While many people still rely on ATMs, there have been numerous technological advances that change society’s approach to personal finance. Technology is everywhere in modern life. The world of personal finance is no exception. People can check their bank balances online or use a mobile app to transfer funds. Of course, there’s PayPal and other services to make sending money a snap. Here are some of the newest technological advances in personal finance to come along in recent years.
Check Deposits with a Snap
With most bank apps, you can simply snap a photo of any check with your cell phone’s camera in order to deposit it into your account. This quick and convenient step can save tons of time and effort in your day, not to mention the gas used driving to the bank.
ATM Video Chat
While it may seem like something out of a sci-fi movie, some banks have actually installed technological capabilities to allow customers to speak with bank representatives through a camera on the ATM machine. It’s almost like talking to the teller face to face and really comes in handy when you have a question that needs an immediate answer.
Ditch the Receipts
Finally, you no longer have to hold onto receipts forever and deal with endless piles of paper. There are actually apps that allow you to store copies of receipts and to organize them in a way that makes sense for you. Some apps even take care of the processing for you with just a quick photo of your receipts. It’s super convenient. You can easily access your receipts any time in order to jog your memory about a purchase or to clarify records. If you think you may need to make a return, it is still a good idea to hold onto the original copy for a bit, but you no longer have to keep them for long periods of time, and you don’t have to keep every single paper receipt.
Simple and free online websites exist today that allow you to see where your money is going and to plan for the future. You can set up visual charts and graphs in order to get a better picture of your overall finances. Set financial goals and receive a forecast of what it will take to reach them. These sites have a variety of features, but the basic premise is to allow users to plan better and to assist in guiding financial decision-making.
It used to be that only the wealthy could afford to invest. Online platforms have arisen that offer investment advice and monitoring of finances. Buying and selling decisions can be made quickly with the assistance of these web-based programs. Now you don’t have to feel intimidated by the idea of investing, nor do you have to pay a high-cost investment professional to help advise you. Investing is now affordable.
Technological advances in personal finance have certainly changed the way people pay for goods, plan their futures and handle their investments. The convenience and accessibility are positive things. It is, however, important that you feel comfortable with the choices you make in technology use. Be sure to do your research ad never trust your personal or financial information if you feel at all unsure of a product.