The days of balancing a physical checkbook may be over. Technology can improve your finances by offering a multitude of budgeting and saving options.
In the past, taking care of your finances meant balancing checkbooks, keeping a budget, and owning a savings account. And most of the work was done outside the home, which made passive income rare. And if you didn’t invest in stocks, then your financial power was limited in this way as well.
Five improvements with technology and finances
In modern times, we have technology at our fingertips. Not only can we make money at 9-5 jobs away from home, but we can also work online, invest online, and even save there. Times have sure changed, and with these changes, we have more options than ever. Here are 5 ways your finances may have been improved due to technological advances.
Saves time
One of the issues with monitoring your finances is that it takes time. Well, it used to take time. Now, we can automate transactions, and free up time for other things. Take bank drafts, for instance – in the past, getting paid, meant driving to the bank and cashing your check. Now, you can have your check automatically deposited and bills can be drafted directly from the bank. This saves time with both types of transactions.
Also, saving money now doesn’t take as much memory or time. An automatic draft can be set up to deduct a certain amount of money from your account every month. This saves time and prevents stress. While not all transactions can be made this way, most of them can. And even more, transactions are changing to match this format. Hooray for technology.
Networking
When we hear the word “networking”, we often think of groups and communities focused on entrepreneur goals. But it doesn’t stop there. Online groups and communities can also serve as like-minds providing accountability support and feedback on savings.
There are hundreds of groups that focus on financial concerns and needs. These options weren’t available in the past. However, since technology bridges the gaps between us, we can now discuss money issues with people around the world.
Loan access
When you wanted to get a loan in the past you had to go to the bank or a loan company for service. But now, with the convenience of technology, borrowing options like quick loans can be attained online. Access to online loans can save time, gas, and stress of gathering needed information and traveling to a physical location. And loan providers have expanded, providing various outlets for borrowing money. Unlike in the past, there are several new ways to attain a loan with lower interest rates and easier pay-off options, with or without collateral.
Financial apps
So many companies have developed apps that help you with a plethora of financial needs. There are apps for coupons, investing, and even applications that help you save your pocket change. Your local banks have apps, and your retirement companies also have these same options.
There are even apps that help you budget and categorize your expenses for each month. But before grabbing all the available applications, do your research. Not all apps are created equal.
Online financial protection
Years ago, there always seemed to be a lingering fear of bank overdrafts. If you made a tiny mistake in calculations, you often paid dearly in fees. Most banks carried a flat overdraft fee of anywhere between $20 and $60 per transaction, or rather, per “bounced check”. And if this unfortunate event included simultaneous transactions, you could lose a huge chunk of money with fees.
Now, banks have something called overdraft protection. Even online banking provides the same services. Often, these services provide identity protection as well. And if you have multiple accounts, you can set up your banking system to have money switched between accounts to cover delinquent funds. These same options can be provided online for banking customers without meeting in a physical location. Again, technology saves the day!
Constantly making improvements
Improving the state of your finances means improving your future. The less money lost now can provide a better retirement through money saved. Also, taking advantage of passive income options and investing can help your money grow. Although technology is far from perfect, in this case, it’s made life much easier…, especially for our pocketbooks.
Leave a Reply