Technology is growing rapidly and with it everything is connected and provides a lot of options and convenience in almost every aspect of our lives, including Finances and money in general.
Today everything is at our fingertips, either in our smartphones, tablets or at a mouse click. Thanks to Google and Apple who kind of revolutionized the mobile world around us and Google and Facebook in particular, for also making internet simple and creating fresh opportunities for online ventures from e-commerce to small businesses to just being connected (yes Facebook is no longer merely a social media platform but also provides tools and options for businesses.) All this has also affected the financial world; not with just the big takeovers and mergers of the tech-world, but also for a common man. If used properly, technology can help us make, save as well as manage money better.
There was a time when making a financial transaction meant standing in a line in a bank branch. However that is now almost a thing of the past. Yes, there are still people and at times circumstances that make us visit the bank branch, but it is not that often as it used to be and all that thanks to technology; phone banking, mobile banking, internet banking etc and 24×7 ATM and so on. Things have evolved and so have we. There are a lot of ways in which technology has affected us, for some it has made us richer, for some it has made our financial lives simpler (though online shopping has made it complicated for a lot of us… what not to buy, it is all there.. :) ), and it is definitely useful when one considers the money making and money management side of it.
There are apps that are available that help us keep track of our finances. They are available for free download over various App Stores. These apps are simple and help immensely to those who cannot manage to stay in budget, or for those who do not know where their money goes at the end of the month. These apps allow you to feed the target budget for the week or month and categorize the fixed expenses as rent, bills, deposits etc. Furthermore it helps to track your ATM withdrawals, purchases and other expenses like food, entertainment etc. You will easily know where you spent what kind of money and where you need to cut down. I have a detailed review here for some of the better and simpler apps.
This is what most of us love. Money saving. Online shopping has made sure that although the regular stores may have SALE only for certain time of the year, you can have a SALE everyday on an online store. Most of the stuff is discounted online, and at times even things that you may not find in the regular stores are available online and for all ages and all sizes and preferences. Right from baby’s diapers to plus size dresses to personal care items, toys, electronics, gadgets to even things you may be shy asking a salesmen for personal usage; it is all available online and at great prices. There are also tips and tricks to save money online, which you can find here.
There are lot of frauds and scams floating online waiting to claim the next victim with their promises of big payouts and so on. You need to be careful about that. However there are genuine and relatively easier ways to earn legally online. Have you noticed that there lot of new posts from a lot of sites being shared on Facebook, Twitter etc? This is because everyday a new blog goes online every minute and all this since, if, successful, blogging can be a great secondary income or at times even be the full time job with a lot of money to be made if you are unique to your niche. There are other ways to earn money online too, that can be found here.
Small Business expansions:
If you have a small business you will know how technology and the connectivity it brings with it has benefited you and also opened up avenues for growing your business or starting a new one, which earlier wasn’t possible and all that in real time. A garment trader sitting at home in Mumbai can buy stuff from someone in South in wholesale and get it shipped to someone in the North all in the same day. The order is tracked online via the shipping company’s website. The payments are made online, the communication is done over the phone or Whats App, Viber, Skype and products are seen once as physical samples and then via photographs and the business goes through. This was not possible earlier. Also with social networking too focused on business, there are groups or entrepreneurs exchanging products with each other and tapping into a lot of untapped market. Work from home or home based business has flourished making a lot of people entrepreneurs and providing opportunities for making some money.
While technology is there to help us in a lot of ways, there is always a flip-side to things. Online fraud, scams are also a fact and hence you need to be careful and not go overboard with using technology without making sure that your personal information is protected and you follow basics of online protection like making strong passwords, not sharing PIN or other financial details with anyone over the phone or online in any form, using and updating antivirus for all your devices etc. You can find ways to be safe online here, for more details. Whatever the case may be, technology is evolving, and with that our lives have evolved too, for the better and to an extent for the worse, but if used correctly technology is of immense help to our finances and also otherwise and definitely makes our life easier.