5 Ways Technology can Help you Keep Control of Your Finances

  1. Some current accounts such as Monzo and Barclays allow you to set up saving pots so that you are able to organise your savings more effectively.
  2. Excel and Google sheets are valuable and versatile tools for setting out your household budget accurately. I recommend Google sheets as it is free to use. I also use Google Sheets to make graphs and project my dividend stock earnings and capital growth.
  3. Paying yourself first is crucial principle to follow in order to manage your money effectively. What does this mean? Every time you get paid, transfer out as much money as you can into savings accounts, expenses accounts and investments. If you get paid a regular salary, you can easily automate this process. I personally transfer out around 70 percent of my income on the 19th of the month into accounts set up for bills and investments.
  4. Checking how your budget is matching your lifestyle is important. Software like Mint, are excellent tools that can help you keep track of you finances and can warn you if you go over-budget. Every Dollar is another trimmed down version of Mint. Monzo bank also helps me predict whether I will be low on cash by the end of the month. I usually check my budget against my spending the old-fashioned way.
  5. Integrating your finances with your partner is usually a excellent idea. If you trust each other and feel like you can build towards your financial goals together, then seeking out a joint bank account for everyday expenses is a great idea. I like Monzo bank’s implementation and professionalism, however, there are plenty of alternatives out there such as Revolut, Atom Bank and Starling. US alternatives are out there too such as Moven.

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