Financial Advice

Be a Wise Consumer


Four Ways Technology Can Improve Your Finances

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Technology influences every aspect of our lives. It impacts entertainment, news, and even the way we connect with friends, family, and colleagues. It is no longer uncommon to see someone on their phone reading the news, catching up on celebrity gossip, or looking at pictures of their kids.

So, if technology is around you all the time and constantly changing and evolving, why not use it to improve other aspects of your life? There are so many ways you can benefit from technology today when it comes to finances.

If you’ve always wanted to learn how to budget, now is the time to let technology help. You might want to learn how to invest. Or, if you simply want to access a coupon for your favorite cereal a little more easily or save money on a favorite product, technology can help you get there. Consider these four ways technology can dramatically enhance your finances, from automating spending to investing your extra pennies.

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Time is limited these days, and one of the best things technology can help you do is save time. Most people have long been familiar with the convenience of direct deposit. Gone are the days of driving to the bank every payday. You can also automate saving a portion of your paycheck each month. You can put emergency money in a separate high yield savings account using automation technology. You can pay your bills, send checks, and complete a range of other tasks. Another example is automatically paying the minimum on your credit cards so you don’t incur penalties, late fees, or increases in your interest rates. 

More and more people are automating their finances. You just need to remember to always monitor your account activity.

Take Advantage of Online Tools
If you’ve ever lost a check or worried about an overdraft, it’s time to start using online banking tools and features. Many people sign up for new checking accounts or business accounts without realizing some of the many features that are offered.

For example, most financial institutions today offer free online bill pay. This means that your bank will mail checks or process electronic payments on your behalf to pay your rent or any other bills. Sometimes they offer overdraft protection. This means they automatically move money from your savings to your checking account to cover any potential overdrafts. This type of technology can save you hundreds of dollars in fees and penalties. Talk to your financial institution and make sure you’re taking advantage of all the technology they offer.

Consider Financial Apps 
There are countless financial technology companies that have created apps and other technology products to help you with your finances. There are a great many apps that you can use to assist you in monitoring spending, categorizing expenses, investing, clipping coupons, or tracking receipts. Many of them are fun to use and can teach you about budgeting. Do your research to find the best apps that fit your lifestyle, whether that includes investing or getting out of a significant amount of debt. Whatever it is, there is probably an app for that.

Be Informed
Perhaps the best part about technology is that it allows us to connect with others. You can use social media groups, blogs, or other communities to hear about others who have the same financial goals as you. For example, if you’re trying to save money, you might join a group of folks who use coupons often and benefit from their experience. Use technology to improve your financial awareness. Remember to only share your personal information with certified professionals you trust.

Ultimately, technology provides numerous ways to help you improve your finances. Ask your financial institution what is available to you.