Money management has always been something that should have been useful for all of us. However, in the past, it was difficult to achieve, you would perhaps need to employ the services of a financial advisor or wealth manager. But, in this modern era, there is so much we can do for our money management online. Here is a simple guide to taking care of your online money management.
Track Your Spending
Most bank accounts have an online banking facility now. You can log on via a web browser or the banking app. Many also have a spending tracker feature; this can give you a handy breakdown of what categories of spending are the biggest outgoings from the account. This may alert you to any problematic spending trends. If the largest amounts are coming out as bills or mortgage payments then nothing to worry about. But if it turns out you didn’t realise you were spending hundreds on takeaway coffee then you now have the opportunity to change this habit.
Look for Offers
It’s easy to find discounts and offers online. There is a multitude of sites where you can find offers and discounts for almost anything. If you have a certain product you like and want to find an offer, it may pay dividends to Google that name and the term offer, you never know when they may have a sale or campaign.
If you are looking to buy goods from another country, there are certain things to be aware of to ensure a smooth transaction. Firstly, which currency are you going to be using to pay? Yours or theirs? The exchange rate could affect how much you end up paying. Also, the fees your credit card provider or bank may charge can vary, so select your method accordingly. There is also the possibility of using alternative methods or even currency. International payment gateways such as PayPal are one option. Alternatively, you could use a new cryptocurrency, which exists independently of national denominations. As such, they are not regulated by any central bank and are immune to online fraud. The most prominent example is bitcoin, it is easy to use, follow this guide on how to buy bitcoins.
Saving & Investments
There are plenty of ways to save and invest money, and this is only getting easier with modern technology. There are plenty of sites to sign up for wealth management and investment opportunities. Or even mobile phone apps where you can encourage your kids to get into the saving habit early.
For many products and services, there are sites where you can directly compare the cost of a similar product or service. A prime example of this is the insurance or financial products industry. You still need to be aware of checking the fine details, as the cheapest provider is not always the best deal. Take car insurance, you could be eligible for such extras as breakdown cover, key replacement, contents, courtesy car, and the more budget providers won’t offer this.