Do you ever feel like your finances are out of your control? Don’t worry — the latest financial technology can put you back in the driver’s seat. From budgeting apps to keep your spending in check to online credit services that help you in emergencies, FinTech makes it easier than ever to manage your money like a pro.
Check out these digital tools to take back control of your finances.
Online Loans
Nothing can make you feel less in control of your finances like an unexpected expense. Suddenly, you have to cough up $500 you weren’t expecting because your car battery dies or your water heater leaks.
Unfortunately, $500 is enough to topple most people’s budgets these days. Roughly six in 10 Americans don’t have that much money set aside for such emergencies.
Dealing with these situations without savings can be stressful, but online installment loans may help you regain some confidence. An online installment loan is something offered by MoneyKey in emergencies. If approved, you can use these funds to handle your emergency and move on.
Online financial services like MoneyKey make it easier to review your options and apply compared to in-person loans. It may also be easier to manage your loan online, as you’ll have direct access to your account from your screen.
Budgeting Apps
The chances you need to borrow an installment loan online in your lifetime increase if you don’t have a budget. This spending plan helps you prepare for the future by portioning your cash across your needs.
Bills and essential expenses aren’t the only things to get some of your paycheck. A budget also helps you squirrel away some money into an emergency fund.
Despite a budget’s importance in your finances, you might not use one. It can be hard to crunch your income and all your spending; it’s even harder to check in with it often to make sure you’re still on the right track.
Budgeting apps put your budget in your back pocket — or wherever you keep your phone. These apps sync your financial accounts so that they can track all your cash comings and goings to automate a balanced budget.
At their most basic, these budgeting apps help you pay bills on time, save money for emergencies, and pay off installment loans and lines of credit. Some can even help you build retirement funds and flag bad spending habits.
Rounding Services
If you don’t keep your promise to save even with a budgeting app chirping notifications on your phone, a rounding service may be the intervention you need.
Rounding apps also sync with your accounts so that they can track your spending —with a twist. For every purchase you make with these synced accounts, the service rounds the expense to the nearest dollar.
What do they do with the difference? They send that extra cash to a special savings account where it can earn a little bit of interest. Some even invest this spare change into an investment portfolio.
Suppose you go for a coffee that costs $5.36. The app will round that up to $6 and send 0.64 to sheltered savings or investment funds. Skimming off the top of a purchase doesn’t seem like much when it’s just one coffee, but it adds up with every expense you make.
The Takeaway:
Digital acceleration in the FinTech sphere has made your life easier. You can tap into innovative tools that help you regain control of your finances by borrowing, budgeting, and saving online.
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