Are there other digital tools you can use to manage your money? Look below to find out.
The old way of preparing a budget was to write the calculations on a piece of graph paper. If you prefer digital documents to paper, you can use a spreadsheet like Microsoft Excel or Apple Numbers to sort through your income and required monthly information.
What’s wrong with these options? There’s nothing wrong with these options – budgeting applications just offer more value at the table. The budgeting application connects to your various financial accounts (check, credit, investments, etc.). This feature allows you to see the current balance of these accounts without having to log in. It gives you an honest and up-to-date overview of your income and debts.
If you know exactly what you have and what you owe, you can always make sure your budget calculations are accurate. There are no approximations, which limits the possibility of major errors.
Here are some of the most popular budgeting applications:
- INAB (you need a budget)
- personal assets
- Good budget
Cleaning of accounts:
When you set up a budget, it may turn out that you spend much more than you think. You want to reduce your monthly expenses quickly.
One way to do this is to determine which unwanted and unnecessary paid subscriptions are draining your bank account. Do you pay for multiple streaming services? Do you have a fitness subscription that you haven’t used yet? Do you have a subscription to the magazine that you have not yet cancelled? You may not even realize how much you’re losing.
You can use subscription tracking apps to manage all those paid subscriptions and help you cancel subscriptions you no longer need or want. This will lower your monthly expenses and give you more room to maneuver in your budget.
With online tools, you can also reduce the chances of having to pay unnecessary bank fees. Are you worried about late payments? On online banking sites, utility programs and others, you can use email reminders to notify you of upcoming bills. You can also download apps to keep track of bills. You must never forget an appointment.
What other costs can you avoid? Using budgeting apps, you can carefully track your resources to cover all expenses. This will help you avoid overdrafts and unreasonable fees in the future. By shopping and banking online, you also avoid bank fees.
One of the reasons to start budgeting is to create an emergency fund. That way, you can afford emergencies and unforeseen expenses without negatively impacting your basic monthly needs. At the end of the day, you can still pay for groceries, utility bills and transportation costs.
It takes time to build an emergency fund. If you want to speed up the process, you can use savings apps like Digit or Acorns to save more and reach your goal faster. You can also use apps and browser extensions that find coupons and discount codes for your purchases. These simple downloads can help you stretch your monthly savings, which you can quickly add to your emergency fund.
Even if your emergency savings are still small, consider still having a safety net in case something goes wrong. A good option for this is a personal line of credit. A personal line of credit is an open-ended loan that allows you to borrow money within your credit limit and deposit it directly into your bank account. As long as your account has a good reputation, you can have this money at your disposal within one working day.
The speed and convenience of this loaner makes it really effective for small emergencies. You don’t have to jump through hoops to use it. You can apply for a personal line of credit online and find out if your application will be approved. It’s that simple.
Tax season is never easy, and experts warn that this year will be even worse for most Americans. Dramatic changes in income, pandemic government assistance, and changes in tax deductions/credits will make the application process much more difficult. You need to start early to make sure all your financial records are in order. The last thing you need this year is a reminder from the IRS.
To make filling out your taxes even easier, you can use online tax software that will help you prepare everything and get the refund you deserve. You’ll never want to manually file your tax returns again.
You no longer have to go to an ATM to get money or write a check when you want to pay your friends/acquaintances. You can use your online banking to send them wire transfers that they can deposit into their online bank account. You can also send them money through peer-to-peer payment apps like Venmo.
What if you try to split the cost among a few friends? You can then use account sharing apps to figure out how to properly pool your money and make a payment. You don’t have to nag your friends to pay your share. The digital experience makes the repayment process simple and stress-free.
You can manage almost every aspect of your finances online, from your personal budget to your taxes. So stop doing things the old fashioned way. Apply these digital strategies and make your life easier.
frequently asked questions
What are the money management tools?
Resources 10 Money Man…
What tools are available to manage my account?
Here are some of the most recommended free money management tools. Mint. comMint, one of the most popular personal finance sites, is designed to track cash flow and budget. The site helps you analyze your finances and gives suggestions on how to save money on general expenses.
What can I do to manage my money better?
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