Managing your finances via phone? Beware of these 5 mistakes
What's the story
Managing finances through your phone can be convenient, but it also comes with its own set of challenges.
Most of us make some common mistakes that can lead us to financial stress/loss.
Knowing about the pitfalls is crucial for keeping a healthy financial life.
Here, we'll highlight some of the most frequent errors people make when managing finances on mobile and how to avoid them.
Mistake #1
Ignoring app security features
Many users tend to ignore security features on offer in finance apps, which, in turn, opens the door for unauthorized access and potential financial loss.
As such, it is important to enable two-factor authentication and set strong passwords for all finance-related apps.
Keeping apps updated regularly also ensures that you get the latest security patches, making you less prone to cyber threats.
Mistake #2
Overlooking budgeting tools
Budgeting tools are often overlooked by phone users who manage their finances digitally.
These tools help keep track of your spending habits and ensure that you don't end up spending more than you earn.
By setting up alerts for overspending and reviewing budget reports regularly, you can keep a better check on your financial health.
Mistake #3
Relying solely on mobile notifications
Relying solely on mobile notifications for bill payments or account updates can be risky, especially if you miss or delay those notifications.
It is recommended to set up multiple reminders through other channels like email or calendar alerts.
This way, you make sure that important financial tasks are not overlooked because of technical glitches or notification fatigue.
Mistake #4
Not reviewing transactions regularly
Not reviewing transactions regularly may lead to undetected frauds or errors in billing.
Users should ideally get into the habit of checking their transaction history at least once a week via their banking app.
This way, they can catch any discrepancies early on and take timely action before they turn into bigger problems.
Mistake #5
Using public Wi-Fi for financial transactions
Conducting financial transactions over public Wi-Fi networks opens the doors for hackers to steal sensitive information.
It is always safer to use a secure home network or mobile data when accessing banking apps or making online purchases from your phone.
However, if you can't avoid public Wi-Fi, consider using a virtual private network (VPN) for added security.