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The Smartphone Advantage

It is no secret that we hold the most known information ever discovered in the palm of our hand through the innovations of iPhones, Androids, and simply the internet. Because these devices hold so much information and have so many excellent tools at our disposal, it would be a crime not to incorporate them into one's daily life.

From Google, to all the apps available to those with our smartphones, being financially savvy has never been as easy as it is now. Here are a few tips we suggest to be financially responsible with the help of your phone.

Look at your bank account daily

Something that I encourage most people to do is to check their bank accounts daily. People often prefer to avoid accepting the reality of how much something dented their bank account, such as shoes, amazon, or even rent!

My bank has an app, so it is all very easy to look at for real-time balances. Seeing how each transaction affects that number is crucial to budgeting your life and saving for the future.

It is also important to project out future expenses as you have money coming in. Every two weeks for me are major payments due: Miscellaneous expenses from the month and rent. I know roughly how much each will cost, which lets me know what is left over.

Knowing your "leftover" number is also very important, as it can give you an idea of what you want to contribute for retirement each month and what will be used to spend/save up for fun things like vacations or nice clothes.

Track your spending through apps

As previously mentioned, one of my major expenses comes from my miscellaneous expenses from the month. Through apps like Mint, one can track spending habits. Maybe you bought $400 in clothes for the month, and you had no idea. Or even $500 this month on gasoline alone. Using applications designed to help someone comprehend how much they are spending each month and what they are spending it on can help them manage their financial life for the better.

We also suggest that everyone downloads the EveryDollar app. This is the budgeting system the Ramsey Solutions team created to make budgeting effortless and, of course, in the palm of your hand. It is a zero-based budget, meaning it tells you how to spend every dollar in your monthly income to keep you in line with the parameters you set for yourself and to help you track your transactions, so you know you don’t go over what you have in the bank account. You can set goals for savings, paying off your debt (baby step 2), and even link it to your bank account with the premium membership, so you have in-the-moment numbers.

Set it and forget it- Automatic Investing

Lastly, one can track their investments with their advisor through apps like Fidelity, Vanguard, or Charles Schwab. Whatever one may contribute to these accounts from their "Leftovers" can be easily tracked through these apps on their phone.

Often people want to call their advisor and ask how their account is doing or how to track their contributions, etc., which is wonderful. But with the help of your advisor walking you through what you see on the app, you can fully understand the complete picture of your account to view at any time you would like.

Using smartphones to our benefit

Use these apps on your phone to your benefit. They are designed to help people overwhelmed by the intricacies of the financial world. They are more powerful than we can comprehend, so use them to see how they can help you stay more financially stable. We encourage you to start taking full advantage of these wonderful tools provided by our phones.

The power of speaking with your advisor

As overwhelming as the stock market, timing, capital losses, and more can become, always feel free to use an advisor you know to ask questions. It is our passion to help people understand these topics.

When it comes to the life work of our clients and prospects, no decision is ever taken lightly. No account value is disregarded because all concerns and questions hold such a heavy weight in a time like this.

We hope you've learned a great deal from this article and, more importantly, reduced some stress from your life today.

Please feel free to use Drew Hodgson to begin asking your questions. There is no too small of a question and no wasted time if you choose to speak with him.


January 12, 2023

Drew Hodgson

Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm.  The information presented is for educational purposes only and intended for a broad audience.  The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed.  Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.

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Copyright (c) 2023 Clearnomics, Inc. and Whitaker-Myers Wealth Managers, LTD. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on or via or any affiliated websites, applications, or services are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company's stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed in this report are proprietary to Clearnomics, Inc. and constitute valuable intellectual property. All unauthorized reproduction or other use of material from Clearnomics, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Clearnomics, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Clearnomics, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.

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