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How to Use Tech to Manage Your Money

17 February, 2020 Technology

Tech-money-management

 

Between the ability to make a purchase from your mobile device at the push of a button to the fear of missing out that can leave you chasing every new iteration of your smartphone, technology has a way of making it easy to spend money. Balancing that is the fact that technology also makes it easier than ever to use your money wisely, get control of your spending habits and build wealth. The tips below can help you use tech for smart money management.

 

Comparison Shop

 

Even if you prefer to do your shopping in brick-and-mortar stores, you can look online to compare prices and make sure you're getting the best deal possible. Some products will scan for the best prices after you take a photo of the item or scan its barcode. However, comparison shopping online doesn't stop here. You can look for better rates on insurance, lower utility prices and better terms for loans. You can even find good opportunities for refinancing existing loans. These payments can be especially burdensome and the interest can add up over time, but if interest rates have fallen and your credit score has improved recently, you should be able to find lenders willing to refinance your student loan at a lower rate. With lower monthly payments, this can save you a great deal of money over the long term.

 

Plan for Retirement

 

Increasingly, Silicon Valley is realizing that they've been ignoring a market of baby boomers who are tech-savvy and maybe even investment-savvy but who still struggle to navigate the unfamiliar waters of retirement. A number of new products are starting to appear that offer a range of services. Time will tell which of these are useful enough to survive, but they include products that help retired people and people approaching retirement understand their options for Medicaid, Social Security and more. This is often unknown territory even for relatively financially sophisticated boomers. Some products offer a free version alongside a paid version that allows users to work with a financial adviser. Others are designed for financial advisers themselves, helping them design options that will create income generation for their retired clients.

 

Budgeting and Saving

 

In contrast, programs and apps that help you with budgeting and saving have been around for a while although there are always new and improved products hitting the market. The value of many of these tools is the degree to which they automate the process of tracking your spending and helping you budget. Many offer you the opportunity to connect your bank account. If you make most of your purchases electronically, this can give you a clear picture of your spending. This is handy information to have even if you don't need to do any hard-core budgeting. If you're working to get out of debt, it can be invaluable in helping you understand and change your habits to save more. Using tech can also be a great way to get your children more interested in learning about finances and making responsible choices with money with apps developed particularly for certain age groups that gamify or otherwise make the process fun.

 

 


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