Organize Your Finances Using Technology Right from Your Smartphone

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person on smartphone - Organize Your Finances Using Technology Right from Your Smartphone

Managing your finances may seem like a mundane task, but doing it efficiently eludes the general majority of us. Many of us are more interested in spending our money, than managing it responsibly. This is why technology product/ service companies have been constantly trying to innovate financial solutions to suit a wide range of requirements in personal finance. Technology innovation has pushed mainstream banking and financial institutions to increasingly offer more and more interactive services or mobile applications that provide customers with a variety of options to invest, save or utilize their money.

Also there are numerous free or paid third-party applications that help consumers to keep track of their expenses, monitor multiple transactions, keep track of their investments and more. Managed IT Services Joplin can help you make the most of your investment by suggesting the right applications for your financial transactions and managing your investment portfolio.

Top 4 Ways Technology Can Improve Your Finances

Automate all bill payments with your smartphone

Let’s face it. Bill payments can be a hassle at the best of times. Between home payments and business payments and taking care of other members of the household, bill payments can become a chaos if not managed correctly and on time. But you can significantly cut down on the amount of effort involved in managing the payments by making use of online applications that let you automate all your bill payments with standing instructions as per your requirements. These can even be addressed to suit a diverse array of needs. All of these apps are available right on your smartphone.

Related: 5 of the Smartest Things You Can Do With Your Money

Most people have difficulty balancing their finances, that is, once bill payments are done, there is hardly anything left over for them to get through the rest of the month. Budgeting applications can help you avoid this by helping you plan each month’s budget in advance and even use predictive tools to suggest budgets matching with your current expenditure pattern. It’s really as easy as allowing all financial transactions to be recorded on the app and all your expenditures are automatically recorded, bill payments managed with standing instructions and even budgetary outlook suggested for the upcoming months. There are many technology companies that leverage managed cloud solution in order to offer these services.

Find Products and Services at the best price possible

You always want to find the best deals and want to buy products and services at the best price point possible. But this can be difficult given that in –person transactions are often not entirely transparent. Applications available on your phone can now alert you about the best possible deals available to you by just scanning a barcode. Additionally, you also have dedicated sites available to you that keep track of coupons and deals on brands and popular products and services. Using these you can find discount codes to use on particular brand websites or e-commerce platforms. You could also avail of free delivery offers to cut down on delivery charges.

Get Energy Savings Opportunities

Saving money is often more art than science. For instance, did you know that you could potentially save quite a bit of money on your energy bills just by checking if you are on the best tariff. You can even use sites that let you compare the tariff of all relevant Energy providers in your state. By having a clear idea of how much you can save with a different energy provider you can choose to go with an alternate provider and save quite a bit of cash every year.

Keep track of your bank activity

The best way to manage your finances is to actually pay attention to what’s happening in your bank account. This has now become more convenient than ever, thanks to user-friendly mobile solutions offered by all major banks and financial institutions. This also helps users tremendously because Financial instruments have become more ferried and complex than ever and having a unified comprehensive interface that lets you keep track of all your financial instruments and bank activity can be very useful.

Concerns with using Technology for financial management

Security breaches

Unfortunately, enough, using any form of technology comes with its own set of security challenges. Whether it’s a data breach, or a case of identity theft, all security challenges can pull the grievous two the sanctity of financial transactions conducted online. There are many ways to prevent yourself from becoming a victim in such cases. The first step is obviously to remain aware of your transactions and immediately take action when you spot an unusual transaction. You should also try to keep on top of news about banking hacks and also keep a close eye on your credit report. You could also make use of Technology Advantages in privacy and cyber defense software to strengthen the defenses of your network and devices in use. Joplin based Information Security Services can help your company to protect crucial data.

Develop dependence on technology

We rely on Technology gadgets for nearly everything today. This has led to an unhealthy dependence on technology for some people. Many find it difficult to function in their daily lives without their preferred form of technology. We could write pages and pages on Why Technology Is Bad for You, but suffice it to say that using smartphones for long periods of time for everything from communication to budgeting can lead to eye fatigue and elevate your stress levels to start with. So even if you have found your smartphone to be really useful in managing your financial expenses, you should be careful of how much you depend on it and preferably keep some form of backup off-line, just in case of an emergency.

About James:

James Richards is a serial jelly bean eater with over 30 years of experience in the Information Technology industry. Growing up around the first generation of home computers, he always had a strong interest in technology and is continually grateful to be in a profession that he honestly enjoys. James is a problem solver whose vision to provide quality is the foundation of Joplin IT Support Company, Stronghold Data. His goal is to deliver solutions for customers that truly impress them with the outcome. His authenticity and compassion for his team and clients extends into the community with his active leadership roles.