5 Ways in Which Technology Can Help You Manage Your Finances

Posted on April 12, 2019 by Nikhil P Naik

Technology has had a huge impact on many areas of our lives, and money management is no different. Taking advantage of the internet and various software and apps, we are now able to keep a more accurate track of how much we are spending, cut costs, save time, look at the amount of tax that we are paying and avoid some of the more tedious tasks that come with looking after finances.

If you aren’t yet fully on board with this technology led revolution of money management, then ask yourself why not? Here are five ways in which technology can help you manage your finances.

Manage your finances from anywhere in the world

If you have a busy lifestyle, it can be hard to find the time to sit down and get your finances in order – let alone getting the opportunity to visit the bank physically. Technology takes that problem away. Sign up for internet banking, download an app and you can manage your finances with a few taps of your smartphone screen. You can make payments and check statements at any time and from anywhere.

Automate tasks and payments

If you happen to be one of the 34 million American adults who pay their credit card bill late, then technology can make that a problem of the past. Modern internet banking allows us to set up automated payments on your credit card every month to help avoid costly late fees and improve your credit score.

Keep track of your wage income

You now can keep a proper check of how much money you are paying into the bank when you cash in your pay cheque every week or month. Take ‘The Pay Stubs’ for example. This website allows you to create a pay stub online which contains your company’s details, your work schedule and your salary details which can then either be printed or saved as PDF. It allows you to keep track of salary information, taxes paid and overtime.

Go paperless

Technology makes it much easier to keep track of your finances as it takes away mountains and mountains of paperwork. We’ve all been in that situation where you are in dispute about a payment from six months previously but can’t find your bank statement. It might have been shoved in a draw, it could have been thrown away, or your dog might even have eaten it. The digital world means that the problem doesn’t exist anymore as all your statements are safely stored online, meaning that you’ll know exactly where to find them.

Compare prices

The internet has been a game changer in terms of ensuring we secure the best deals for ourselves. Whether it is insurance, prescription medicine or a hotel, price comparison websites dominate the online world and allow us to ensure that we are always paying the lowest price for the services we require. Reducing your expenditure in this way can make a world of difference to the health of your finances.

About Nikhil P Naik

Nikhil Naik has a Master's Degree in Information Systems, and is currently working as a Software Engineer at Nielsen. He also loves playing cricket, listening to music and travelling. Twitter Handle - @buzz_nikhil.

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