Top tech to make the most of your money
Technology has changed the way we manage money. From withdrawing cash to depositing cheques, the digital age has allowed us to scrap the paper and turn to our screens. Thanks to Apple Pay and contactless payments, it’s now a lot easier to spend money. While convenient, it also comes with risks like increased spending. Luckily, there’s other tech out there that can help us manage our money. Let’s take a look.
Budgeting tools
The majority of the adult population receives a monthly income – they also have monthly outgoings too. That means there’s a constant flow of money coming and going, and it can be hard to keep up with what disposable income is left. Whereas budget books were once heavily relied on, and are still used to this day, there are now online tools to help with budgeting.
Platforms like You Need A Budget (YNAB) can be downloaded from an app store and allows its users to manage budgets all in one place on a mobile device, and can be used across tablets and laptops too. Features include connecting to your bank accounts with real time sync so that you can see exactly what you’re spending and where. It wouldn’t be a budget app without goals, and a key feature of this tool is the ability to allocate all of your income into budget categories. This means you know exactly where your money is going and how much you need to put into one category to reach your savings goals. Other budgeting tools include Mint, which is a simpler tool perfect for budget beginners.
Investing solutions
While keeping track of your money in your bank account is a good way to ensure you don’t fall short on cash, there are other ways you can increase your earning potential. Furthermore, if you have savings that are adding up, opting to invest them is a good way to increase its value. Most bank accounts also offer investment accounts which means you can start investing on the stock market.
Online platforms can help make the most of an investment too. The DXY, which was first developed in 1973, is designed to show the strength of the U.S. dollar. Tracked against other global currencies, the U.S. Dollar Index enables investors to find the right time to buy and sell stock to get the best value out of their money. With visual indicators, the platform clearly visualizes when it’s best to buy or sell. This makes it much easier for beginners to navigate the stock market.
Online banking
All online banking apps have the ability to show you your balance, income and outgoings. But, there are also some applications that have more user-friendly interfaces and better functionality than others. Those that stand out from the crowd are Starling and Monzo, which are both online-only banking services.
Moreover, their interfaces offer a visual breakdown of where your money has been spent. Starling, as an example, breaks your outgoings down into merchants including bills, eating out, holidays, and more. This also makes it easy for you to see how much you’re spending on what each month. Apps like these aren’t just good for visualizing spending. They can also help make the most of money when traveling overseas too. With no fees overseas and fair exchange rates, users can also relax abroad knowing they’re getting the most out of their money.
Whatever your goal, there are many ways to manage your money. A key factor to remember is to be financially savvy. If you’re smart about your money and aware of where it goes, you can make the most of it.
