Friday Financial Five – December 27th, 2013

Dan Forbes, GoLocalProv MINDSETTER™

Friday Financial Five – December 27th, 2013

Smartphones are not just for updating Facebook and playing the latest version of Angry Birds. There are some worthwhile applications available that can help save money or facilitate the organization of one’s financial life.

Mint

When you traditionally think of mint, you think of pleasingly refreshing gum or the delicious Girl Scout cookies you bought recently. Conversely, Mint, the application, forces you to face possibly horrifying details of your monthly spending habits. This is healthy though, especially after a heavy spending holiday season. Categorizing and confronting expenses is an important part of identifying the road to financial wellness. Estimate current expenditures and make cuts where possible, while providing an outline to future retirement spending.

Grocery iQ

Staying with the budgeting theme, Grocery IQ is an application that helps control food costs, a major monthly expenditure for many of us. This app allows you to enter items by keyword or barcode, and also allows you to store grocery lists by store. It expedites the shopping process, helps you stay within a weekly or monthly food budget, and makes it easy to use coupons to save money.

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Invisible Hand

Adam Smith would be proud of an application that allows buyers to search for the lowest price. Just type in a specific item for purchase and let the application do the rest. It also allows shoppers to scan a barcode while in a store to quickly compare prices online or send notification when the price of a saved item drops.

Morningstar

Morningstar allows investors to keep an eye on portfolio holdings by providing constant market updates and news releases. The research giant also includes its rating service, along with historical performance and expense information on mutual funds, exchange traded funds and individual stocks. Enter portfolio holdings and keep track of them on a daily basis.

Mobile Banking Applications

Many major banks have a mobile application presence, and several (Bank of America et al.) allow users to make a deposit by taking a picture of a check with a phone. Review the capabilities of each individual company to evaluate which have friendly features to perform all other banking needs.

Dan Forbes is a regular contributor on financial issues. He is a CFP Board Ambassador. He leads the firm Forbes Financial Planning, Inc in Providence, RI and can be reached at [email protected] .


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