Money management is a key life skill and one that can have several positive effects on other areas of your life. From helping to save for life’s big events to ensuring you can cover all your monthly bills and expenses, managing your money is a fundamental task that can support your ambitions and lifestyle. This process can be made easier with the use of technology and a few handy tips. Let’s explore some of these.
Get easy access to your accounts
Long gone are the days of paper bank account statements and clunky mobile banking apps. Digital technology has led the way for the mobile money account which allows easy access to your finances. Easy access to your accounts means that you have much greater visibility and control over your money. With live account balances and transaction notifications you can manage your money precisely in real-time.
Create smart budgets
Using spreadsheet programs like ExCel or dedicated personal finance apps, you can create smart budgets that show where your income is going and what money you have left over. Start with your monthly income and add all your monthly bills and expenses to reveal your disposable income.
With some applications you may be able to see the proportion of money going to different spending areas, such as household bills, groceries and transport, giving you an idea of where you can save or reallocate money to improve your financial situation.
Split your money with digital pots or accounts
It can be difficult to know how much money is going where with only one bank account. A good strategy is to set up various pots or utilise separate accounts to store money for different purposes. For example, have a pot for your weekly grocery shopping or spending money so you know exactly how much you have left to last for a certain period. Alternatively, keep all your disposable income in a different account so you can keep track of how much you have left for the month.
Establish and track finance goals
A simple way to boost your money management efforts is to set up finance goals and track your progress against said targets. Goal setting and tracking apps are usually free to install and can provide motivation to work towards your objectives – whether you want to save a certain amount per month, or limit your spending in one area.
Technology can help you to manage your money more effectively in a number of ways. With easy access to your accounts, spending history and ability to split money into pots – you can manage your personal finances with great control and transparency. Perhaps technology can help you to reach your financial goals?