How to Avoid Making Impulsive Money Moves
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Here's your money briefing for Monday, March 6th. I'm J.R. Whelan for The Wall Street Journal. More people are adding third-party apps to prevent them from making impulsive money moves while scrolling through their phones.
It interrupts that process and says, take a deep breath. What's your intention in using this app? And then you either learn to hate the app because it's getting in the way of what you want to do, or you kind of train yourself to stop using that app as much.
Wall Street Journal personal finance reporter Amani Moiz has been looking into these software programs. She'll join us after the break.
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People who manage their bank account or trade stocks with investment apps are adding software to discourage them from making impulsive decisions with their money. Wall Street Journal personal finance reporter Imani Moise joins us to talk about the programs and how they allow people to take a digital pause. Imani, thanks so much for being with us.
What is the growing trend of adding third‑party apps to curb impulsive money moves?
Thanks for having me. So, Amani, this type of software sounds familiar. Where have we seen this before?
I think this kind of software became really popular to address social media addiction. People who kind of were finding they were spending hours and hours maybe scrolling through Instagram or Twitter when they felt they could better use that time doing other things.
So how is that adapted into people's personal finances?
I think as more of our lives is being managed on our phones, a lot of the apps or programs that we're using, they're designed to be really, really engaging. So whether or not it's keeping tabs on what the market is doing, just the ability to know at any time of day whether your portfolio is up or down, that can be really addicting. Or checking internet forums to see if you can get tips that will maybe give you an edge in the stock market. All of these things kind of provide a thrill and having it in the palm of your hand makes it hard to turn off sometimes. So what some people have started to do after realizing that they may have a problem and they want to spend less time on these apps is they force themselves to take a break up to 20 seconds just to calm themselves down and say, what's my intention here?
What is it that I want to be doing? And the way it works, it's a third party app. There's a few apps that do this is you install it and then you say, hey, every time I open, whether or not it's a brokerage like Robinhood or CoinStats, which is a forum, it interrupts that process and says, take a deep breath. What's your intention in using this app? And then you either learn to hate the app because it's getting in the way of what you want to do, or you kind of train yourself to stop using that app as much.
So what are some examples of this type of software?
So one app that's really popular is called OneSec. So that's the app that actually works with your iPhone to interrupt that process and has a few options. So either it asks you to take a deep breath or it opens up your front camera and forces you to look at yourself.
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