5 ways to manage your personal finances with the help of technology

Organizing your income, expenses, and debts is an activity that does not have to be complicated. Today, thanks to the development of new technologies, it is possible to do so with just a few clicks.

Read on and you will see everything that technology applications allow you to do to maintain precise control of your money.

1. Pay, buy and transfer quickly

Currently, banking institutions give you the facility to carry out your transactions through their online banks, without the need for long lines. Depending on your bank and from any device with internet access, you can:

Check the balances and movements of your account statement.

Pay your credit card and services such as electricity, water, telephony and internet.

Make national and international transfers to other accounts.

Recharge balance on your cell phone.

Acquire all kinds of products such as clothing, furniture or plane tickets.

In fact, Forbes magazine points out that the main advantages that online banking offers you by having these services are:

You access your bank account wherever and whenever you want.

You are fully aware of all the movements of your money.

You organize your bill pay and more.

2. Control expenses

As far as you are concerned, are you clear about the items in which this amount is distributed? Leave the pencil and paper behind, and create a digital budget to record your money in more detail and not overspend.

The economist Jimena Villacrés Pino, argues that a personal finance mobile application is a very simple and comfortable way to have your economy controlled and at the same time save, this because they allow you to:

Classify your expenses and income by categories.

Plan budgets.

Analyze the state of your finances, even with charts.

Request a settlement certificate to port your financial products to another entity, which also helps you to order your money.

3. Manage finances comprehensively

Another great advantage that technology gives you is the management of all your monetary transactions from one place, allowing you to know your real financial situation.

Purchases of the month: includes expenses categorized by item and made with your bank payment methods.

Income and expenses: you can see how much money enters your account, how much comes out of it and your movements grouped by means of payment and products.

Liquidity projection: it is an estimate of the future balance made based on recurring transactions in Bci’s checking or sight accounts, together with the current balance.

Financial burden: it shows you the fees that you have pending to pay with the bank, in any of its products.

Financial health: it is a summary of the finances that you have with the bank or financial institution. Consider expenses, savings, and debts in relation to your income to detect how to keep your finances healthy.

My activity: you receive messages that keep you up to date on the use of credit and debit cards, as well as messages related to the use of banking products, including promotions from associated businesses.

4. Make investments

Becoming an investor is not as difficult as it sounds. According to Entrepreneur magazine, the alternatives are evolving thanks to Social Trading, which consists of observing from a digital platform the performance, practices, and methodologies that investment gurus follow so that you can also apply them.

5. Design a savings plan

Saving is a practice that gives the advantage of facing extraordinary situations and prevents financial crises. But not everyone gives it the importance it deserves.

In order not to miss out on the benefits of saving, technology provides easy-to-use financial applications that design tailor-made plans as well as take care of your money.

Manage your personal finances to perfection

Now that you know the benefits of technology, manage your money responsibly.

Get a global vision of your economy, manage each of your money movements and give an exhaustive follow-up to the administration of your personal finances through the correct digital platforms.