainment, bars and dining out drops for about 80 percent of the people who use Mint.”

The article also mentions the Easy Envelope Budget Aid app. Ever heard of the strategy of dividing money into different envelopes to help set aside money for bills? The app takes this idea and makes it digital, allowing you to set certain amounts aside in specially-designated online “envelopes.”

Apps like these allow people to constantly be aware of what they have in the bank, and they are just one indicator of a changing financial industry, according to the article. Money is evolving from a tangible object to a number on a screen – and as more people find themselves with smartphones constantly in their hands, more people have the ability to be intimately informed about the state of their finances and the pattern of their spending habits.

Jim Diapoules of Diapoules & Feinstein CPAs P.C. responds to these new trends. According to Diapoules, “As Dylan once sang, times are a changing and the way people think about money has changed. Young people do not think as money as being tangible because they rarely deal with the real money. It is true that their concept of money is that it is digital and so they have lost their “feel” of money. Their lacking of “feel” has led many young people to financial ruin. By using Mint.com and having real time info on your finances will prevent or slowdown their fiscal malfeasance. I especially like the Easy Envelope Budget Aid. Budgeting by using envelopes to pay for particular expense is an old idea that has become new. Using “envelopes” helps people to budget their money and hopefully straighten out their finances.“

Diapoules & Feinstein CPAs P.C. have been providing accounting, auditing and tax services to Greater New York City area since 1989. D&F provides our clients with great personal attention and years of professional experience in order to see them succeed and help them to feel confident.

#####

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Jim Diapoules
Visit website