Taking control of your personal finances and cash balances has never been easier. Gone are the days when we had to transfer money between checking accounts by completing paperwork at a bank. Before banks moved to digital record keeping even paying cash into an account required forms and signatures.
Times have changed for the better; technology now provides fast, secure and easy ways to move money. Monitoring, moving and accessing money from and to multiple locations is the key to good money management. Modern technology is also helping people to budget better; we no longer need to keep every paper receipt to be able to manage our expenses.
Money management systems
There are many money management systems on the market today and each serves a specific purpose. Some solutions are designed to work on desktop computers, some operate on secure websites and there are now apps for smartphones.
The type of solution you choose really depends on your needs. If you are managing your household budget a web-based service will allow you to quickly update your records. If you are rarely near a computer you should invest in a good app for your smartphone.
As demand continues to grow we are seeing more all-in-one-services, such as Mint.com, which records your spending for you. It automatically categorizes your spending and creates visual representations of your spending patterns. If you start spending more in coffee shops or on alcohol the software will alert you; this acts as a prompt to reduce spending.
Quicken is a desktop solution that has been a popular choice since 1983. They have also acquired Mint, which widens their offering. Quicken provides people with access to loans and mortgages too. This is a premium service, but the main advantage is that it links into your bank and credit card accounts so that you do not have to manually input your income and outgoings.
Of course, you do not have to use dedicated software. A spreadsheet can be utilized to manage all your income and expenses from month to month. Software and apps just make it easier.
Managing money whilst travelling
An advancement of smartphone technology coupled with an almost universal availability of wireless Internet has led to a boom in mobile money management. These solutions are ideal for travelling businesspersons and people on vacation.
If you have ever encountered a money problem while on vacation, with no access to your bank, you will appreciate how useful the latest money management solutions are for travelers. New services provide a very easy and secure way to transfer money to anywhere in the world at a very competitive rate.
Until this new age of mobile technology the only ways to transfer money overseas was to either ask your bank to arrange a bank-to-bank transfer or to use a street money transfer company. Both options involve exchange rate fees and handling charges.
However, mobile technology has allowed for huge cost savings in the money transfer industry. This is one of Online Money Transfer; they provide fast and efficient ways to transfer money from any currency at rates much lower than banks charge.
Are we better with our money?
Money management is certainly easier than ever. Income and expenses can be automatically tracked and money can be transferred quickly and securely. This is certainly saving us time, but are we becoming better at managing our money?