In a bygone era, managing the family finances meant queuing at the bank to deposit the weekly paycheque, paying with cash at the supermarket and settling up the bills with a chequebook.
Thankfully, times have changed. Online banking has made it easy for busy families to manage money without ever setting foot inside a branch. From checking your balance to paying household bills and transferring money, online banking has become quick and painless.
And now, there’s an even better tool to manage the family finances with — your smartphone. Mobile banking is great for on-the-go mums and dads scrambling between pre-school pick-ups, swimming lessons and dance recitals.
Banking on-the-go for the mobile family
Today, virtually every major bank offers some kind of mobile banking app that makes it easy to bank from a smartphone.
The apps are usually free to download, easy to use and every bit as secure as banking from a home computer. Best of all, some of the better ones include a smart alternative to a card reader, which enables you to make payments safely without having to carry another device.
What’s more, it’s a trend that’s catching on. An extensive study by Barclays found that people sent almost £15 billion in payments via their mobile app in 2012, while the number of people using the app leapt by 200% in 2013.
Some of the better mobile banking apps offer additional features to make life easier for today’s busy parents. Barclays’s mobile banking app lets you transfer money between accounts. For anyone who’s been left standing at a cash register with screaming children and no way to pay the bill, it’s a welcome convenience.
Teaching youngsters about money matters
Beyond their value as time-savers for managing the family purse, these clever little apps are handy for teaching kids the basics of saving and managing money. It’s great preparation for when they’re old enough to have their own banking app.
*Terms and conditions and restrictions apply. You must have a Barclays current account and be aged 16 or above to use Barclays Mobile Banking’.