Today’s technology has reinvented personal finances to the point that most Australians can essentially store their financial lives on their cell phones. However, with that said, there are still many consumers who choose to store their financial lives in a file cabinet and there are still some who receive their bills through the mail unnecessarily so when most statements can be sent through email.
Technology has improved so many facets of our lives, making so many different elements of our lives easier. If you’re not yet embracing technology to help with your personal finances, not might be the time to take the leap.
More than saving trees and time, using technological applications can help consumers save money on the amount they spend when taking care of their personal business. Whether relying on the latest apps or financial software programs to simplify personal finances, today’s consumers have the ability to greatly reduce the number of physical files and paperwork needed. Ultimately, simplifying your personal finances through technology is one of the easiest ways to budget, to pay taxes, to find savings, and to organise your financial life.
Continue reading for some great tech tips to help you simplify your personal finances.
Move To E-storage
Of all of the ways to reduce your reliance on paper and to safely store personal records, creating folders on your hard drive is one of the best and cheapest ways to do so. The great thing about saving this information to your computer is that it can be accessed through programs that will allow you to export the information to other devices such as tablets or phones with the swipe of a finger. Users can create passwords to these folders that will only allow users with permission to access the information within. Furthermore, when you need the information, it can be accessed quickly without having to go through an entire filing system to dig out your statements and other financial information.
Look For Syncing Software
Bookkeeping has been completely revolutionised the way in which businesses can efficiently and effectively manage their books. Many programs have apps that will allow businesses to sync information from credit card and bank accounts to their spreadsheets. More importantly, many of these programs will calculate figures, allowing you to have error-free budget reports at the end of the month.
Look For E-Filing Software
When looking to file taxes at the end of the year, your bookkeeping software can be a huge help when calculating figures and generating reports. E-filing software simply asks you to plug in information related to your income, write-offs, and expenses, and the program generates the necessary tax information for you. Moreover, you do not have to rely on old methods of mailing a return to the Australian Taxation Office (ATO), as these forms can be filed online and you can get your refund back much sooner than via snail mail.
Create Email Folders For Accounts
For organisational purposes, consider creating folders for emails related to your personal finances. The reason for this is so that when you need to find information that is sent to your email account it is easily accessible, instead of having to scroll through a million emails to find the details you are looking for. With clearly labelled folders, you only need to go straight to the one you need to find the requisite information.
Go With Online Bill Pay
With online bill pay, you completely remove the need for stamps and envelopes. Many of these programs will allow you to pre-set the date of paying your bills so that you only need to check your account to make sure they have been paid. Furthermore, online bill pay is one of the safest ways to pay bills nowadays.
Keeping It Simple
Technology does more than make it possible to get your personal finances in order. The number of tools and applications available have made it possible for consumers to reduce the number of errors while saving time, and in some cases, money. Finally, technology allows the average consumer to keep their finances in a safe and organised space with ease.