How Tech Can Help Manage Your Money

Monday, November 16, 2020, 6:00 PM | Leave Comment

This year brought us a few challenges, but luckily technology gave us some relief. The availability of software, digital tools, and apps have made it easy and convenient to manage your money.

Added value is that you’re able to get it all done remotely, outside of the bank’s trading hours, from a desktop or your smart device. Plus, you can do it wherever you are, with a stable Wi-Fi connection.

In this piece, you’ll discover handy tips and tricks to help you take charge of day to day financial matters. You’ll learn about a range of capabilities for hassle-free payments too.

  • Easy Automation and Reminders

    One of the easiest ways to take the stress out of paying bills is to set up recurring or automated transfers. It’s ideal to settle accounts like your credit card on time to avoid paying interest or penalties. Some banks will also let you set reminders for the ones you prefer to manage yourself.

    If you’re one of many Americans using mobile banking, they’ll usually send you instant notifications of transactions, so you always know what you’ve spent. Alternatively, they’ll give you a balance alert so that you’re aware of the funds available in your account.

    It’s convenient to keep track of your hard-earned cash, be alert, and stay aware of any fraudulent activity.

  • Social Payments

    In addition to apps and online resources from financial institutions, you can make payments or transact via several other portals. It means you don’t have to carry cash, and you’re able to send money or settle accounts using integrated systems on third-party services.

    Digital marketing experts predict an uptake in social media payments like Facebook Pay, where you use the platform to transfer money to a friend or business you’re connected with.

    Other popular ones where you can settle a debt, in real-time, with the click of a few buttons or smartphone screen taps are:

    • Apple Pay

    • PayPal

    • Google Pay

  • Paperless Power

    Digital banking and transacting save a lot of paperwork. In addition to being eco-friendly, it’s very convenient to have all your financial agreements, statements, and communication in electronic format.

    There are apps and software tools to scan and save receipts, store coupons digitally, and have them available on your phone ready to use before they expire.

  • Accuracy and Allocations

    Many e-payment tools can make calculations on your behalf, so there’s less chance of you making a mistake. You can add an accurate percentage tip to a restaurant bill, as an example. Some also let you split the check between a few people, so you’re only paying your fair share.

  • If you own a business, there are several fintech solutions for B2B transactions or lending too, and it’s a reliable and clear-cut way to deal with your company’s finances. Those watching the trends predict several more bank and business partnerships to expand this even further.

Final Thoughts

Financial matters have become hassle-free with the addition of technology. It’s not only convenient, but you can do it on your own time, too, without having to wait for the bank to open.

Dealing with payments, transfers, accounts, and money between friends or businesses are faultless, and your transaction history is electronically stored, so there’s no paperwork to worry about.

There are many platforms to use, and you can connect with social payments and fintech tools to help you manage with day to day money management. Select the ones that work best for you, and you’ll soon be the tech money maven.

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