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How to Organize Finances with the Help of Technology – Guide
Technology affects every aspect of our lives. It influences entertainment, news and even the way we connect with friends, family and co-workers. It is no longer uncommon to see someone in your phone reading the news, checking celebrity gossip or seeing pictures of your kids. So if technology is all around you and is constantly changing and evolving, why not use it to improve other aspects of your life? There are many ways you can benefit from technology today when it comes to finance.
If you ever wanted to learn how to budget, now is the time to let technology help you. maybe you want to learn how to invest. Or if you just want a little easier access to a coupon for your favorite cereal or save money on a favorite product, technology can help. From automating expenses to investing your extra pennies, consider these four ways technology can dramatically improve your finances. accelerated by a pandemic that has made us reluctant to touch physical money and venture outside our homes to carry out financial transactions.
Organize your finances with the help of technology
Internet banking access
In the past, managing your finances was limited to methods such as visiting your bank or financial institution to deposit savings and/or investing your money in bank FDs, mutual funds and bonds; or to apply for a loan and various banking requirements. While it was helpful to develop a close relationship with your bank and interact with banking professionals, it was also time consuming.
By switching to online banking, you can easily manage all your banking needs at the touch of a button. button and have greater control over your finances. All you need to do is inform your respective bank to set up your internet banking services (i.e. Net Banking and Mobile Bank officer). Here you can access all your financial information at the bank and manage your transactions online without taking the time to visit the bank.
Many banks have their own mobile banking application with various services such as; Bank transfer, checkbook ordering, downloading your bank statement, etc. It also eliminates the problem of banking hours as online banking offers services 24/7. Online banking helps you to check your bank account regularly to avoid fraudulent events.
Mobile electronic wallets / payments
Like mobile wallet, you can receive and make payments for any type of online purchase. This was promoted to create a cashless economy, your e-wallets are linked to your bank accounts, making it easy for you to receive and make payments online through the app without using cash or even online banking tools.
Recently, an online payment method, the famous UPI interface, was launched by the NPCI, an entity regulated by the RBI. The UPI app allows you to receive and make payments to anyone whose mobile phone number is linked to your bank account. This attracted many people amid the pandemic in line with social distancing norms that avoided contact with money exchange.
It is a much easier way to transact below Rs 1 lac. This app helps you track your spending, saves you time, gives you access to various services (paying bills, mobile main-upbank transfer, etc.), offers various rewards and, most importantly, provides a payment receipt.
Budget made easy
Budgeting is an important aspect of managing your money because it helps you control your cash flow, maximize your savings, and avoid debt. However, it takes a lot of time because it involves reviewing multiple invoices, expense receipts, bank statements, and other documents.
With the help of technology, you can use various apps that help you track expenses, categorize expenses, invest in your portfolio, clip coupons, and track receipts. In the past, it was difficult to forecast your expenses effectively, but now you can easily track your expenses and balance them with your income with the help of budgeting software or apps.
When you transact online via internet banking, mobile wallets, debit/credit cards, these budgeting tools track you to update your budget. As they sync with your bank accounts, you get a snapshot of your financial status so you can make informed financial decisions.
Automate your accounts/savings
Fintech developments now offer automated services to receive your salary and easily manage your savings every month. All you need to do is notify your bank to take advantage of the automation service and transfer a portion of your income to an emergency fund or savings account of your choice on a specific day or payroll day.
This automation technology is also particularly beneficial for paying your monthly bills, preventing you from forgetting and getting fined. You can schedule and automate your bill payments accordingly. For example, you can automate your utility bill payments or your credit card fees to avoid late payment fees. Automating your payments and savings relieves the stress of missing an important transaction and also helps with time management.
invest for the future
In addition to managing your day to day expenses, you also need to plan for your future by investing in various financial products that will help you build wealth. In the past, you had to consult a financial advisor to make any investment. With the help of the financial advisor, you can easily manage your investments, but now there are numerous websites and apps to help you build a DIY investment portfolio. However, financial literacy plays an important role here, empowering you to make informed financial decisions and invest in meaningful investment opportunities while being aware of your financial goals, risk appetite and investment horizon.
These stock investing and trading websites/apps make it easy for an investor to track their investments and their performance; It also helps to develop the habit of saving regularly. You can also automate your investments by investing in the SIP (Systematic Investment Plan), which allocates a certain amount from your bank account to a mutual fund system of your choice on a selected date each month. With the help of technology, the investor has transparency about investments and does not have to rely entirely on a financial advisor.
Final note
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