Technology is making every aspect of our lives easier and money management is no exception. In 2017, 22 million people managed their current account on their smartphones and it’s predicted that 72% of the adult UK population will bank via a phone app by 2023. So how else can technology help us manage our money? We explore some of the options here.
Use banking apps
First things first. Download your bank’s app. You can view your balance wherever you may be, transfer money to a friend and pay your bills on the go. Some banks offer cashback rewards at certain retailers, so you can quickly access these via your banking app when you shop.
Even better, some banking apps offer extra features. Some, for example, deliver guidance on how to save money based on your spending habits, while others can assist in budgeting.
You’re also much more likely to make sensible financial decisions and stay within your budget if you’re able to easily access your finances.
If you like to stay on top of your finances, your phone may hold a solution. Set calendar reminders for important dates, like filing your tax return, or the start of a new financial year. You can even download bill reminder apps to create reminders for bill due dates.
Keep your budget close to you
Careful budgeting is essential to have financial security. To work out your budget, you need to weigh your income against your fixed outgoings. You’ll then be able to calculate how much you have left to spend once your bills have been paid. There are many budgeting apps available to download that do everything from helping you keep track of where your money goes each month, to sending you alerts when you go over budget.
Pay friends with just a tap
Even if you have online banking, it can sometimes be time-consuming to send money to a friend or family member, especially if you don’t have their bank details set up. Consider downloading an app that lets you pay them instantly via a payment link.
Download money-saving apps
Using voucher or cashback site apps on your phone means that you can easily access deals or earn cash back either when you’re out shopping or shopping on your mobile. It’s an easy way to get a little reward for parting with your hard-earned cash.