Using Technology to manage your finances better

Mrs. Seema Chaudhary, a writer by profession had to especially take leaves from her office to deposit her kids’ school fees. Unnecessary leave as well as long queues for fees payment used to leave her tired and exhausted. Seema, is not the first one to do so, parents are often hard pressed for time when it comes managing both office and home. But, since last few months she’s effortlessly managing it via a simple online payment mechanism. Within just few minutes, everything gets done. No more stress to request boss or to juggle with the mad rush at the school.

Technology holds the power to transform our lives for better. Almost a decade ago nobody could have imagined the power and influence of technology in the lives of people. In this fast paced life, the advent of technological tools has enabled us to manage everything as per our needs, comfort and time. New initiatives, ease of online applications spread across different sectors is only going to grow in the coming years.

From shopping, booking online travel tickets, movie shows, doctor’s appointment, financial banking etc., all of this and more is now available at your finger tips through various mobile applications (apps). One of the most important aspects of technology is its contribution in helping us manage our finances which are derived from savings accrued through apps. Technology remains no more a geek’s forte, as there has been a smooth display of power in the hands of the common man. Today, it is the preferred choice of millions to manage finances in a more synchronized manner.

Let’s understand the impact of technology and how it helps us in managing finances

Ease of managing finances
Technology saves both on time and effort. Investing few minutes and reading about various types of online applications and portals related to finance can benefit you in many ways. There are both free and paid applications that are commonly used for financial dealings. For managing your finances better, download applications such as Expensify, Spending Tracker, Perfios, Visual Budget or choose from the plethora of options that are designed as per the needs of the people. However, as per the experts, the key lies in choosing as per the needs, being aware about the security aspects of these software applications and also having back-up of data in case of invasion of virus or any other related danger. Lately, there are umpteen number of sites that provide instant solutions related to any field. You can try UrbanClap app, for its financial services that will help you hire tax consultants, chartered accountants and financial advisors. Finance related matters can be managed with their expertise and speedy assistance.

E-Banking
Going to banks for opening an account, money deposit or withdrawal seems to be a passé now. The ease of technology has made banking related matter a sheer preference. While being at home, office or a foreign locale, banking related matters can be resolved 24×7 via the facility of net banking. Be it money transfers, payment of bills, viewing account statement, loan applications, stop payment etc., can be easily availed via your laptop or smart phone/ios applications. Moreover, this also enables users to keep a close watch on their accounts, thus indirectly reducing the chances of fraudulent activities. Large number banks offer the facility of net banking as well use this medium to promote their services related to loans, investment options and more.

Online Shopping
Anamika seems to be super chilled about her weekend getaway to Goa as she has already placed orders for her favourite dresses while being in the office. After all who wants to spend money, energy and time travelling to malls or to face mad rush. E-commerce industry seems be growing by leaps and bounds with the help of technology which has revolutionized the way we shop. Be it clothes, electronics, furniture, household goods, automobiles, cosmetics etc., anything can be purchased anytime from any vendor situated in any part of the world. Flipkart, Amaozon, Jabong, Homeshop 18, Ebay, Pepperfry, BigBasket and other relevant players have their mobile apps which makes it all the more easier and enjoyable. Along with convenience, variety, great prices, reliability one gets various options to make payment. Depending on your budget, online payment, cod or even EMI option can be considered.

E-wallet
The idea of virtual wallet sounds interesting and dreamy, but company like Paytm, Oxigen, Mobikwik and other budding players has made it a reality. The technological brilliance that gave invention to an idea of a virtual wallet as redefined the scope of online payment options. A simple and easy to use application lets you store money online which can be used instead of debit/credit or net banking. Paying mobile bills, electricity bills or buying anything via this app is so easy and convenient. Also, due to ease of virtual wallets, many companies are busy merging their payment options via these players. Uber, Ola a renowned taxi providers have linked their payment options which automatically saves drivers as well as customers time spent in making transactions.

Re-sale facility
In these tech savvy surroundings, the idea of selling through a scrap dealer seems ancient as well as time-consuming. Whether you want to purchase a pet, or sell your old car, buy a house, anything is possible. E-commerce companies like Quikr, Olex are free online classified sites where you can buy and sell products. Both have chat features, seller’s number and other interesting options to look for. This facilitates in fetching a reliable and profitable deals.

Meal options
Whether you want to eat home cooked meal, spicy dish of your favorite restaurant or know which are best rated restaurants. Worry not! As the availability of endless food related apps has made it one hell of a gastronomical journey. Zomato, Food panda, JustEat and many other known apps have dedicated fan following for letting people satisfy their hunger for hygienic and tasty food.

Travel and leisure
Gone are the days, when one used to visit the travel agent to plan holidays or procure tickets. With rise in disposable income, the travel industry has really exploded with more and more people wanting to explore new places with friends and family. This rising aspiration of people to travel has seamlessly merged and is greatly enhanced by multitude of user friendly apps. One has options on ticket booking, holiday options and activities to choose from. Apps like make my trip, yatra, go ibibo, tripadvisor, airbnb and oyo rooms are redefining the industry and shaping consumer experiences by taking it to the next level.

Mankind has always been greatly affected with the advancements in new technology, which is increasingly impacting daily lives in every filed. Today’s generation of kids’ are growing up not knowing what life was before internet and the cell phone. Technology is replacing humans and improving the quality of life and thus this is having a positive impact on finance and the economy in general.

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