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06.30.2020 / Lifestyles « Back to all articles

Being Wise about Your Digital Wallet Spending
Being Wise about Your Digital Wallet Spending

A revolution has taken place in the world of spending, saving, and financial transactions of all kinds.  While the credit and debit card increased the speed and ease of access to funds, the digital revolution has accelerated it even more.  Now people are using digital wallets – stored financial information on a phone or device – to spend their money.  This can be both a good and a risky thing. 

 

The Advantages of a Digital Wallet 

Instant Payments 

The obvious advantage of a digital wallet is that payments can be made instantly.  No more mailing in bills and hoping they don’t get lost in transit.  Because the money is digital, it is superfluid and can be spent at a moment’s notice.  This eliminates the need to rush to the bank before it closes. 

 

Budgeting & Tracking  

These apps and programs are also able to automatically track spending and income.  The digital information is already stored once the transaction is complete, and the results can be viewed at any time.  This also provides instant analytics that can be paired to a budget to show where the accounts stand. 

 

Rewards Programs 

Most of these digital wallet programs offer some sort of incentive or rewards program for people who use it.  Because instant transactions save labor and time for the company, they encourage their patrons to use them with discounts, coupons, and more. 

 

Increased Security 

The fewer times money is brought out into the open, or mailed, or put into a back pocket, the smaller the risk that it might get stolen or misappropriated.  Because the digital wallet is tracked instantly, it is very difficult for someone to get away with theft. 

 

The Dangers of a Digital Wallet 

Easy Spending 

However, increased access to funds means that spending has never been so simple.  When money can be spent at the push of a button, it can be easy to overspend and binge on things that are not necessary.  Without the physical touch of a bill, sometimes there is less thought put into the purchase. 

 

Data Mining 

Those rewards programs are not generic – they are tailor-made to each consumer.  To do this, the companies track every purchase made, tied often to web-browsing and even location information.  This poses a huge privacy dilemma for many people who do not care to be spied on.   

 

Security Risks 

The digital wallet is not without its security issues.  Identity theft affects many people every year.  Phishing schemes and other forms of manipulation put all that ease of access into the hands of a criminal.  Because everything is automatically verified, an identity thief’s purchases do not look suspicious until reported.  Hacking is always a threat, as are simple phone call scams that ask for the key to all this digital power. 

12.01.2020 / Lifestyles

Couple Goals - Managing Money Without Conflict
Money can be a touchy subject, and many people choose to keep their financial habits and plan to themselves. While that…

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06.30.2020 / Lifestyles « Back to all articles

Being Wise about Your Digital Wallet Spending
Being Wise about Your Digital Wallet Spending

A revolution has taken place in the world of spending, saving, and financial transactions of all kinds.  While the credit and debit card increased the speed and ease of access to funds, the digital revolution has accelerated it even more.  Now people are using digital wallets – stored financial information on a phone or device – to spend their money.  This can be both a good and a risky thing. 

 

The Advantages of a Digital Wallet 

Instant Payments 

The obvious advantage of a digital wallet is that payments can be made instantly.  No more mailing in bills and hoping they don’t get lost in transit.  Because the money is digital, it is superfluid and can be spent at a moment’s notice.  This eliminates the need to rush to the bank before it closes. 

 

Budgeting & Tracking  

These apps and programs are also able to automatically track spending and income.  The digital information is already stored once the transaction is complete, and the results can be viewed at any time.  This also provides instant analytics that can be paired to a budget to show where the accounts stand. 

 

Rewards Programs 

Most of these digital wallet programs offer some sort of incentive or rewards program for people who use it.  Because instant transactions save labor and time for the company, they encourage their patrons to use them with discounts, coupons, and more. 

 

Increased Security 

The fewer times money is brought out into the open, or mailed, or put into a back pocket, the smaller the risk that it might get stolen or misappropriated.  Because the digital wallet is tracked instantly, it is very difficult for someone to get away with theft. 

 

The Dangers of a Digital Wallet 

Easy Spending 

However, increased access to funds means that spending has never been so simple.  When money can be spent at the push of a button, it can be easy to overspend and binge on things that are not necessary.  Without the physical touch of a bill, sometimes there is less thought put into the purchase. 

 

Data Mining 

Those rewards programs are not generic – they are tailor-made to each consumer.  To do this, the companies track every purchase made, tied often to web-browsing and even location information.  This poses a huge privacy dilemma for many people who do not care to be spied on.   

 

Security Risks 

The digital wallet is not without its security issues.  Identity theft affects many people every year.  Phishing schemes and other forms of manipulation put all that ease of access into the hands of a criminal.  Because everything is automatically verified, an identity thief’s purchases do not look suspicious until reported.  Hacking is always a threat, as are simple phone call scams that ask for the key to all this digital power. 

Need a
Loan?

Loans from $120 to $15,000. Get funded as soon as today!

12.01.2020 / Lifestyles

Couple Goals - Managing Money Without Conflict
Money can be a touchy subject, and many people choose to keep their financial habits and plan to themselves. While that…