Technology has simplified many areas of our lives, including personal finance. From the invention of internet banking to the most innovative fintech developments, gone are the days of queuing in a bank to transfer money or keep track of your investments. Here is how technology has made it easier to access and manage your money on-the-go.
Rather than making payments using cash or a card, technology has created a whole host of new ways to shop and spend. These methods can offer more convenience, as well as help you to control and manage your finances.
This includes mobile wallets on your smartphone or watch, apps where you can pre-pay for your taxi or takeaway, as well as a new clearing system that allows you to digitally scan cheques.
In times gone by, if you wanted to apply for a credit card, loan or mortgage, you would have needed to book an appointment with an advisor and gone into a branch to discuss your available options. Today, thanks to technology, you can borrow online.
Whether you need extra funds for a car repair or to carry out some home renovation work, you can go online to compare interest rates, see if you are likely to be accepted before applying and submit an application.
Chances are you already use automation as part of your finances, such as paying your rent or mortgage via direct debit. However, technology has taken this one step further with apps that can make automatic savings.
From apps that can round-up your spending and put the extra funds into a separate savings account, to those that can analyse your outgoings and calculate how much you can afford to set aside, technology can take the hard work out of personal finance management.
Tracking and Budgeting
With more than half of in-store transactions now contactless, fewer people are handling physical cash. While paying in this way may be quicker it can also make it easy to lose track of spending, which could leave you trawling through your transaction history.
However, technology can assist, with apps that have been designed to track spending and help you budget. These can break down your transactions into different categories, helping you to see how you spend and take control of your personal finances.
From tracking your spending to borrowing funds, technology has made it easier than ever to manage and control your personal finances.