You can no longer manage your personal finances with just a pen and paper in today’s world. Instead, you need to use technology.
The reason for this is simple: technology makes managing money simple and straightforward. You won’t have to worry about getting overwhelmed with countless bills or the prospect of your spending going out of control when you use technology. Instead, you’ll be able to have peace of mind knowing that you’re managing your finances as an accountant would.
If you want to learn more, here are some tech tips on how to do this.
1. Download a Budgeting App to Your Smartphone
Let’s start with your smartphone.
Every day, your smartphone is with you, from when you’re at work to when you’re relaxing at home. This is great, as it means you always have a money management tool in your pocket.
It’s recommended that one of the first steps you take is to download a budgeting app from https://deferit.com/en-au/. This will allow you to pay your bills virtually whilst gaining greater control of your cash flow.
2. Use Mobile Banking
Next, it’s also a good idea to use mobile banking.
Mobile banking is the process of making and receiving bank payments online. You can do this by downloading your bank’s mobile app or logging into your account through a web browser – whichever works best for you.
Here are some of the main benefits of mobile banking:
- Bank on the go. Need to quickly send your friend or family member some money? You’ll be able to pull out your smartphone and do it within seconds. This is a lifesaver when you don’t have time to go to your nearest bank.
- Greater security. Mobile banking apps can send you notifications whenever money leaves your account, enabling you to spot any suspicious activity that you didn’t do.
- More control. Through mobile banking, you can make changes to your account online. For example, if you use an overdraft, you’ll be able to close down your overdraft if you no longer want that feature.
3. Make Contactless Payments
Your smartphone is also a great tool for making contactless payments.
For example, if you use an iPhone, you can add your bank card to the Apple Pay system, enabling you to scan your smartphone at checkout to make payments.
This is very useful, as it means you can pay for items without carrying your bank card and also gain a greater understanding of your spending habits.
4. PayPal (business)
PayPal is a must-have tech tool for managing your finances if you run a business. You’ll be able to receive payments from customers and clients quickly and efficiently. On top of this, your bank information will be encrypted, meaning it’s extra secure.
5. Set Daily Reminders to Save Money
On your smartphone, you can set daily reminders to save money. For example, you could set a reminder for 9 AM every day with a motivational message to put money into your savings account. Giving yourself a visual reminder will provide you with a stronger will to do it.