The importance of personal finance cannot be overstated. When it comes to our money, we need to be responsible and make smart decisions. Making the right financial decisions can mean a comfortable retirement and a stressful one.
And as we move further into the 21st century, technology is becoming an increasingly important part of our lives. This is especially true even when it comes to personal finance. This article will discuss major trends in personal finance that you need to be aware of to make the most out of your money.
Mobile banking and payment apps
You need to be aware of a few personal finance trends in 2019. One of the biggest is the rise of mobile banking and payment apps. According to a recent survey, 43% of Americans now use mobile banking, and this number will only grow in the coming years.
There are a few reasons for this trend:
- Mobile devices are becoming more ubiquitous and easier to use.
- Mobile apps offer a lot of convenience and flexibility, allowing users to manage their finances on the go.
- Mobile apps are often more secure than traditional banking channels, appealing to consumers worried about identity theft and fraud.
If you’re not already using a mobile app to manage your finances, now is the time to get on board.
Use of technology to save money
In recent years, there have been several personal finance trends that have emerged. One of the most notable is the use of technology to save money. With the advent of apps like Mint and Acorns, it has become easier than ever for people to track their spending and make informed decisions about where to save. In addition, many financial institutions now offer online tools that can help people manage their money more effectively.
For example, Capital One recently launched a service that allows customers to round up their credit card purchases to the nearest dollar and automatically invest the difference into a savings account. This type of technology-based service is becoming increasingly popular, as it makes it easy for people to save without having to think about it.
Increased interest in cryptocurrency
Personal finance is an ever-changing landscape. What was popular last year may not be the best option this year. That’s why it’s important to stay up-to-date on the latest trends. One personal finance trend that you need to be aware of is the increased interest in cryptocurrency. Cryptocurrency is a digital or virtual currency that uses cryptography for security. Bitcoin, Ripple, and Ethereum are all examples of cryptocurrency. While cryptocurrency is still a relatively new concept, it has gained popularity in recent years.
The value of Bitcoin, for example, has increased dramatically over the past year. As a result, more and more people are interested in investing in cryptocurrency. If you’re considering investing in cryptocurrency, there are a few things you need to keep in mind:
- The value of cryptocurrency can be volatile.
- You should only invest as much as you’re willing to lose.
- You should do your research before investing any money.
With these considerations in mind, you can decide whether or not investing in cryptocurrency is right for you.
Access to loans, refinancing, and other options
One of the biggest personal finance trends of the past year has been the growth of online lenders. These lenders offer various services, including loans, refinancing, and other options. They typically offer lower interest rates and fees than traditional lenders, making them an appealing option for consumers.
There are also online mortgage refinancing companies that have emerged in recent years. These companies allow people to refinance their mortgages at lower interest rates, allowing them to save money on their monthly payments. If you’re looking for a way to reduce your monthly expenses, refinancing your mortgage may be a good option.
Rise of the sharing economy
The rise of the sharing economy has been one of the most significant personal finance trends in recent years. Unlike the traditional ownership model, where people purchase goods and services for their own use, the sharing economy allows people to rent or borrow items from others on a short-term basis.
This can be a more economical option, as it allows people to access items that they may not need or want to purchase outright. The sharing economy has also been fueled by the growth of technology, which has made it easier for people to connect with one another and share resources. Some of the most popular sharing economy platforms include Airbnb (for housing), Lyft (for transportation), and DogVacay (for pet care).
As you can see, there are several personal finance trends that you need to be aware of. These trends can have a significant impact on your financial wellbeing. It’s important to stay up-to-date on the latest trends and make informed decisions about best managing your finances.