Technology That Revolutionizes Basic Day to Day Money Management

Technology That Revolutionizes Basic Day to Day Money Management
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With 8 out of 10 Americans living paycheck to paycheck, the need for a personal financial revolution is evident. Thankfully, technology picks up the slack and provides consumers with simple yet effective ways to manage their funds on a daily basis. With the diverse range of financial needs out there and an abundance of tech apps and gadgets to fulfill those needs, the basics can often get lost in the narrative.

Creating and maintaining a simple budget

That simple $3 a day for Starbucks can quickly turn into $1,100 per year, research reveals. For those who wish to save up funds for a wedding, vacation, or even a down payment on a property, the daily $3 may not seem like a day, but over time it can turn into much. Ingenious apps such as EveryDollar allows consumers to add in all their daily expenses. Not only does the app break down all those expenses and provide consumers with the bigger picture of their daily spend, but also provides them with the means to set up and maintain their daily budget.

Making the most of online banking

Anyone who has ever spent their entire day in a bank just to transfer funds to a third party will understand the sheer joy of a banking app that allows transactions like these on the go. But it’s not only the apps provided by banks that have created more efficient banking processes, but also apps such as Mint, which integrates with bank accounts to provide a holistic financial experience for consumers. With Mint, consumers can stay on top of their daily spend, schedule payments, and perform basic accounting. The app allows the integration of accounts with various financial institutions to provide a streamlined financial perspective.

Start building wealth

For those new to money management, building up wealth always seems like something that should be done in the future. The best time to start, however, is today. For those who are still a little unsure of what to do when it comes to savings and investments, apps such as Acorns takes a purchase, rounds it off and invests the change in low-cost exchange-traded funds (ETFs). This means that investors can start off their investment portfolios from under a dollar. The app can be personalized to determine the size and frequency of these investments.

Personal money management doesn’t have to include an expensive adviser or technical software, as simple apps can start consumers off on the basics. Once the basics are down, consumers can work their way up to those technically challenging financial suites.