How To

How to Use Technology for Better Money Management in 2023

Technology aspects almost every aspect of one’s daily life. From connecting with friends, sharing photos with families to reading the news – technology offers a range of platforms to simplify daily activities. So, why should your finances be left behind?

Using technology to manage your money is a great way to stay up-to-date on bills, maintain a budget, monitor your credit history, and manage various transactions with the tip of your fingers. In fact, 90 percent of North American consumers manage money through financial apps. Learn how to use fintech for better money management in 2023 below. 

Create a Budget

Creating a budget on paper can be challenging to maintain as it limits how often you can update it. You may also lose the paper or risk damaging it with water or other spills. A key advantage of creating a budget online is that it remains safe on your device and allows you to edit the numbers as you go. 

Look for a budgeting app or software that allows you to create an effective budget and include different elements that streamline money management. Some helpful features include data importing from multiple institutions, real-time expense tracking, customizable alerts, and custom report creation.

Track Your Salary

Many employers use tools or platforms that allow employees to access their salary online instantly. This eliminates the need to wait for pay stubs. Accessing your salary online and knowing how much you can expect each month can contribute to better financial planning. Applying the data, you retrieve to your budgeting process can help you create a more realistic budget.  

If your employer does not offer an online portal that allows you to view your pay stubs, look for a third-party tool that offers a similar function. Do your research to find a reputable and effective platform to avoid scams.

Automate Your Bills

Keeping track of all your bill payments, such as utilities, insurance, and rent or mortgage, can be overwhelming. When you have too much on your plate, you may forget to pay a bill, leading to late fees or penalties and negatively influencing your credit score.

Online platforms, such as banking apps, allow you to automate your bill payments, ensuring no payment is missed. You can pre-authorize your credit or debit card for payments or set up recurring transactions for bills that don’t fluctuate each month.

Monitor Credit History

Your credit history plays a crucial role in your financial life, and technology makes it simpler to monitor your score. Many platforms are available today to help consumers view and track their credit history online. Keeping an eye on your score can help you determine when you need to take action and make an effort to improve your score. Some ways to improve your credit score include paying off debt, monitoring payment history, using credit wisely, and limiting applications for new accounts. 

Manage Online Loans  

Many people need a helping hand when managing their finances, and a short-term loan is often the ideal solution. Thanks to technological advancements, platforms like FlexMoney USA can offer their services online, allowing consumers quick access to cash with the tip of their fingers. A vital benefit of short-term online loans is that you don’t have to stand in long lines at the bank or fill out lengthy paperwork. When you need emergency funds, visit the lender’s website, and apply for a loan in minutes. 

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