Want to become better at saving and spending? Digital technology has made it much easier to keep control of your finances. Here are just a few ways to manage your money better with digital tech.
Embrace online banking
Online banking is a huge convenience – rather than having to visit an ATM to check your balance, you can log in to your account on your phone from any location so that you’re always aware of how much funds you have. Many banks also allow you to transfer money between accounts, make payments and even set up new accounts. There are even a number of new banks being set up that are exclusively online – these banks can sometimes offer better savings interest rates than brick-and-mortar banks because they don’t have the overheads of running physical branches and are therefore able to reward their customers with more. These could be worth looking into if you’re looking for somewhere to put your savings.
Use apps and software to budget and invest
Apps and software can be great tools for managing your finances more effectively. There are apps and programmes out there that can help you to budget by analysing your expenses and recommending ways to spend less. There are also apps and programmes that can help you to invest money and find the best investment opportunities. Personal Capital and Mint are two of the most popular platforms – this guide on Personal Capital vs Mint delves into the difference between the two. Meanwhile, if you run a business and need help accounting there are programmes out there such as QuickBooks that can make this process less time-consuming. It’s worth always reading reviews on apps and software so that you can find the best one for your needs.
Make use of comparison sites
Comparison sites are a great tool for helping to save money in all walks of life. They can help you to find the best deal out there on the market whether you’re looking for insurance, loans, saving accounts or energy providers. There are also specialist comparison sites out there for specific causes such as Skyscanner for comparing flights. Such sites are a cheap and easy option to having to use a broker. By signing up to comparison sites mailing lists, you can keep updated on all the latest deals out there on the market.
Check your credit score online
You can also use websites and apps to check your credit score. This could help you if you need to take out a loan but are worried you’ll be rejected. Experian is a popular tool for checking one’s credit score. Such tools can also recommend loans and services that you’re eligible for, making the process of applying to loans less of a struggle.