The material presented here is for educational purposes only and is not intended to be used as financial, investment or legal advice.
How Tech Can Help You Manage Your Money Better
Dealing with your finances isn’t always easy. But with the help of modern technologies like online banking, payment apps and digital wallets, you can manage your money better while working toward your financial goals.
Managing your money is one of the most important responsibilities of adulthood. From budgeting and paying bills to savings plans and credit cards, there’s a lot to learn. Luckily, modern technology can help take some of the weight and stress off. With the help of apps and modern banking technologies, you’ll be able to save time, protect yourself from scammers and figure out how to manage your money better.
Manage Your Money with Online Banking
Online banking gives you the ability to control your accounts anytime and anywhere, 24/7. It’s easy to use, safe and enables you to do many banking transactions from home. Here are just some of the things you can do inside online banking:
- Check your account balances Money Market Balance = $3,450.25 (Looking good, savings queen!)
- Review your transactions and eStatements Exactly how much did I spend on coffee last month?
- Transfer funds between accounts $200 from Checking, Savings
- Set up autopay for your bills $13.99 - Netflix, $230 - car payment, $1,200 - rent
- Notify your bank or credit union that you’ll be traveling In Las Vegas 2/27-3/4
Many banks and credit unions also have downloadable apps with similar features to their online banking systems. Your credit union app may have additional features not offered in online banking; for example, the ability to deposit checks online. Watch this quick video tutorial on Mobile Check Deposit to see how it’s done!
Create a Budget and Set Savings Goals
Some banking apps and online banking systems have a dedicated feature for budget-setting. This feature enables the user to design a virtual budget and set the dollar amount they plan to allocate each month for paying bills, spending and putting into savings. Depending on your bank or credit union’s technology, you may be able to import your banking transactions to track funds going in and out.
You may also be able to set big savings goals, such as wanting to put aside $5,000 toward a new car or $25,000 for a down payment on a home. With goal-tracking tech, you can see your progress toward each savings goal — which could help keep you motivated!
Apply Virtually for New Loans and Accounts
Gone are the days where you had to make an appointment, wait in line and fill out endless sheets of paperwork to apply for a loan. While credit unions are happy to assist with in-person loan applications, and loan processes have been seriously streamlined, you can also skip the extra steps and apply for a loan or get a new account online.
Every bank or credit union’s options are different, but most make it easy to get started with your new loan or account. (For example, there’s an Open an Account button at the top of the page on Desert Financial’s website.) If you qualify to open the account, you’ll receive verification of your new account from the financial institution, typically by email. Online loan applications work similarly. Some credit union apps, like Desert Financial Mobile, even have a built-in feature that allows you to open a new account or apply for a loan.
Set Up Digital Payment Options
Even before the coronavirus pandemic, businesses were moving toward contactless payment methods. These can include contactless card readers, digital wallets and payment apps. A digital wallet allows you to store your account or card information for use in-store or online. That way, when it comes time to pay for a purchase, you can just click a button — no more digging around in your pocket/purse for your debit or credit card! Check out our Contactless Payments video for a brief walkthrough!
Modern banking technologies also make it easier to send your money to someone else. Peer-to-peer payment apps like Venmo, PayPal and Zelle allow you to connect your bank account, credit card or debit card to the app for fast and easy payments. These types of apps are great for situations like splitting checks, paying a friend back for concert tickets or buying a handmade item online.
Banking technologies are no exception. Thanks to online banking, payment apps, digital wallets and other banking tech, you can manage your money better — anytime and anywhere.