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For the individual, it can often seem as though financial technology is just there to help you keep track of and manage your finances. Online banking apps are a good example of this – an everyday staple that you might not look to for anything more than keeping an eye on your bank balance. However, each of these examples can be utilized to yield a beneficial financial result, and with so many options to choose from, it might be that you have more maneuverability here than you think you do.
Spending Insights
Many examples of financial technology, such as online banking apps or an open banking api platform, don’t just help you to keep track of how much money you have, they tell you in greater detail how you’re spending. These insights are invaluable due to how it can help you to notice patterns in your own spending, helping you to figure out ways of making alterations to your budget.
It’s easy to go through your day-to-day spending without thinking too much about where your money is going over time, but if you notice that you’re spending more in a certain area than you’re intending to – such as with eating out, for instance – this can lead you to alternatives. In this case, the alternative might be to start making more meals at home that can be both cost-effective and more beneficial to your health.
Investment Platforms
For those who are looking to take a more aggressive approach toward their financial growth, they’ll inevitably become interested in the idea of investing. This is something that’s become more accessible to the wider populace in the digital age, and investment apps are at the heart of that accessibility. The right app can help you to keep an eye on your active investments and might also help you to make the right decision surrounding investments that you’re currently weighing up.
While investing might pay out for some people, bear in mind that it’s not a guaranteed road toward success – spending more money than you can afford on investments might come with no sure return.
Financial Minds
While not explicitly financial technology, the number of platforms that give access to podcasts and audiobooks by financial experts can help people to gain a wider understanding of how to master their finances. For those who are interested in investing, this might well be one of the first ports of call – learning about the landscape and what those with experience have to say before you wade in to make your own mistakes. However, it might be valuable to gain a balanced perspective so that you’re not entirely basing your financial decisions based off of what one person has to say.
It’s not just investing that these kinds of voices can help you with, however, they might also have advice about how you can alter your spending throughout your life so that the savings you’re making become more apparent – helping you to work towards your goals.
