To say that managing finances back in the day was a bit of a hassle is a bit of an understatement. Before technological advances such as mobile devices and the internet, if you wanted to deposit a check or do anything with your bank or credit union, you'd have to visit a branch in person. Branches often had limited hours, so it could be difficult to fit a visit into your schedule. Bills were paid in person or sent via US mail, requiring a considerable amount of advanced planning.
Fortunately, managing finances has been simplified, thanks to a variety of apps and online options designed to streamline the process. Take a look at the ways technology has made personal finance a lot simpler.
According to a 2016 poll conducted by Gallup, two-thirds of people in the US say that they prefer to save their money instead of spend their money. The good news is that tech makes it easier than before to set aside funds for an emergency or other financial goal. One option is to schedule automated transfers from your checking to savings account each month.
Another option is to use an app, such as Digit, which connects to your checking account and analyzes your spending habits and income. It then transfers certain amounts of money from your checking to savings account when it believes that you have money to spare in your account. The app offers a no-overdraft guarantee so that you don't take out more money than is in your account.
Online Bill Pay
Online bill pay has been a technological advance that's had some trouble catching on. Although it's been around since the start of the 21st century, by 2013, just half of the population was using online bill pay, according to Marketplace. Although people were slow to adopt it, paying your bills online offers several benefits.
First, you don't have to pay for stamps or paper checks any longer. It's also much quicker to pay online. There's no need to walk to the mailbox or post office or stand in line at the utility company. You can often automate payments, meaning you don't have to remember to log in and pay various bills each month.
Budgeting has a reputation for being a hassle and a pain. But budgeting apps are making it a whole lot easier and are helping people improve their financial habits. As the USA Today reported, a survey of 3,600 smartphone users found that 69 percent of the people who used budgeting apps believed that the apps changed their spending habits for the better.
Many budgeting apps go beyond simply tracking where your money goes each month. They also encourage you to set savings goals for your money and can show you what your total net worth is. Plus, when you have a regular reminder of how you're spending your money, you're likely to adjust your spending and savings habits to help your reach your goals more quickly.
According to the most recent data from the Federal Reserve, 43 percent of smartphone owners in the US reported using mobile banking in some form or another. Convenience is a major reason people use their mobile devices for banking. As more and more Americans get smartphones, it's likely that the number of mobile banking users will increase.
One feature of mobile banking that's particularly convenient is mobile check deposit. Instead of taking a paper check to a teller, you can deposit it into your account by taking a photo of the front and back. This reduces the chances that you'll misplace or forget to bring a check in for deposit.
Mobile check deposit is just one of the features available on the Coosa Valley Credit Union app. If you're ready to bring your finances into the 21st century, contact Coosa Valley today to learn more about our services.