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Technology has come a long way in the last 10 to 15 years, especially when managing finances. Additionally, technology has improved investing, managing personal finances and paying taxes and bills. All of this makes it much better to control your finances so you know what is going out and into your bank account.
In this article, we will help you understand how to manage your finances and control your income so you don’t have to worry about money again.
Task Automation
One of the best things about technology is that it is great for task automation, especially with your finances. Numerous money-saving apps will instantly transfer money into stock investments or savings pots as soon as you’re paid. It makes saving your money much easier and you don’t need to worry about manually doing it yourself.
With some fintech AI apps, you can automatically set up a direct debit that you pay each month. It will be good for paying off your credit card, car loans, DRO order or anything else you need to pay for.
Helps To Facilitate Cashless Transactions
There are many stores which only accept cashless payments for a product or service. Wallets are no longer needed which is why card holders are more in demand. Electronic payments are the way forward for many businesses. Even when you are going to buy a McDonald’s or KFC, you can do it all from your phone, including paying for your food.
Bank transfer is the easy go-to when giving your friends and family money. We no longer give one another cash. All we need to do is log into our mobile banking to set up a new payment. Once that is completed, all you need to do is verify the purchase by confirming on your banking app or a text message message will be sent to your phone. This is to confirm that a new recipient has been set up.
Merge Other Accounts
Finance apps are capable of merging all of your accounts into one place. This could be your current account, credit card account and your investments. It makes managing your finances much easier and you don’t need to click on the other apps to see how much money you have in total.
Technology Can Make It Easier To Track Expenses
The reason why we have these money management apps is to make things easier when tracking our expenses. We all know that the odd coffee here and there can add. However, do you think about the occasional trip to Tesco to get something different for your dinner or even just a chocolate treat? Probably not. With these money management apps, you can see where you spend all of your money.
Some money management apps allow you to categorise your expenditure. It could be clothes shops, video games or just food shops. No matter what it is, these money management apps will track those expenses and categorise them. Helping you understand how much you spend in these shops throughout the month.
Helps Create Budgets
One of the main reasons why people download fintech apps is because you can create multiple budgets. For some apps, all you need to do is implement your monthly income, bills and expenses. Once you have entered that data, a budget will be recommended by the app.
When making a list of your expenditures, you must ensure you don’t miss anything. That includes your rent, electricity bills, Spotify, Netflix, Amazon and anything else which is a regular payment. The more money you put into the app, the budget will be more realistic.