Better Money Management: 3 Ways Technology Is Changing Personal Finance Management

Did you know that only 25 percent of people in the United States feel confident with money management? This has led to many struggling to pay for any emergency expenses and make their bills each paycheck.

If you want some advice on better money management, look no further than technology. Mobile apps and banking websites are just two of the many ways technology has changed our lives financially.

Read on for three ways technology can help you manage your money better.

Easy Banking Regardless of Location

Before technology, managing your bank account often required updating a physical checkbook and making trips to the bank. Now, you can easily do just about all your banking through your bank’s website and mobile app.

Managing your money has become as easy as logging in to check recent transactions, transfer money between accounts, and sometimes see your spending by category. You can even deposit checks by taking a picture of them with your phone’s camera and send and receive money instantly online.

Some banks even offer a digital financial advisor that can help with making investment decisions.

Smarter Loan Shopping

Rather than simply heading to your local bank to get a home, auto, or personal loan, you now have an array of options thanks to technology.

Both traditional and non-traditional lenders have set up full-service websites. There you can check if you’re qualified, fill out an application, and manage your loan until you’ve paid it off.

For example, you can apply quickly through a lender like Loanpal and potentially close on your loan much sooner than a traditional bank. Such online lenders can also offer you better rates and terms.

While doing your loan shopping, technology has also made it easier to compare loan products. You can find many loan portals and calculators online. These match you with suitable lenders depending on your needs, preferences, and credit situation.

Better Budgeting Through Mobile Apps

Thanks to technology, you no longer have to worry about trying to make a paper budget, track a bunch of receipts, or waste time figuring out your money yourself.

Instead, you can find mobile apps that connect to your bank and credit accounts. That way, all transactions and account balances get displayed in real-time.

These apps help you keep an eye on your debt, savings, and expenses. You can even set up alerts for when you run low on cash so that you can adjust your budget. This makes it easier to control your spending and plan for emergencies.

Use Tech for Better Money Management Today

If you find yourself struggling to handle your money, then take a deeper look into how technology can help you. Not only will you find that money management becomes an easier, more pleasurable task, but you’ll also feel more in control.

If you don’t know where to start, begin by checking your bank’s website or searching for their mobile app. You can also find plenty of websites online that can help you manage your credit, set up savings plans, and get out of debt.

To get even more tips on better money management, check out our other personal finance posts.