Your phone knows your name, home address, workplace, and the places you frequent. It silently recognizes your fingerprints, finger movements, voice, and facial features. It keeps track of how often you carry your phone and for what reasons. It stores your favorite photos and games. It remembers the music you love and the TV shows you follow. It counts your steps and monitors every move you make online.
Who are we talking about? If you don’t have a secret admirer, chances are we’re talking about your smartphone. And in this article, we’ll explore how to make our smartphones financially smarter.
1. Continuous Monitoring of Our Financial Habits
As the old saying goes, “Measure twice, cut once.” So, it’s crucial to continuously monitor your financial habits, and many apps can help by simply linking them to your credit and debit cards. This allows you to see how your spending is distributed among different goods, helping you gauge the balance between essentials and non-essentials. It also points you towards financial issues that need addressing.
For example, if you’re spending too much on transportation, you might consider swapping your car for a more cost-effective one or looking for a job closer to home.
2. Increased Control Over Banking Services
You hold a full suite of banking services in your hands at all times and anywhere, increasing your control over every financial step and decision. For instance, you can open a savings account or apply for a loan. You can check your balance, pay Zakat, or settle your utility bills.
You can communicate with customer service around the clock and enjoy other benefits you might not be aware of yet. So, grab your phone now and explore your banking app because digital banking services are continually evolving.
3. Embrace a Digital Wallet
Imagine having a personal assistant carrying your ID, credit cards, and any amount of money securely and keeping everything organized at all times. This is essentially what a digital wallet does, facilitating your payments and allowing you to benefit from offers even when you don’t have enough cash.
Your money and cards can’t get lost or stolen, especially since transactions are made without revealing your card numbers. And let’s not forget that online transactions are often free.
4. Make Better Purchase Choices
A study on buzz marketing revealed that 82% of customers use their mobile phones inside stores to verify their purchase decisions before payment. Even with a computer present, 80% of customers still use their phones.
Recognizing the importance and impact of mobile phones on our purchasing decisions, ensure you use yours to make well-informed decisions without rushing. Check reviews about a product or service and compare prices with other stores, knowing that your phone saves your preferences for a personalized electronic experience.
5. Develop Our Financial Literacy
Financial literacy forms the nourishing roots for your activities, decisions, and financial outcomes. Any information you gain in this field leads you to deeper financial stability and less susceptibility to drift. Don’t miss out on the limitless resources on your phone to learn the basics of financial management, whether you’re a beginner, a student, a family provider, or an entrepreneur.
In financial literacy, various skills await you that you can benefit from in various aspects of your life. Read articles regularly, search for topics you don’t understand thoroughly, and enroll in courses when you need intensive content. NomaDock offers you all of this and more.