In the 21st century, every part of our life is being streamlined through the power of technology. Many different aspects of our lives are now only a touch of a button away from being accessed, this is especially true with our banks. Banking and managing your money through your phone is now becoming an increasingly popular way to handle your finances; many users of online banking have not stepped foot physically in a bank in years. Current accounts, savings, and even family accounts can all be accessed through banking apps. There are many perks of a savings account being accessible wherever and whenever you want, including being able to save more money than ever.
The ability to check your bank balance through the ease of your phone has revolutionized the way in which we save money. Being able to check your exact balance without entering a physical bank gives users the knowledge of how much they are saving and when. This oversight on your savings account allows a lot more planning when it comes to large purchases and direct debits. Online banking has forever changed how we interact with our bank, giving us a constant reminder of how much we are spending and where. Combining this with services such as ApplePay has brought both positives and negatives to spending culture. Now with the constant awareness of our money, and the ability to buy through our phones, many spenders have begun to take more risks with small purchases. These little payments constantly add up and have been shown to impact savings in the long run negatively.
Online banking has also provided the opportunity to track and manage interest rates while also transferring money to and from each account. This can lead to smart banking decisions by depositing any spare account change whenever possible. There are also options to lock and ensure no expenditures can come out of your account. With a lock on your account, you are given greater control and are unlikely to fall victim to your own bad habits. By keeping in control of your spending, saving money becomes all the more manageable. It is a hard discipline to keep your money in check, but by constantly being vigilant it’ll be a rewarding experience to reach your savings goal.
There are also many different apps that allow you to create budget plans that will keep your expenditures in check. These apps work by plugging in your direct debits, your average weekly spending, and a saving goal. By putting in all this information, the app will provide reminders and show just where your money is going. It is important to keep track of what you are spending the most on and why, and then figure out ways in which you can cut down on that spending. These apps often come with helpful guides that will limit bad habits and keep you on track to reaching your savings goal.
When it comes to saving money, we are often our own biggest enemy. Technology has made the act of managing our money easier, but it has often created more problems by urging us to spend more conveniently. It is important to look within and ensure we are working towards our goals and not causing ourselves to hold back on saving what we need to. In times of financial crisis, our savings become our lifeline. It is important to nurture and maintain your savings account should you fall into financial ruin, hopefully, technology will only continue to help us in this regard and not hinder us.