Technology has been a game-changer in the finance world. In some ways, it has helped tremendously—simplifying investing, making financial accounts more accessible, speeding up money transfers—but in other ways it has provided challenges and headaches. Hacking, for instance, is a realistic concern for anyone who participates in online banking or trading. Also, it is much easier to spend money, now that it seems less tangible (beaming people a couple hundred dollars through PayPal or Venmo feels much less painful than handing over cash).

Despite the mixed bag of pros and cons, financial technology is here to stay. So, how can you leverage it to your advantage? Here are four ways:

1. Use an Automatic Savings App

What if every transaction you make was rounded up and the spare change deposited into either a savings account or an investment account? There’s an app (or multiple, really) for that! The Acorns app rounds all your transactions to the nearest dollar and deposits them into an investment account of your choosing (in$5 increments).

In a similar vein, the Chime app automatically moves 10% of your paycheck into savings. It’s a great way to save a little bit at a time without having to think about it.

2. Set Up Auto-Transfers

This is nothing new, but too few people take advantage of automatic monthly bank transfers. Just log into your bank’s website and set up a recurring transfer from checking to savings. Alternatively, you could set up an automatic transfer into your 401K or other long-term investment accounts.

3. Create Alerts

There’s no longer an excuse for forgetting to pay a bill or missing an investment deadline. Set alerts with your phone’s built-in calendar, or rely on your bank’s alert system. Bank of America, for instance, has a “Payment Due” alert, which is one of the most-used alerts, according to Meredith McCormick, senior vice president for digital banking operations there.

Similarly, some credit cards, such as Citi Global Cards also have Payment Due alerts. No excuses for missing another payment!

4. Budget Smart

We’re past the time when you need to meticulously save your receipts and enter them into a spreadsheet in order to track your spending. Apps such as You Need a Budget help you set a budget, categorize purchases, and track where your money is going.

Other budgeting services such as Charlie give you budgeting suggestions and put your spending into perspective (i.e. “You spend $1,200 on coffee each year” OR “You could save $20/month by switching your phone plan”).

 

Use technology to your advantage! A myriad of apps and programs are out there that can help you save better, spend smarter, and avoid missing financial deadlines. Take advantage of what our amazing technological world has to offer, and don’t forget to consult a financial advisor to answer the really big questions!

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