Using Technology to Improve Finances and Decrease Debt

Financial difficulty is, unfortunately, a very prevalent part of everyday life for many people. For example, about 69% of Americans have less than $1000 in savings, which limits their access to funds needed to pay for emergency car repairs or an expensive visit to the emergency room. Due to the lack of financial stability within society, many individuals fear the future regarding their ability to provide for themselves and their loved ones if the need arises.

Debt is also another major influence on people’s financial situation. Researchers at Lending Tree found that the average credit card debt of American households stands at about $5,700. This can inevitably lead to lower credit scores and restrictions on people’s monthly budgets.

Fortunately, there’s no shortage of available means to improve the use of our money and time, allowing individuals to tackle their debt and properly prepare themselves for the future. With new technology being developed and improved every day, financial technology, also known as “FinTech”, is playing a major role in this as well, and giving more people than ever the means to become more financially savvy.

Here are some suggestions on what tech to include in your budget, as well as apps, extensions, and other tech tips to aid you in your goals to decrease debt and improve your finances.

Use Your Phone to Find Apps and Information

Smartphones today allow access to more information than any user could ever imagine. From the plethora of apps and industries to choose from, one person can access virtually anything. Via phone, you can download apps to help save you money and time, manage your budget, and even make money on-the-go.

You can also use your smartphone for its original purpose, which is to gain access to the internet’s library of information! From financial advice blogs to digital financial advisors, there’s no shortage of information you can find. Thanks to smartphones, you can now learn about debt, your credit score, money-saving habits, and more, all from the little device in your pocket.

Take Your Savings Digital

As new tech becomes more integrated into people’s daily lives, businesses are taking notice and using technology to improve user experience. This is especially true in the world of financial institutions, where banks are now able to operate almost entirely online while reducing or eliminating unnecessary fees. By doing so, they’re making way for customers to save more money for an easier budgeting experience, to properly create an emergency fund, and to pay off debt.

The second is that mobile banks provide apps that are more easily accessible to users, which

allows for enhanced perks and offers. Many traditional banks require credit score checks before signing up, putting limits on who can have access to banking. This can be difficult for people struggling with debt. However, online banking platforms are now paving the way for access to a checking account without a credit report. Taking advantage of this feature can be a great way for people with low credit scores to start putting money into a savings account.

Work a Side Hustle

Though it may seem like a lot to handle with other life tasks, a side hustle could not only provide an increase to your current income, but the right pick could transform into a valuable asset for your future. Side hustles that you can commit to from your smartphone range anywhere from ridesharing, to room sharing, grocery shopping, and even taking surveys.

These types of side hustles are what provide great supplemental income, and can be used for a variety of purposes, such as paying off larger amounts of your credit card debt or growing your savings account to prevent future debt. Other side jobs could eventually turn into long-term, and even full-time work: blogging, being an internet influencer, and digital freelance work, all have a great potential to grow into bigger sources of income in your future.

Make Use of Budgeting Apps

Because budgeting can become a complicated, tedious task, many apps have been released to aid the consumer in their venture. Consider budgeting apps that are free or require a low monthly subscription to get started. The fee-free apps will offer simpler options and make it easier to start your budget. Others to consider are shopping apps; most shopping apps were created with the sole purpose of finding deals, coupons, and other ways to save money both online and in-store. Taking advantage of them will also save you time and decrease stress, especially because you didn’t waste time searching for coupons yourself.

Rely on Chrome Extensions

Google Chrome is the most popular search engine today, which means there are a variety of resources to help you save money and accomplish other tasks. Utilizing extensions can save you the stress of having to seek out deals on your own, especially while shopping online. For example, one extension called Honey allows you to shop, and then at check out, automatically searches for promo codes that save you money. On top of this, there are plenty of other extensions available to choose from.

Though a few cents may seem like a marginal difference, over the course of a month, those few cents will turn into more cash that you may have missed otherwise. Reallocating this money towards your monthly budget gives your wallet some breathing room, and can give you the means to pay off those credit cards that have been weighing you down.

No matter your decision of which gadget, app, or software to use, remember that you are in charge of your future. You can make the choices necessary to manage your finances now so you’re more comfortable and well-off down the road. Because of all the information and opportunities presented to us today, there are limitless possibilities on how to save money, manage your finances, and decrease any debt that has taken over your life.

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