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How to Manage Your Money with Digital Tools

Brink's Money

14 Nov 2020

Nowadays, technology has become an integral part of our daily lives. One area you might not automatically think of when you picture technology is in how you manage your money. In a previous article, we emphasized how important creating and sticking to your budget is to staying organized with your money. A budget comes in useful whether you are working to get out of debt or saving towards buying your first home. Regardless of what your financial goals are, effective money management is the first step and using digital tools can be a lifesaver.

Using digital tools means you can control your finances from the comfort of your own home. Digital tools make it easier than ever to have insight on your finances and manage your money whether you’re on the go or sitting on your couch. At Brink’s Money, we encourage you to make the most of digital tools and so we compiled a few tips to help you manage your finances.

Personal Banking App

 

While this tip may sound a bit self explanatory, you currently may not be using your banking app or website to the extent you should be. There could be several features to your banking app that you are not aware of but are incredibly convenient towards monitoring your finances. By logging in and checking regularly, you can gain access to your spending habits within various categories. You can enjoy key features such as paying your bills online all from the palm of your hand so no need to worry about sending checks in the mail or paying by phone. Additionally, you can check your balance and deposit checks without having to go to your bank.

Your personal banking app is all about managing your expenses in a convenient way. It’s about saving you time as you don’t have to wait on bank statements to come in the mail. Logging on regularly can also be helpful if you tend to keep a low balance in your checking account and want to get in the habit of avoiding overdrafting your account.

While convenience is a great advantage, perhaps one of the most important qualities of using your banking app is the added layer of security. Reviewing your transactions on a regular basis means ensuring that everything is as it should be and nothing looks suspicious. In the case that something does look out of the ordinary, you’ll be able to catch it quickly and take the ncessary actions.

Use Virtual Cards

 

By now you are already familiar with the idea of using a credit or debit card as you’ve probably used one to make an online purchase at some point. With data breaches being so common nowadays, using your credit card online can be a risk. As a result, companies are developing technologies to protect your personal information from getting into the wrong hands. One of the newer payment methods you may not be aware of is the virtual card.

You might be wondering what exactly is a virtual card and in reality it is a credit card number that is connected to your main account or card but functions in a way that does not reveal information about the main card number or data. In other words, virtual cards are a proxy account number to the account you are charging. This payment method adds a layer of protection because in the case that a breach happens, you can almost instantly terminate the card number without any effects towards your main account.

Along with added protection, virtual cards have several benefits you can take advantage of. For example, you can set your own expiration date so if you’re going on vacation then your card will be valid for that specific period. With managing your expenses it is always helpful to set limits for yourself and virtual cards let you do exactly this by offering you spending limits for selected merchants. This feature helps you avoid overspending. Oftentimes, canceling a credit card can be time consuming and you’d rather be doing something else.

Get Alerted

 

With most things in life, alerts can be extremely helpful whether it’s your alarm clock going off in the morning or your phone telling you it’s time to recharge. Alerts should be no different when it comes to your finances and bank account. Alerts can be a lifesaver and you can practically customize them so you get them whenever there is activity on your account. This is why most banking apps and institutions offer alert notifications through their services. The best feature about setting up alerts is how customizable they are because you are in control of what you want to know and how often you want to receive them.

You can set up alerts for any of the following:

  • Debit or deposit transactions
  • Failed transactions
  • High or low balance amount
  • Login attempts
  • Unusual activity
Technology is all around us and influences so many different parts of our lives, so why not use it to our advantage when it comes to managing expenses? Banking institutions are using technology to facilitate your access to your account and adding layers of protection to ensure your safety. There is so much you can do with various digital tools such as your bank’s mobile app. Managing your expenses from the palm of your hand has never been easier.

 

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