The Importance of Personal Financial Management - Hydrogen
The Importance of Personal Financial Management

The Importance of Personal Financial Management

Personal finance is a term that covers managing your money, saving, and investing. This encompasses budgeting, goal setting, savings, mortgage, insurance, retirement, and anything else having to do with your money. It’s important at any age to learn how to manage your finances wisely, and the earlier you start, the better!

According to PwC’s 8th annual 2019 Employee Financial Wellness Survey, the top financial concern for Millenials (62%) and Gen X (55%) is not having enough emergency savings for unexpected expenses. For Baby Boomers (52%), it is not being able to retire when they want to. All three generations feel their generation is doing worse financially as compared to the prior generation. Also, 49% of the people surveyed find it difficult to meet household expenses on time each month, and 59% said that financial or money matters cause them the most stress.

6 tips for being financially responsible

Not properly managing your personal finances can impact your personal life, your career, and even your health. Below are a few tips to consider when managing your finances.

  1. Create a monthly budget
  2. Create an emergency fund
  3. Develop a process for managing and paying bills on time
  4. Plan and save (e.g. for retirement or college)
  5. Reduce debt
  6. Create both short-term and long-term goals

Personal Financial Management (PFM) Apps

The good news is, now it is easier than ever to be financially responsible with a Personal Financial Management (PFM) app. These apps can connect to your various financial accounts (banking, credit card, mortgage, etc) and help you to better manage your money. Some of the most popular PFM apps on the market today are:

As you can see, there is no shortage of applications you can use to better manage your budgets, investments, bill payments, and overall financial management. Many of these apps are powered by Plaid, a fintech company that was just acquired by Visa for $5.3 Billion. Plaid is a standard integration available in the Hydrogen integration library.

How Hydrogen can help

Hydrogen helps organizations of all sizes accelerate their digital financial innovation, by enabling them to quickly build complex fintech solutions 80% faster and at a fraction of the cost. If you are looking to build a new PFM app or you want to add additional functionality to your existing application, Hydrogen can help. 

We integrate with the leading account aggregation and open banking platforms such as Plaid, MX, and Yodlee, and numerous other integrations to provide data cleaning, orchestration, and business logic needed to offer a PFM solution. We also can provide a complete PFM customer experience with our Element UI Kit, for completely customizable UIs, or our easy to configure white labels apps.

This is all made possible by our powerful platform, which consists of one connected set of configurable APIs, one integration library, and one standardized data model. Hydrogen makes it easy for your organization to build end-to-end PFM and wellness applications.

To learn more about how to get started with Hydrogen, contact us today!

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