How to Use Technology to Improve Your Finances

Introduction

Technology is an integral part of our life. From booking a cab to ordering food, everything can be done at a mouse click. It has transformed the sector of personal finance giving it edge and a lot of advantages. It made paying bill easy and allowed us to monitor our savings, make investment plans, and apply for loans. 

On National Technology Day, let’s take a look at how technology has improved and simplified personal finance for us:

1. The Benefit of Automation 

Time is money and today people rarely have the time to visit different offices to make utility payments or go to the bank to keep their savings. Technology has enabled the automation of various tasks, from utility payments to making investments. You can use the NetBanking facility to set automatic instructions to make your utility payments every month. You can also save and invest in fixed deposits, recurring deposits, mutual funds, and other online investment instruments. 

2. Apply for Loans Online 

Today you no longer need to go to the bank to get a loan sanctioned. Everything can be processed online—from personal loans and credit card applications to home loans. Banks and lending institutions have websites and mobile applications that give you the facility to apply for loans from the comfort of your home. Just upload all your documents on the portal, and the authorities concerned will look into it for you to approve your loan. 

3. Manage a Budget 

Countless applications and websites have budgeting tools to help you create and stick to a budget. Having a comprehensive budget is one of the fundamental aspects of personal finance. Back in the day, people would create manual budgets by putting pen to paper. In that process, there was a high possibility of missing out on small expenses. With the current technology, it is possible to link your bank account to a budgeting application and track every single expense that you make so that you have a clear view of how you are placed financially. You can then make alterations to your budget for better money management.  

4. Using EMI Calculators for Estimations 

If you are planning to apply for a loan, you may want to check whether the EMI payments are within your budget. Before applying for a loan, you can use an EMI calculator to compute your monthly instalments. EMI calculators can also help compare loans from different providers and different tenures to help you budget better. 

5. Learn About Advanced Investment Strategies 

Another advantage of technology is that it has made information accessible to us at our fingertips. You don’t have to scout for physical classes or pay exorbitant amounts to learn about anything. If you want to improve your investment game, all you need to do is find a reliable source online to follow for investment advice. You can also find different master classes on wide-ranging topics—from stock market investments to derivatives trading while sitting at home. 

Summing Up 

There’s no doubt that technology has changed how personal finance works for us. It has empowered us with the tools that make us more financially equipped from saving to investing. We should make sincere efforts to learn to use these tools efficiently and make the most of these to manage our finances better. 

Disclaimer: ICICI Securities Ltd. (I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No: 022 - 6807 7100. The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The contents herein above are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. Investments in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein mentioned are solely for informational and educational purpose.