Everyone in this world practices personal finance management in different walks of life and there are just some individuals who tend to practice and focus personal finances more than others. Personal money management is one of the vital aspects of day to day life and enables us to reach financial goals or to put us on debts. Just like other industries, modern tech has brought a horde of services, products, and solutions to meet the needs of the financial industry greatly. In this era of mobile banking solutions, budgeting apps, Robo advisors and saving automation tools, everyone is likely to have at least a single personal finance management tool on hand.
Plenty of modern lending and banking organizations & institutions are enjoying the benefits of the latest fintech solutions and tools to carry out their processes and operations. Similarly, there is a number of apps, solutions, and services that can help people with several personal finance management concerns. Below are some examples of how technology can help personal finances in many ways.
Income and expense Tracking
Having a clear picture of how much you are earning and spending each month is the first and foremost step to manage personal money efficiently. Keeping a proper track of everything is the solution and there are a lot of things available these days that can be used for income and expense tracking. There is no need to carry a paper and pencil with you to list the all monthly incomes and expenditures down. you don’t have to write the cost of each coffee cup you buy on a notebook. But you can effectively do this with your smartphone.
Lots of personal money management apps like Personal Capital are out there that can help you keep tabs on all your financial accounts for better money management. You can connect your bank accounts, savings accounts, mortgage, credit cards, and personal investment portfolios with such apps to get all the details on your fingertips. Money management apps let you track the cash flow, daily/weekly/monthly spending, bucks saved in a month and money added to the investment portals, etc. Whether you want to track personal spending, looking for loan, or need to create a budget plan, all you can do by using these apps and software.
Budgeting Made Easier
When you have an accurate idea of your incomes and spending, it is very easy to create a budget plan accordingly. This information plays a vital role in making a better budget plan. Most of the people avoid budgeting because it is an overwhelming and time-consuming task. But there is nothing to be worried about because of the budgeting apps and solutions available in the market. Ready to use budget plan templates, personal money management apps and other personal finance software allow you to create a budget plan within moments without spending much effort and time. Moreover, some of the budget apps enable a user to make necessary changes in the plan easily to reach personal financial goals effectively.
We can perform several banking transactions without leaving the bedroom or office. Online banking allows us to deposit, transfer or withdrawal by using internet-connected smartphones or laptops. Applications developed by the banks and financial institutions are connected with personal accounts of an individual and enable us to perform transactions everywhere, anytime. In simple words, the latest fintech solutions have totally changed the way we operate our bank accounts and handle our personal funds.
Now, you can scan and deposit checks into your bank accounts from the rest of your home or office. Due to the availability of digital wallets, you don’t need to carry cash in your wallets when visiting the market for shopping as almost all popular brands and companies accept online payments via different mobile payment methods. We can schedule payments, pay bills online and automate savings to manage personal money in the best possible way. Online banking also enables us to check accounts and monthly transactions via any mobile device or computer 24/7 to stay updated. Many other benefits of online banking help us to manage personal finances effectively.
Automation of Bill Payments
There are different types of bills we need to pay each month and forgetting to pay a single one can end up with many bucks as of late payment surcharge. Payment of such bills is one of the main monthly expenses that we need to take good care of. Thanks to the latest personal money management apps and solutions, we can automate the bill payments to get them paid at the right time. Moreover, you can also assign different accounts to pay different bills automatically. In this way, we are not only able to make on-time payments to prevent late fees but also enjoy the seamless utility services without any interruption. We can also schedule the bill payments ahead of time.
In this global village, criminals are always looking to steal your financial information and money for malicious purposes. Thieves are digital with modern techniques. Thanks to the advanced fintech solutions and online security, it is possible to keep sensitive financial details and information away from cybercriminals and other malicious persons. Financial institutions and banks are making their sites secure with SSL certificates to protect the customer data. Two-factor authentication makes the online account credentials secure. Real-time access to the bank accounts and monthly statements have made fraud detection easier than ever before. There are so many ways the latest technology has stepped in to create strong and heightened security layers for personal finances.
Digital wallets and currencies have made it hard for criminals to take your money away. However, we should also be careful about ID theft and other cyber attacks to make sure all our sensitive details and information are in safe hands. Always be sure to install apps protected by play protect to avoid cybersecurity concerns and issues. In this way, we are better able to keep financial details safe and protected to manage personal money without facing troubles.