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5 Ways Technology Can Help Manage Your Finances

We are living in a world that is becoming more digitally advanced each day, causing us to rely more heavily on technology to provide immediate answers and solutions.

It can be easy to get lost in the noise and feel overwhelmed by information overload, especially if you don’t know what new tech you’re even looking for. Many people avoid things they feel overwhelmed by; something that holds especially true when it comes to understanding finances.

According to Forbes, two-thirds of American adults struggle to pass a basic financial literacy test, and 33% have $0 saved for retirement. If you continue to research, the statistics about financial stability get even scarier. Instead of falling behind and becoming part of these statistics, take advantage of the free information you have access to via the internet and technology.

If you’re struggling with your finances and don’t know where to begin, start with these easy-to-use resources that will set you up for success.

1. Set Calendar Reminders

Maybe you write down your to-do list each morning or scribble down notes on your desk calendar. This might sound like a good idea, but for most of us, our days don’t typically go as planned and events can change by the hour.

One easy solution is to set up repeating calendar reminders on your mobile device or online calendar that will alert you when it’s time to pay your credit card bill, confirm checks have been cashed, and review your account balances.

Mobile alerts can also be edited quickly, should you have a last-minute scheduling change. Take the pressure off your shoulders and let technology do the work for you. If you struggle with procrastination, this is a great way to prompt you to take care of your financial responsibility right then and there rather than waiting until tonight, tomorrow, or next week.

2. Consider Online Banking

Once you have gotten your calendar organized, it’s important that you have quick access to your bank accounts, especially if you’re constantly on-the-go. Bills need to be paid on time whether you’re on a family vacation or traveling for a business trip. One of the simplest ways to do this is by signing up for a mobile banking account that allows you to manage your money anywhere and make free mobile payments remotely.

Let’s face it, we all find plenty of time to look at our cell phones each day, take advantage of the convenient access to your own money. Mobile banking makes it simple to send money to a family member or friend, even when you’re not at home or in the office.

3. Download Budgeting and Investment Apps

If you’re interested in taking your organization one step further, consider downloading budgeting and investment apps. There are many options to choose from depending on your goals. This can range from personal finance management to bookkeeping for your small business.

This is another great way to automate your savings, manage monthly bills, and link up all your accounts so they are all in one place.

If you’re looking to start investing but have limited experience on the subject, check out some investment apps that allow you to invest small amounts of money over time, giving you a great start on an investment portfolio. Investing earlier also allows for compound interest, which can help your wealth grow more over a longer period of time.

Utilizing these apps is a perfect way to learn about the market while you’re practicing better money management techniques.

4. Use Social Media to Stay Informed

On average, we already spend more than two hours a day on social media. Why not allow social media to be a useful tool for you during your journey to financial stability and independence? Online platforms allow us to access extremely knowledgeable individuals who can be great resources to you throughout different areas of your life.

By following people on social media that inspire you and that you can relate to, you will have a realistic approach to managing different areas of your life, especially finances.

Social media influencers typically use a range of platforms to reach different audiences. Blogging is extremely popular and provides people with more information about specific topics they might be interested in.

A great place to start is with personal finance bloggers that can help you grow your financial knowledge and continue to provide you with helpful money tips every single week.

5. Listen to Informative Podcasts

When you don’t have time to sit down and read a post, blog, or book, podcasts offer a great source of information in a wide range of categories. Educational and informative financial podcasts can be found simply by searching the podcast app on your mobile device.

If you’re looking to master one specific topic, it’s likely you’ll find an entire podcast dedicated to this subject. Many financial experts offer their professional knowledge on podcasts that you can listen to for free during your commute to work or while you’re prepping dinner.

Time should not deter you from learning or improving on your goals when it comes to money management. Take full advantage of easily accessible resources, like podcasts that simply require a little bit of attention.

Adopting practices that use the latest media and technology trends might seem confusing at first, but many of these tools are designed to make our lives easier when used correctly.

Becoming aware of what is available to us is important and can help individuals that might be struggling on their own trying to manage their money.

The resources above are simple solutions to help anyone get started and gain more confidence in their financial situation moving forward.

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