Personal finance for the Facebook Generation

“Generation F”, a demographic Gary Hamel refers to as the ‘Facebook Generation‘, is now influencing how financial companies design and develop new products.  While social networks like Twitter and Facebook become increasingly ubiquitous, applications for personal finance are scarce.   Most tools I have tried have yet to improve my bottom line, until now.

Mint.com is a web-based financial analytics tool for consumers that is changing how Generation F manages its finances.  By summarizing financial transactions from its users, Mint is able to provide valuable tools to track spending trends and habits.  Shedding light on these trends could potentially save consumers hundreds, or even thousands each year.

I’ve personally been using this service since 2007 and recently set a $200 monthly budget for gas.  Mint will display a graph of my current usage, allowing me to visualize whether I’ve exceeded my monthly expenditures.  If I’m over budget, I will adjust my spending habits and perhaps resist a last-minute Starbucks run.  My favorite feature: the ability to manage my account via an iPhone application launched last December.

Another company fast-tracking personal finance for Generation F is Revolution Money.  This Florida-based firm now provides the Revolution Card which is printed without the customer name or signature in order to increase security and reduce identity theft. The unconventional card, shaped like a bone, attracts users who appreciate design and creativity.  Moving beyond the constraints of PayPal, the company also features a free money exchange service between members, making it easy to pay a friend back for concert tickets.

Revolution Money only charges merchants a half-percent processing fee per transaction versus the 1.5% to 4% fees charged by giants in the industry.  This is great news for companies which are trying to reduce selling expenses.  Essentially, Revolution Money aims to pass cost savings to its consumers the same way ARCO did for retail gas in the 1980s.  Urban Outfitters and Nordstrom are among the 650,000 merchants which have already signed up to accept payments.

Once these financial institutions prove to be secure and reputable, they could become as powerful as Google.  After all, spending habits, consumer trends, and personal finance are the underpinnings of a great micromarketing strategy.

All cracked up over iPhone 3.0

By the time June arrives, I will have experienced the pattern of a new, cracked, new, old iPhone 3G. It begins with my  8GB iPhone purchased in August 2008 – love at first sight. By December I had ineptly dropped my prized possession in a cement parking structure, cracking the glass face into a deformed mess.  A small scratch of my hand was possible, but not probable.  Luckily, after a visit to my local Apple Store and grudgingly parting with $200 to replace the entire device, I was able to move on blissfully.  What I didn’t know then was the replacement fee the girl at the Genius Bar charged me was very fair compared with the new contract-free price of $599 reported 10 days ago.

So that was new, cracked, new.  Today marks the entrance of ‘old’ as an article on cnet clarifies what Apple enthusiasts have been buzzing about since February. Essentially, the company plans to launch a 32GB iPhone along with a low-end 3G version in June. This is great for the non-user but slightly frustrating for me.  Had I known a third-generation launch was imminent, perhaps I would have trudged through and dealt with the legible and functioning handheld for six months.  Unfortunately, I’m a techonista (fashionista who loves tech) and Apple built a piece of greatness – so why substitute perfection?

Basically, developers from across the globe are going to converge in San Francisco on June 8th for the World Wide Developers Conference and listen to the official announcement of what was buzzed about today. In general, all is well in my land of 8GB.  I’m not even using half of the memory and will not participate in the overnight wait to snag the snazzy 32GB.  What I will lose sleep over is the wait to upgrade to the iPhone 3.0 software, which Apple hails as the world’s most advanced mobile platform.  The features are not groundbreaking but long overdue. Copy and paste – why did it take you three generations to come to life? MMS – thank you for taking a seat at the table. Landscape keyboard – I look forward to working with you!