How Technology Can Help You Manage Your Money
Leveraging technological advancements can help you take your personal finances to a whole new level. From automating savings to managing your credit cards online, there are so many ways you can use technology to get the most out of your finances. Technology can save you not only time but also money. When using technology, it’s important to properly vet every app or company seeking access to your personal information. Even if the company promises not to sell your data, do they have the level of encryption necessary to protect that data? Because of concerns like these, it is often best to rely on your financial institution as much as possible.
Do you find it inconvenient to physically visit a location or mail a check to pay your bills? Thankfully, there are very few organizations that still require this method of payment. You can make most purchases and pay most bills online. Keeping track of all the various bills and visiting each website or app to make separate payments can be a hassle. Some people prefer to manage their accounts manually, but automating payments can save you time and potential headaches. The last thing you want is to miss a payment because you forget or have no internet connection. Scheduling payments ensures the companies you owe get their money in full and on time. ProFed offers the convenience of online bill pay for members through ProFed Digital Banking.
Another financial process some people prefer to do manually is saving money. There is a feeling of accomplishment and pride associated with moving money across from your checking to saving. Automate a portion of your deposit to savings. Once it is set up, you don't have to lift a finger. If timed properly, the money is moved to your savings almost immediately after your paycheck hits your account. This forces you to budget around the savings and rely only on what you have in your checking. If you find you cannot make ends meet without relying on debt, you should re-evaluate your automated savings commitment.
One common reason finances spiral out of control is a failure to receive notices and statements. This is especially true for people who travel often or do not otherwise have immediate and consistent access to mail. When you go paperless, you receive notifications electronically. Most companies send email or SMS notifications. Going paperless is great for the environment too. Reducing how many account statements you receive by paper can positively impact the environment. In fact, your insurance company and phone carrier might give you discounts for going paperless. To make sure you never miss a ProFed paper statement, sign up for eStatements in Digital Banking.
Budgeting is the key to financial success. Writing out a budget on paper or using spreadsheets can quickly turn into a complicated mess. Personal finance apps have stepped up to the plate to provide an organized and easy way to budget. Unfortunately, this means disclosing your personal information so that the company can track your income and spending habits. These companies make money from affiliate links and might even sell your information to third-party organizations that start to send you junk mail. Always check to see if your financial institution has a budgeting app, so you can reduce how many entities have access to your information. At ProFed Credit Union, we offer a budgeting course through our free, educational tool, Money $ense, that members and non-members can use to learn strategies, tips, and tools to stick to your budget and help achieve your financial goals.
Financial literacy is not a static skill. The financial markets and tax laws change regularly. Available financial products and investment opportunities also change frequently. Because of these factors, financial literacy requires a personal commitment to ongoing learning, so you can continue to connect the dots. One easy way to improve your financial literacy is to use the resources we provide at ProFed Credit Union. To get access to these resources, visit our free, educational tool, Money Sense. Explore the interactive learning modules at your own pace to better understand how you can make informed financial decisions. If you have questions or want personalized advice, contact us, and you can make an appointment with one of our team members.
Automating your finances is one of the best decisions you could make to improve your financial stability. Removing the manual steps of financial management makes it feel like less of a chore.
When you successfully automate finances and get them under control, the perks will be worth it. No more late fees for bill payments that were just a day behind. No more making minimum payments to see the bank take half the payment in interest. The reduction and elimination of these instances will provide the positive reinforcement you need to keep improving your personal finances. At ProFed, we take pride in staying ahead of the trend so you can always get the technology you need to boost your finances. Not yet a member of our credit union? Join online - it only takes 5 minutes!