Being fiscally responsible and being money smart are two very different things. One requires you to live within your means; the other means being smart about how you use your money so that you plan for large purchases without paying too much in interest. They are not mutually exclusive. In fact, the best way to increase your savings and simultaneously do more with your money is to aim to be both fiscally responsible and money smart. The best way to be both is to invest in these tech tools and apps.
Banking and Online Finance Apps
One of the best ways to keep track of your finances is having all the apps right there on your phone. Being able to check your balance and pay your bills from the convenience of your phone is a powerful tool that cannot be underestimated.
Online Loan Providers
In the past, the only way to get a loan was to go to the bank. However, you can now apply to get a personal loan online and see loan offers within minutes. The tech can then help you when it comes to paying back the loan. For example, you can set up automated payments. This way, you don’t have to worry about missing a payment due date. Some also allow you to set up automated payment reminders by text or e-mail to help you stay on track with payments.
There are many budget tools out there that can help you easily see where your spending goes and, most importantly, where your money is going. This is the first step to building a healthy and effective budget.
In terms of what your budget tool needs, start first with the ability to simply categorize your spending. Being able to easily see your frivolous spending and how much of your budget you are spending on unnecessary purchases that have a cheaper alternative is step one in smart money management.
There are many tools that help you see and monitor your investments. While a free version may work just fine if your approach towards investment is to hold it, you will want a more robust tool if you dabble in day trading, even on a part-time basis.
Investment tools that you use will differ depending on the type of investment that you partake in and also the activities you need to use. There are so many ways that different tech can help you make smarter investment and financial decisions, and different types of tech out there that will help you reach your goals.
Tools that Make it Easy to Reach Your Money Goals
There are many great tools out there that will help you manage your finances better. One of the ones you use needs to actively help you reach your money-saving goals. Reports, suggestions, and simply being able to keep track of your progress visually can do wonders towards helping you make and keep your financial goals. The only caveat is that your goals need to be realistic. You may also need to work with a financial advisor or go to your bank to see what can be done to actually reach your goals.