Whether you’re building an investment portfolio for your retirement or managing the ledger for your business, the Internet has introduced faster and more effective ways to manage your money. Tasks that used to take hours, days, or weeks can now occur in a split second — without even having to leave your chair.
1) Manage Personal and Business Accounts Online
Image via Flickr by GotCredit
If you forget to record a purchase on your checkbook register or if you want to transfer funds into your business account, all you need is a device with an Internet connection. With just a few clicks — or, these days, taps — you can check your balance or initiate a transfer and move on to the other bullet points on your to-do list.
According to the Federal Reserve’s most recent survey, 74% of consumers use online banking at least once per year. A further 35% have mobile access to their bank accounts, which means they can manage their money while they’re on the road.
2) Send Money to a Business Partner or Loved One
When you need to fund one of your sales professional’s travel expenses or send your spouse some emergency cash while he or she is abroad, you don’t have to visit a bank or wire-transfer center. You can send the money online instantaneously.
Sending money online is faster, cheaper, and more efficient. You’ll get an email confirmation of the transaction, which helps with record keeping, and allows you to choose the method of pickup. The recipient might visit a brick-and-mortar storefront to the collect the cash or provide his or her bank account for a fully online experience.
3) Track Your Personal and Corporate Credit Reports
In the old days, you had to write a letter to the credit bureaus and wait several weeks to see a copy of your credit report. Now, you can sign up for free credit-monitoring services, such as Credit Karma or Credit Sesame. You’ll know your credit score before you apply for a loan.
Plus, you’ll get alerts about unusual activity. According to the Pew Research Center’s most recent statistics, 18% of adults have suffered some sort of identity theft, from a stolen social security number, to a bank account number, and other data. If you stay on top of your credit, you can react much
4) Budget Your Cash on the Go
You can also use the Internet to download money management apps. These applications help you budget your personal or business finances to help you know exactly where you stand. Some will even track your spending and income automatically, so you don’t have to manually enter the numbers.
Use budgeting and money management apps to prepare for a major purchase or to find ways to reduce your business expenses. They’re also useful for comparing your financial habits to those of your peers.
The Internet has complicated a few aspects of life, but finance isn’t one of them. It’s much easier to manage your money with online apps and services. Do you use any online apps or services to help with your financials?