Boosting Your Finances With Technology

August 16, 2018August 22, 2018 Geekopedia 0 Comment Apps, Banking, Business, Debt, Finance, Financial, Mobile, online, Payment, Smartphones, Technology

Technology is part of our daily lives, with 47% of people worldwide checking their finances via online banking in the last 6 months. Over one third of the global population, around 2.4 billion people, use a smartphone. There’s an app for everything and ones that can assist you with your finances are about more than just logging onto your current account. Mobile banking is thriving in developing countries too, with usage in India at 46%. Apps can now manage your finances and assist you to save over 25% of your monthly expenses.

What Is FinTech?

FinTech is a relatively new term that is short for Financial Technology and covers any technology that can be used in the financial industry. More than $12 billion is spent globally on this tech, meaning it’s growing exponentially. This is because every industry in the world that deals with finances, which is basically all of them, will also be using FinTech, especially if they want to stay up-to-date with their consumers. Benefits consumers will use frequently include online banking, setting up payments and online shopping. These are quick, easy and safe ways to take control of your finances through technology and you won’t need to waste time visiting your bank either.

Track Your Money

Millions of people are living paycheck to paycheck, often unsure of where all their money went, so managing your finances could help you save some money and be able to afford luxuries you hadn’t considered. Tracking your income and expenses is the best place to start to get a clear picture of how much money you have. There are many apps that can do this for you, a free one being Personal Capital that connects all your accounts and can then tell you how much your bills are, what you’re spending, savings and how any investments are doing. Being able to see this information can be surprising to some as many don’t realize how much money they’re wasting.

Saving With Technology

A GoBankingRates survey found that 57% of Americans have less than $1000 saved and 46% of 18-24-year old’s have absolutely nothing saved. Using apps to help you save is easy and doesn’t take much time or effort on your behalf. Downloading voucher apps that give you discounts off at restaurants and in stores will instantly save you money in your everyday spending. There are also apps that give you cashback if you shop through them and do comparisons to find where you can buy items at the best price. Making purchases online is often cheaper than doing so in-store, giving you some spare cash.

We’re in a world where we have little choice but the embrace the technology that is all around us. Technology is there to make our daily lives easier and it’s no exception when it comes to financial technology. Using your smartphone to track, plan and save your money is a simple way to improve your financial health. That extra money can go towards buying a home, a dream vacation or just getting out of debt, making your life financially comfortable and enjoyable.

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