How to Use Technology to Improve Your Finances

Technology affects us in every way. Entertainment, news, and how we stay connected with friends, family, and colleagues are all affected by it. 

Nowadays, it’s not uncommon to see someone checking their phone to read the news, watch celebrity gossip, or view pictures of their kids.

So it’s no surprise that technology is being used by people to help improve their financial lives too.

Using technology for finances today offers many benefits.

Whether you’ve wanted to get better at budgeting, learn how to invest, or you simply want to save money by using digital coupons, technology can help.

Here are four ways you can use technology to improve your finances.

1. Use automation

If you’re old enough to remember racing to the bank with your paper paycheck in time to cash it, you may remember the first time your employer offered you the option of a direct deposit.

Now, it’s rare finding a company that offers anything but direct deposit.

Take advantage of this financial process by having some of your paycheck automatically diverted to a separate savings account with the highest possible yield.

As this money isn’t in your everyday checking account, it’s easy to forget that you’ve got it, making it almost effortless to save for that rainy day.

Besides saving, set up automatic payments for recurring debts. For example, set up the account to pay the minimums on your credit cards to avoid penalties, rate increases, or late fees.

Tip: Set up a recurring reminder in your calendar to review your account regularly so you can monitor your account activity.

2. Use online tools

If you’ve ever lost a check or been worried about bouncing a check, you’ll love the peace of mind that comes with online banking. In fact, many people don’t realize they have access to online banking and other freebies when they’ve opened a new checking or business account.

For example, most banks and credit unions offer free bill pay, either automated or initiated by you. Often, they’ll include overdraft protection, moving money from your savings to your checking to cover any charges that aren’t covered by the existing balance in your checking account. Sometimes, they may also offer a line of credit to cover any overdrafts.

3. Consider Financial Apps 

The financial technology industry has developed countless apps and other technology products to help you manage your money better.

There are many apps that can help you with tracking spending, managing your assets, categorizing expenses, investing, clipping coupons, and tracking receipts. 

Not only are there many apps to choose from, some of them are fun to use too!

Whether you are investing or trying to reduce a significant amount of debt, research to find the best apps to suit your lifestyle. 

If you need some kind of help with your finances, chances are good there’s a mobile app that’ll help to do the job.

4. Educate yourself

One of the best aspects of technology is that it allows us to connect with others. 

Learn about others who share your financial goals through social media groups, blogs, or other online communities. 

As an example, if you’re trying to save money, join a group of people who use coupons often to benefit from their knowledge. 

Use technology to become more financially aware, however make sure only certified professionals you trust have access to your personal data.

Bottom line, technology can help you improve your finances in many ways; all it takes is an investment of time and a willingness to learn and put what you’ve learned to work for you.

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