The coronavirus pandemic has motivated many Americans to take full advantage of financial technology. Many are pairing various financial tech solutions to help them improve their financial well-being.
“As far as why consumers have increasingly flocked to fintech apps, 93% reported that it saved them time, while 81% said it gave them more control over their finances, and 78% said it saved them money.”- Nearly 90% of Americans now use fintech with boomers the fastest-growing demo. Fortune.
Thanks to technology, you can connect to others who have similar financial goals, no matter where you live. Join social media groups or other online communities to gain new knowledge and learn from others. However, if you do, keep your financial details private by only sharing them with a financial professional you know and trust. Secondly, be aware that advice from social media groups may not be accurate before acting on it. Consult your financial professional on any questions you may have regarding online information.
There are numerous financial apps on the market. While each has its unique purpose, many are geared toward budgeting, debt management, coupon clipping, tracking receipts, and investing. It’s essential to research and find an app or two that meet your unique goals and needs. Here are a few to help you get started:
If you’re searching for a way to simplify your finances, automation is a critical piece of financial technology. Automation helps you pay your bills and credit cards quickly, send checks, and save a portion of your paycheck in an emergency fund, and retirement savings account every month. To start automating, visit the company’s website you’d like to make payments to and set up a payment date that works for you each month. Once you do, payments will initiate automatically, so you never have to think about them. By automating your finances, you’ll be more likely to meet your savings goals and avoid the high costs of late fees, penalties, and interest charges. Just make sure you always have enough money to cover your automated payments.
Your financial professional can provide you with access to view your portfolio’s performance, assess contributions or distributions, retrieve statements, and more. When you have all of your financial information readily available, monitoring your goals and progress is easy.
Personal finance is far easier to control and manage with the help of technology and a financial professional. Remember, it takes hard work and persistence to meet your short and long-term financial goals.
SWG1983503-0122c The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided at this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website.
For those who are looking for financial advice, we realize the available options are many and deciding who to work with is a challenging problem. At Sterling Oak Wealth Management, we know that it is your retirement, and you should have control over it. We offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!