Personal finance

Technological Advances in Online Money Management

money-managementAdvances and technology typically go hand-in-hand with one another, affecting virtually every aspect of our daily lives. From hybrid automotive technology, to a complete whole-home automation system; the advancement of technology has completely revolutionized our lives, bringing and ease and comfort of living paralleled by nothing else.

One field where technological advancements have truly worked wonders is in money management. While there are still many who are reluctant (to say the least) to let technology largely control the majority of their financial assets, many are doing the complete opposite.

Of course, there are many different ways that technology has advanced the way we manage money, but here are a few that have really gained momentum:

Banking & Accounting

Smartphones, tablets, and laptops are used by most people nowadays, leading banks and other financial institutions to create a mobile portal for users to access important account information. In other words, apps!

Wells Fargo, Bank of America, and even Western Union—among many others—have all created apps or applications that allow users to sign into their accounts via smartphone, tablet, or other mobile technology. Ultimately, this means that access to money has become limitless. Users can access their accounts, send and receive money, and even trade stocks from virtually anywhere.

Many financial programs including Quicken and www.mint.com have also moved into a primarily mobile realm, offering everything from personal finance software, to online budgeting, and even smartphone apps. This allows users the freedom to allocate money, set up a budget, and adjust savings at the swipe of a finger.

Virtual Wallets

Most folks are accustomed to a small leather wallet in their back pocket to house their cash and credit/debit cards. However, these past few years have gave rise to a completely digitized wallet, which is merely just a virtual means to access and use your financial resources. Quite simply put, you can use your smartphone to pay for goods and services.

Unfortunately, many retailers have yet to upgrade their infrastructure to accommodate digital wallets, meaning that a digital wallet cannot be used in a lot of transactions. However, this will likely change as the year's progress since the popularity of virtual wallets is exploding.

By far, one of the most popular wallet applications is Apple Pay. Since Apple is at the reins of such a new technology, we can likely expect the rest of the world to take notice. Who knows, paper money might actually be a thing of the past in the next 10 years.

Savings

If you're like most people, the idea of a well-funded savings account sounds nice, but actually accruing any real savings is dismal at best. Does that sound right? Lucky for you, saving money has become effortless thanks to recent technological advancements.

In fact, many savings accounts are automated meaning money is added (usually in small amounts) without you having to do anything. Moreover, the savings options are as versatile as they are flexible, offering everything from a basic savings account, to emergency funds, IRAs and other retirement accounts, and even student loan payments.

A post by Kidal D. (3315 Posts)

Kidal D. is author at LeraBlog. The author's views are entirely his/her own and may not reflect the views and opinions of LeraBlog staff.
Chief editor and author at LERAblog, writing useful articles and HOW TOs on various topics. Particularly interested in topics such as Internet, advertising, SEO, web development, and business.

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