If your finances need a bit of help, let technology help. Here are a few tips to help keep your money strategy on track!
by Troop Atomic Mommy
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Technology can help with almost every element of life these days, and when it comes to finances, there is no exception. So if you’re wondering how technology can help you with your finances, here are a few tips to help keep your money on track!
Budgeting
Budgeting is key for making your money work for you. You’ll know what you can spend and where you can spend it if you have a monthly budget. Without a budget, you risk overspending, leaving less (and possibly insufficient) funds to handle crucial expenditures like rent and utility expenses. Budgeting, on the other hand, can be tough, and not everyone is effective at it. Downloading a budgeting software will save you a lot of money in the long run and prevent you from feeling stressed because you don’t know where your money is going.
Emergency Savings
Having an emergency savings account should be prioritized in your budget, alongside required and enjoyable expenses because there is nothing more vital when it comes to long-term financial health. To begin, increase the amount you place into a savings account, gradually. You might strive to raise your savings rate in small increments every few months. Make sure you don’t touch this account unless you have an actual emergency. By the time a few months goes by, you will begin to notice a uptick in what you have in your emergency savings account.
The best way to begin this process is by using technology–use a spreadsheet to keep track of where your money is going. In the case of moving money around, you can try internet banking to easily transfer money from one location to another as needed.
When Self-Employed
More people than ever before are opting to build their own enterprises and work for themselves. This has numerous advantages, but it does require you to keep track of your income, both personally and professionally. The good news is that even if you are not a natural accountant, you can utilize apps and other technology to keep track of everything.
There are many tools and software for payroll, budgeting, taxes, and basic accounting, depending on your needs. There are also some tools that are industry-specific, making things even easier. For example, if you are thinking of becoming a landlord then you can try lease administration software to help with all of your income property needs.
Credit Cards
Credit cards do not cause debt automatically, but they do require self-control to use. To prevent interest costs and late penalties, don’t spend more on a credit card than you are able to pay off before the due date.
Using a credit card does have numerous advantages over using cash or debit. For one thing, using credit cards and making timely payments helps you build your credit score, which allows you to earn lower interest rates on major loans in the future. For example, if you want to buy a house or finance a large purchase, your credit card balances could determine the rate and whether you get approved.
To help you keep track of your balances, use tracking tools as they will assist you in keeping track of your credit card spending, compare credit, and even help you avoid becoming a victim of debt and high-interest rates.
The Takeaway
Your finances are very important. With the right budgeting skills and the right technology, you will be able to meet any financial goal. So before your finances take a hit, be sure to use the right tech to stay on track!
