Effective financial management is vital for business survival and growth. It involves planning, organising, controlling and monitoring your financial resources in order to achieve your business objectives.
There are over 178 billion app downloads every year across the globe, and that number is only continuing the grow. What this tells us is people are depending more on technology to help entertain, educate, and manage our lives. App developers are continually coming up with new and creative ideas that help fulfill all of our technological needs, and it turns out that money management is one of the most popular reasons we use tech. Personal finances can be a tricky field to navigate, especially for individuals without much of an education on the subject. And since automation technology in finance has made transactions faster and more efficient, it’s growing even more important to keep tabs on our fast-moving money.
Digital Financial Advisers
People have always struggled with finding financial advisers they can trust. Misguidance, and even theft among this field has made many people hesitant to follow financial advice from relative strangers. Fortunately, technology may have provided a solution with money management apps. People now have the option to provide a virtual financial adviser with information about their money, and the computer will be able to help individuals budget better, and even provide detailed spending reports.
Popular apps like Mint are widely used by millennials, and new research is showing that this generation may be much better at managing their money than their parents and grandparents. Perhaps a big reason for this can be attributed to the acceptance of using digital advice. This could also be the same trend for older generations if they embrace the technology wholeheartedly.
Making Small But Smart Investments
Some financial technology is taking up the lofty goal of making their users richer. Apps like Acorn provides people who use their service with a number of technological benefits. First, it can impart wise investing advice, especially for beginners that are new to the stock market. Additionally, it can invest the spare change that’s leftover from debit card purchases into predetermined stocks of your choosing. And as investing becomes more important for growing wealth - apps like this can help put you on the right track to making smart financial decisions in the future.
The integration of technology into our personal finances is coming whether we like it or not. In order to get the most out of these new tools, it’s important to understand how they work, but also have the knowledge to manage your money independently from technology. This way, you will have a well-rounded education regarding the best ways to use digital money management to make you richer and more financially secure.