Look after your finances with machinelike precision
They say money talks, but sometimes it seems to speak a different language. If you’re someone who struggles to understand what your wallet is telling you, the internet is here to help translate your finances.
Expert money management advice used to be the preserve of the rich, but now anyone can be fluent in finance. Online money management tools, dictionaries and apps are all at your disposal to help you get your finances under control – wherever you are, whenever you want.
Direct debits
Most bills can be automated. You can even set the date for when the money leaves your account. Not only does this mean you’ll never miss a payment, but if you organise all your expenses to leave your account on the same day, for example straight after payday, you can easily know how much money you’ve got for the rest of the month. Remember that regular savings should be counted as a vital expense. Organisations such National Bonds let you automate savings as well as bills, so your savings will grow without you even realising.
Online calculators
How much do you need to save for retirement? Or college? Could you save money by consolidating your debts? These may sound like big questions, but online calculators are available to make the answer simple. Wealth managers such as National Bonds now offer tools that will help you calculate how much you need to spend and save to secure your financial future.
If you find yourself in need of inspiration, savings calculators will show you how your investments will grow over a number of years. You can even use an online calculator to find out when your savings plan might make you a millionaire!
Apps
The most powerful money management tools are now pocket-sized. A number of apps are now available so all you need is your mobile. Your financial future is now literally in the palm of your hand.
Apps such as Mint give you a 360 degree view of your finances by tracking your income and cash flow. Mint will even send you an alert if your budget goes awry. Level Money reveals your spending habits in graph form, helping you to identify problem areas. Spendee simultaneously tracks your spending and saving habits so you can keep your financial plan on track. To give you a complete holistic view of your financial health, apps such as Credit Karma track your credit score.
Get alert
Money never sleeps, so a famous tagline says; this has never been more true. With internet banking, you can bank wherever you want, whenever you want. However, are you making full use of your internet banking sites? Many now offer free analysis tools, so you can see exactly what you spend your money on every month. If you’re someone who struggles to keep track of where your money is going, you can set up alerts that will tell you whenever you’ve parted with some cash and how much you’ve got left. If you leave it until you log on to check your balance, you may be in for an unpleasant surprise.
Get educated
There was a time when the rules of finance were confined to the small print. Not anymore. The internet offers a wealth of knowledge on everything you need to know. However, there is a lot of false information out there and you must take care to visit only reputable sites. Websites such as National Bonds offer an abundance of information on financial planning that you can trust. Advice has never been more accessible – make that advantage pay.