CNN Money: Top business headlines for May 12

NEW YORK, NY (CNN) - CNN Money's Maribel Aber has your top business and financial news on this Monday, May 12.

Luke Irvin hatches idea for #ArWx app

Serial entrepreneur and iOS developer Luke Irvin of Conway was at home with his wife Jackie on April 27 when the tornado hit. The Irvins live between Conway and Vilonia, and while they were OK, many residents around them weren't. The storm and its deadly aftermath spawned an idea: an app to provide a list of tweets that the include the Twitter hashtag phrase #arwx. The app currently is available for iPhone, iPod Touch and Android users (iPad coming soon), and updates are planned. Eventually, Irvin wants to donate proceeds from the app to the Arkansas Dream Center, a project of Conway-based New Life Church.

What's the best way to pay bills automatically

How should I pay bills: have creditors pull funds from my bank account or use my bank's bill-pay service? The answer depends on whether you care more about convenience or control. If it's control, pay your bills via your bank. That makes it far easier to stop, change, or delay a payment, says Hoboken, N.J., planner Victoria Fillet. What you gain in control, though, you may lose in convenience, notes Lauren Prince, a planner in New York City. Though bank auto payments may work well for recurring fixed amounts, you still have to stay on top of bills that vary from month to month -- say, from credit card companies or utilities.

NFL players warn rookies: stop spending!

Who wouldn't want to be Jadeveon Clowney? The NFL's top draft pick just landed around a $22 million contract with the Houston Texans and bragging rights for life. His face is everywhere, and his name is a trending Twitter hastag. But while Clowney -- and hundreds of other NFL rookies -- know a lot about football, they know little about managing money. Many are likely to end up bankrupt. Just two years after their athletic careers end, 78% of former NFL players are bankrupt or nearly there, according to an analysis by Sports Illustrated.


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