Forming positive saving habits isn’t easy. As much as we tell ourselves that we need to put more money into our savings accounts and spend less on frivolous purchases, that’s often easier said than done. Fortunately, there could be a solution to your money management problems that go beyond simply freezing your leftovers and cutting back on take-out food.
One of the biggest issues that people have with saving is that traditional banking and money management tools just weren’t as helpful as they could have been – everything from borrowing money to figuring out where to invest used to be a nightmare. Now, however, we have technology from FinTech experts that give you more control over your cash without compromising on that all-important human touch.
Here are just some of the ways that FinTech is helping people to get more out of their personal savings.
1. Robo Advisors Can Help You Invest
Robo advisors are rapidly emerging as one of the most valuable areas of the FinTech niche. These online investment services put users through a series of surveys and questions to determine the right investment plan for their needs. Some advanced FinTech solutions offering robo advisors even tap into the benefits of artificial intelligence.
The great thing about robo advisors is that they make investing an option for everyone. There are very few limits when it comes to the amount of money you need to open an account. What’s more, your robotic assistant can help you to find a solution that works for you, no matter how opposed you are to risk.
2. Apps Can Help You Spend Money Overseas
In the past, buying items with a debit or credit card overseas used to mean worrying about huge transfer fees and other expenses. However, tools like TransferWise and other similar apps eliminate this problem. With clever algorithms, these tools make it easy to match currency to other forms of cash overseas. You can also find apps in the FinTech world that help you to keep track of exactly what kind of fees you’ll need to pay on any trip.
Easy overseas spending is quickly emerging as a crucial component of many “challenger banks” that base their operations entirely online.
3. FinTech Tools Help You Spend Money Wisely
There are a number of advanced FinTech applications on the market today that can help you to better understand how you’re spending your money so that you can cut down on waste. For instance, you can try apps like Plum in Facebook messenger that learns your spending habit then encourages you to find opportunities to save.
There’s also the option to run your entire banking strategy from the web. Monzo gives you a bank account that lives on your phone. There’s no need to visit any physical branches, whether you’re borrowing money or just looking for new ways to save.
4. Phones Make Splitting Bills Simple
In a world where many of us need to “split the bill” for everything from restaurant fees to house-sharing, tools exist that make managing money between groups as simple as possible. There’s an app called Splittable that helps to support flat-mates in managing shared finances. This reduces the headache and hassle of old-fashioned IOUs.
When it comes to everyone paying their share, many FinTech tools are now introducing blockchain as a way to track digital purchases and transfers too!
5. Tech Improves Your Credit Score
Finally, you can even find apps like ClearScore. It will help you to examine and improve your credit score without leaving any marks on your credit report. You can view your score for free on the web, whenever you choose, and discover tips that will help you to boost your rating once and for all. When you’re done, you won’t even have to worry about free trial periods that you might forget to cancel.
Time to Go Digital
FinTech isn’t just about exciting new opportunities for entrepreneurs in search of great ways to earn. This industry could also present fantastic opportunities for individuals that want to save more and accomplish additional financial goals.