As the world continues to evolve with the rapid development of technology, life has become more convenient for many. Technology now bestows users with a wealth of information at their command. Therefore, managing one’s finances has been simplified greatly. Here are some of the ways technology can elevate your financial prowess.
1. DIGITAL WALLET
Only a few years back, the idea would have been mocked at. Today, however, it’s entirely possible to go out without cards, cheques, or cash. Several banks provide facilities for checking balances, depositing checks, or bill payments through their apps or web platforms. Digital services like PayPal or Venmo enable instant money transfers to peers, all at the click of a button or the tap of a screen. The most impressive aspect is these services are typically free, adding further to their utility.
2. CROWDFUNDING
Previously, sourcing sufficient funds for starting a small-scale business, buying a car or house, or even going on a vacation demanded years of diligent work. Crowdfunding platforms like Kickstarter or LendingClub have revolutionized this process by permitting users to appeal to generous donors willing to fund their projects. With a vast range of propositions, including amusing pitches, accepted on such platforms, users can circumvent hurdles like credit score. The entire transaction can even be facilitated on your Android device!
3. EFFORTLESS FINANCIAL PLANNING
Earlier, manually setting aside a part of your income for specific financial goals was the norm. Now, online services like SmartyPig allow you to automate your savings with monthly deposits helping you to set and achieve your goals without any hassles.
4. BUDGET-FRIENDLY INVESTMENT GUIDANCE
Advances in technology have also opened up opportunities for individuals to invest and maximize their income. With platforms like Personal Capital and Betterment, anyone can plan their financial investments, that too at a minimal cost.
5. MINT.COM
Mint.com, as a web and mobile platform, helps you keep track of your finances. It categorizes your expenses, imports relevant financial data, and sends reminders to help you stay on track with your financial resolutions.
6. ONLINE CREDIT REPORTS
In today’s time, a lot of people are oblivious about their credit scores. Websites such as Credit Sesame and AnnualCreditReport help users gain an insight into their credit health. A good understanding of your credit score can help plan and control pending debts efficiently. It should be noted, however, that availing more than one credit report in a year can damage your credit rating.
With the plethora of technology-enabled options for financial management available today, everyone can find a solution tailored to their needs. So, there’s no time like the present to start managing your finances responsibly and saving towards your goals. The dream car or exotic trip you’ve been fantasizing about could be within your reach sooner than you think.
Image source: Flickr by GuySie
