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What once seemed a fanciful or even silly idea — that instead of cash or a card we'd use our phones to pay for stuff — is becoming the norm. Mobile-based payments in the U.S. are projected to reach $142 billion by 2019, nearly tripling their 2014 volume.
While that's a lot of growth, mobile payments still make up a tiny fraction of retail commerce. In 2015 they accounted for only 0.2% of in-store sales in the U.S. And that might be because the technology is new and perhaps confusing.
Your teenager just got a job and will soon be getting that first paycheck. Or maybe she's earning extra cash by babysitting or walking dogs. Although visions of video games or a shiny new car might be dancing in your youngster's head, it's wise to consider stashing that cash for the long haul.
As routine financial tasks move online, you may have fallen out of the habit of banking at a branch office. If so, receiving a paper check can be a hassle, requiring a special trip just to deposit it.
Thankfully, mobile depositing is now widely offered by banks and credit unions, allowing you to put that refund from the cable company or birthday check from your uncle into your account without having to go to a branch in person.
Rewarding careers don't always come with a steady paycheck. For people who work in agriculture, construction, tax preparation, entertainment, landscaping or other types of freelance and seasonal businesses, income may vary wildly depending on the time of year. This uneven cash flow makes budgeting especially challenging, but it's by no means impossible.