13 Tips How to Use Technology to Own Your Finances as a Millennial

13 Tips How to Use Technology to Own Your Finances as a Millennial

In today’s world, financial health is virtually synonymous with power and happy, dignified living. Money is something everyone wants more of, but ironically, the goal of financial freedom continues to shift further into the horizon for most people, especially Millennials.

One of the ways of changing this, a step at a time, is leveraging technology to take better command of your finances. Here are 13 tips on how you can use tech as a Millennial to own your finances.

Track where your money is going

The first step to commanding your money is knowing exactly where it is going. This means being aware of all your expenditures to have a bird’s eye view of how you appropriate your money and where tweaks can come in handy to improve your standing.

Free sites like mint.com make this easy. All you have to do is upload your account specifics, and you are then served a report that you can use to tighten loopholes and deal with leaks.

Compare with contemporaries

Creatives have developed financial management systems that incorporate the benefits of social networking to create healthy competition regarding shrewd money management. Through such systems, you can compare and contrast your handling of finances with others in your category thereby benchmarking your finance management skills and spotlighting areas that need enhancement.

Goal setting tools

Geezeo is one of the popular tools that many say has helped them set goals and remain on track. Such devices can help you develop a sense of accountability to the goals you set thereby increasing your chances of sticking the course.

In-depth analysis tools

Most banks offer finance analysis tools which point out unapparent areas that you can improve on. Take advantage of them to get insights that will help you develop both short-term and long-term financial strategies in line with the overarching goal of achieving financial freedom.

Find a budgeting tool

Through budgeting, you can strike off unnecessary, money consuming endeavors from your to-do list and end up saving thousands of dollars over time. If you are like most Millennials, you probably spend too much on fancy food and going out, and budgeting will help you rein in the overheads.

Keep track of spending in a family setting

If you have a family, you have to track what each member is spending to practice oversight effectively. Technology makes this possible through tools such as Pennyminder which enable an all-inclusive approach to family spending and budgeting.

Handle your income-debt balance

If you are like most Millennials, you are probably shouldering a student loan. In such a case, your financial management skills need to be sharper to pay the debt at a healthy rate and handle the essentials. Tools specifically crafted for such, like You Need a Budget, can come in handy.

Research before purchase

If you are going out, check out the prices and value for money actualized in different joints online first. Do the same for services and products you want to buy by using comparison tools, and you will be able to save a few dollars here and there that can go toward your savings.

Leverage deal apps

Competition in today’s marketplace is cutthroat, and companies are pulling out all the stops to attract more customers. Thus, with a little more effort on your part, you can land great deals and get to know of clearance sales that you can capitalize on. A varied selection of apps can notify you of great deals, when they are happening, and where.

Invest

As a Millennial, you may disregard investing due to the little surplus income at your disposal. However, thanks to technology, it is possible to commence investing with little sums. Take advantage of stocks apps, for instance, which enable investing and on-the-go tracking.

Financial advice apps

A significant percentage of Millennials are struggling with financial management. That much is evident from the numerous surveys that have been conducted. Need for financial education has, therefore, surfaced and creatives have not been aloof to the opportunity. Tools abound in the market that can furnish you with quality tips to help you improve your finances.

Shop as you calculate

In the actual shopping process, especially if you are doing it in bulk, it is easy to surpass your budget unknowingly. Tech offers a nifty solution through scan-and-calculate apps which keep you in the know regarding your exact expenditure as well as better options elsewhere. Another feasible alternative is shopping online, which reduces the chances of overspending.

Calendar-planning

Some personal income management devices are detailed to the point of allowing day to day financial planning and goal setting to ensure you do not spend any extra dollars. Others even come with surprisingly extensive trial runs as well as customer support.

Technology has found a home in all sectors, and there is no reason why it should not find a home in your financial life. There are more than enough testimonials of the control that technological tools avail in personal finance management, and the undeniable fact is that such devices are superior in performance and convenience to pen and paper methods.

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