Whether your net worth is one dollar or $1 million, you should leverage technology to keep tabs on your finances. Now more than ever, it’s easy to press a few buttons to log into an app and see what your banking balance is. Gone are the days when you would need a banker to tell you what’s in your savings account or checking account. Additionally, you don’t need to hire a financial adviser to get access to important financial information that could revolutionize the way you see money. With all of these technological advances for financial health at your fingertips, there’s no excuse not to use them.
1. Maintain Financial Independence
Although you might think that you want to completely combine finances with your spouse, it can be healthy to have your own savings account or checking account so that you can make purchases without consulting your partner while also keeping joint accounts stable. According to research, roughly 7.2 million Americans, divided into 2.8 million women and 4.4 men, admit to possessing a secret bank account or credit card that they don’t reveal to their spouse or partner. Although it might seem like it could create trust issues between partners to have a secret bank account, having a stash just in case you need it can give you peace of mind.
Having personal financial assets can be a good idea for married and partnered couples. After all, if your relationship goes south or your joint account is frozen for some reason, you can still support yourself and pay essential bills with these funds. One of the easiest ways to open your bank account quickly is going with an online bank or mobile banking app. This can help keep your funds separate from joint accounts if those accounts are hosted at a brick-and-mortar institution.
2. Manage Financial Documents Electronically
According to IBIS World, $7 billion is the approximate worth of the document management services industry. With that much money behind it, this industry has the funds to innovate to accommodate digital customers. Instead of receiving banking statements through the mail, you can instantly access and file statements on an electronic device using document management software. Although you can store these files in a folder on your computer, it may be more secure to download a document manager to do that work for you.
3. Research Credit Union Options Online
When looking for a credit union, you don’t have to stick to what’s locally available. Thanks to the technological advancements of the digital age, you can look for a credit union that fits your needs online in addition to considering brick-and-mortar ones. According to Flexcutech, credit unions that had less than $250 million in assets as the highest performers in the industry had similar ROA to their peer cohorts with $5 billion in asset credit unions as of 2021. As a result, you should keep an eye on multiple performance factors when considering which credit union is right for you through online sources.
4. Develop Financial Literacy Skills
To use technology to your advantage and increase your awareness of your financial state, you should take online financial literacy courses. These courses may provide instruction on general financing skills like budgeting and building credit. Some might also teach you how to perform higher-level financial tasks like investing and saving for retirement. Even if you believe your financial skills are solid, an e-course in financing can up your financial game more than you think.
To keep an eye on your finances, you should use all the technological tools and new developments at your disposal. From opening an online bank account for convenient access to money outside your joint account with your partner to managing digital files related to your finances, technology can make your finances less of a hassle than ever.
