Technology has rapidly worked its way into the financial sector, bringing individuals a new and digitally driven method of managing money. The way we organize and monitor financial information, make purchases and build our savings was once most effective through the use of a budgeting journal, checkbook or frequent visits to a local bank. But with the rise of mobile apps and online platforms, tracking your personal finances is now a paperless and convenient experience that’s doable from wherever you are, at any time, seamlessly.
If you are looking for money management solutions that incorporate the process of tracking your financial health while receiving an easily accessible overview of your expenses, here are a variety of tech-savvy tips that can impact your budget in a positive way:
Utilize Mobile Apps
Financial planning is an essential part of building a budget with confidence. It requires setting goals, being smart with your spending habits and staying organized with timely payments. Mobile apps are designed to make the user experience easier than ever and provide features that can make your life easier. Financial planning is now being made into a one-stop-shop, where you can access personal financial information directly from your smartphone.
Depending on how you want to track your finances, a budgeting app can do the trick, but if you are using a bank-compatible app or another money management online resource, you’ll want to look further into the features they offer. With certain mobile bank accounts, you can receive an option to get paid earlier than your original payday, avoid hidden costs, and eliminate overdraft fees during debit card transactions.
Create an Online Budget
Budgeting can be done using a budgeting spreadsheet or by writing each bill you have on paper as a reminder, but with smartphones becoming increasingly popular, budgeting apps are the new way to check the progress of your financial health. For example, platforms like Good Budget offer digital spreadsheets that allow you to program each monthly expense you have into a chart and track when your payments are due, without having to carry a budgeting journal or notebook with you at all times. Additional spending periods, such as times like the holidays, can also be taken into account in a budgeting app. You can program a spending price for each category that you want to effectively monitor to ensure you aren’t using more cash than you originally planned. This is a beneficial tool to consider if you’re paying off debt, making credit card payments or paying monthly rent.
Consider a Digital Wallet
Digital wallets are becoming a popular way of making a purchase, replacing traditional credit or debit cards. This electronic form of completing a payment, whether it’s online or in-store, occurs without the need to swipe your card manually. Instead, e-wallets offer the option to scan a digital card or connect your bank account information, so when you are on a checkout screen, you can buy items without having to plug in the information associated with your card. By utilizing this money management tool, you limit the number of cards you need to carry with you too, which can come in handy when you’re traveling. This is becoming a commonly-used payment system in a variety of locations, and as technology and smartphones continue to evolve, consumers and stores will continue to adapt to the latest financial trend.
When using a mobile app to manage your money, some offer alert settings on the platform. If you have a specific saving or spending limit you need to maintain, scheduling notifications can help you stay consistent with your goals, help with productivity, and ultimately, stop you from overspending. Pop-up messages usually appear on the lock screen of your smartphone, or the app that you’re using may display a notification message. The consistency of your notifications can contribute to your financial management success as well, as this method can create a consistent reminder for when you need to make a payment or when there is an update associated with your checking account. Depending on what you make the alert for, a setting can send them to your lock screen in real-time.
The development of technology is a continuous upward movement, and depending on your preferences, taking advantage of mobile conveniences can be an aspect of your budgeting strategy you never knew you needed. With the various platforms that smartphones support and the number of features that are compatible for times when you’re on-the-go, managing your finances is now easier than ever!