As the year pass, technology seems to be evolving at a rapid pace. Things that we were so used to doing just 5 years ago, seem to be almost obsolete. The way we even do our finances has evolved, all thanks to technology. Whether you like it or not, technology has transformed the way we manage our finances today.
Finances and the way we manage them has changed tremendously; thanks to the internet. Love it or hate it, the world of personal finances is evolving from pens and papers to smartphones, tablets, personal computers, to even smartwatches. No matter where you go these days, you can see the evolving changes to our finances, all thanks to the fast-evolving world of technology.
How Technology Transformed The Way We Manage Our Finances
Paychecks and Cards
Over the years, companies are removing themselves from handing employees paper paychecks. Instead, many companies in the USA are offering direct deposit or debit cards to their employees instead of paper paychecks.
Why are companies and other institutions moving away from paper paychecks? It saves money! Direct deposit is extremely convenient, fast, and saves companies a lot of money. It cost more money to print the checks, mail the checks, etc; so having direct deposit eliminates the additional cost of having paper paychecks.
It also helps us out as well. I remember having to drive on my day off from work to get my paycheck. Not only was this so time-consuming, I will spend money on gas by driving across town to get my paycheck, then head to the bank to have it cashed. Direct deposit completely changed all of that, and then some.
Many companies are offering cards (debit/credit cards) to employees who don’t have a regular bank account. Companies like Walmart offer employees an alternative to direct deposit by offering their employees a Visa card where the payroll department can direct deposit their checks right away.
Many institutions, like unemployment and other government programs, are requiring people to go the electronic way instead of the paper route too.
Thanks to the internet, banking has evolved immensely as well. No more heading over on every, or every other, Fridays to the bank to wait in the long lines to get your check cashed or deposited. Online banking has given consumers a new and better way to do banking that saves you time and money.
Here are 3 benefits of banking online:
- No lines
We are able to check our bank accounts at any time and from anywhere we want. If we have a question about our account, this can be done online via email or chat. The new way of banking has really helped us costumes and gives us more control of our money as well. Transferring money is so simple, thanks to technology.
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Again, if you have a bank institution that helps you pay your bills through them, take advantage of it. Paying bills online is the best thing ever! No more writing checks or going to different places to have your bill paid.
Many places charge fees to have bills paid through them. The internet has made paying bills simple and convenient. If your bank doesn’t offer bill pay, that’s OK. Many companies offer to pay online options through them. For example; you can pay your electric bill online through the electric company's website. You can pay your phone online the same way as well.
4 Reasons to use online billing;
- Credit cards allowed
- Easy to keep organized
There are many other benefits of paying bills online, all thanks to the latest technology.
Managing your finances has gotten simpler, thanks to budget apps and software out there. Now people can control their finances at their fingertips. No more pencil and paper, writing a budget and constantly keeping it updated. Thanks to technology, budgeting and managing our finances are simple and less stressful.
Apps like Mint.com, Personal Capital, and so many more help you take control of your finances and make smarter decisions when it comes to your finances.
I remember dreading doing my taxes. It seemed like it was the most complicated thing to do. All the paperwork and the time it took to get your taxes done was simply crazy! Thanks to technology, filing your taxes is much simpler than before. Though, I’m not so sure if the outcome to some people has changed 😉
Thanks to the internet and software, filing your taxes doesn’t cost as much as it used to (to some of us!). I remember paying hundreds of dollars to have my taxes done. They charged by form, and if you had stock and other assets, you had to pay a pretty penny!
This is something I love about how technology has transformed the way I manage our finances. Thanks to the latest technology, people are able to save money. How? Let’s look at it from this angle; not only do you have access to your money, you also have ways to save money as well.
Apps and software that help you save money when you shop. You have access to see sales, promotions, stock prices, etc; all the information you need to save money is available to you without waiting for the mail, making a phone call, or driving to the location.
An example of how we save money on groceries is we look at the ads earlier, thanks to the internet. We use electronic rebates. We are constantly looking for ways to save money simply by looking online
Again, when we need to come up with ways to make extra money, where do we go? The internet! Thanks to the world wide web, finding ways to make extra bucks has helped our personal finances.
From selling stuff to doing online surveys; making money online has been easier to do than a few years ago. How could one make extra money without leaving your home 20 years ago? The convenience of making money is possible thanks to technology.
There so many ways that technology has transformed the way we managed our finances. Personally, I can’t complain, I feel like I have a better handle on my finances. Thanks to technology, we have been able to budget, save, and make money. Heck, if it wasn’t for technology, I wouldn’t have discovered what debt freedom was all about!
How has technology transformed the way you manage your finances? Please share it with us!
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