The effects of technology on financial lives

Personal finance management mainly starts with discipline and organization in managing the financial affairs of an individual. Spending money is no longer a formal affair and one does not need to visit stockbrokers, financial advisors, or companies to deal with money. In the modern world, people have the ability to control their incomes and spending through the internet on their computers or pocket-sized gadgets. Five percent of the adults in our country do not make any record of their monthly expenses, as specified by CONDUSEF, while 64% of those who perform this action do it in their heads.

This paper looks at the topic: How technology has affected individual’s financial lives? Considering this, society needs to promote the use of technology to have a positive impact on people’s lives. Thus, it is now possible to mention the following apps to be useful when it comes to tracking and controlling expenses, saving, and investing.

Personal Expense Management

Monefy

Monefy is useful to track the expenses by categories, including food, transport, entertainment, etc., expounding the financial status in a separate circular circulation graph. In this way, your data related to payroll accounts, credit cards, and cash that you spend helps in tracking your financial activities.

Fintonic

Fintonic connects all of your bank accounts and enables you to better control your spendings. The app reminds the user of the due dates for card payments and notifies the user about charges duplication, which is not present in some other apps.

Wallet

Wallet has the convenience of separated templates by categories, in which it is possible to indicate the necessary expenses, for example, food, transport, rent, and others. It assists you to propose and get savings plans, therefore offering a framework for handling your money.

Savings Apps

CONZUFES also reports that informality of saving is still high, where 44 percent of the population that saves do so through non-formal means such as keeping their cash at home and 32 percent are in savings clubs. These means of saving are not secure, thereby calling for improved ways of saving. Here are some apps that can help:

Savings Plan

This app allows you to set various savings goals such as vacations or birthdays, categorized by time frames: from daily to weekly, biweekly, to monthly. Savings plans can be personalized with colors and show the progress concerning the goal.

As A Result, The Goal Is To Save Money And Attain A Desired Object.

Like Savings Plan, this app also plans how much you would like to save and by what deadline you have to save it. It has a notification feature of bills to be paid and due subscriptions to be canceled or gym fees among others. It shows their progress bar on how close they are to achieving the product or service and additional options for paying customers.

Saving Money

Saving Money has the provision of setting the required amount of savings for any time frame, be it days, weeks, or fortnights. With its help, you can see how far you are on your way to reaching your goals and also get an individual plan of the saving process.

Investment Apps

AMIB indicates that people with investment accounts of economically active individuals in Mexico rose from 3 percent in 2020 to 7 percent in 2023 due to Covid-19. This begets the question of growing interest in investment but still, many are yet to employ the right technologies for investment. Here are some investment apps to consider:

Fixed Income Investments

Direct Cetes

Direct Cetes enables you to acquire Treasury Certificates or Cetes, bonds, and Udibonos, which are among the safest investment products in the Federal Government of Brazil.

Sofipos

At the present time, Popular Financial Companies commonly called Sofipos have been approved by the National Banking and Securities Commission. Another cloned site is Ku-Bo Financial; other cloning sites are Broxel, Crediclub, and Sustainable Finance. These institutions provide safe opportunities to invest, including those that are described systematically as category 1.

Variable Income Investments

GBM+

With GBM+ you can operate in national and international stocks, ETFs, and investment funds from US $ 100 pesos. For decision-making and monitoring of portfolio’s performance, it offers graphs and analysis tools.

Kuspit

Kuspit also has tutorial-based information that includes information on stocks, ETFs, and funds. It also has a practice investment platform where a user can make mock investments; thus, it is suitable for new investors.

Bursanet

Bursanet provides a user the opportunity to invest in stocks, invested funds, and foreign currency including the dollar and euro starting with 1,000 pesos.

Comprehensive Investment Solutions

If you already have a fund and want your money to grow, there are investment funds that institutions such as Principal can provide. It is these funds that ensure you meet your financial objectives efficiently by hiring expert personnel and investing.

Technology-Driven Financial Management

Technology has made personal finance management more efficient and effective than ever in terms of controlling the budget, saving money, and making wise investments.

Budgeting Tools

While budgeting was formerly carried out with a simple Excel sheet, professional budget applications can be downloaded to your smartphone today. These tools help in the grouping of some spending, the setting of limits to some spending, and also come with notifications when you are close to exceeding the set spending limits.

Automated Savings

This spectacular technology has proven complicated in the process of saving money but the good news is that it has been automated. One can open an application that will automatically transfer a certain amount from the checking account to the savings account every month, so that he/she saves without realizing it.

Real-Time Expense Tracking

Mobile applications used for tracking expenses generally offer notifications at any given time, which makes you conscious of expenses. Such an approach can help to prevent such impulses and help consumers think twice before making a sale.

Investment Management

The availability of sophisticated technology has ensured that investment management is more open to everybody than it was several years ago. Portfolio reviewing, risk management, performance reporting and monitoring, and other services can now be acquired from apps, to enable an individual to make sound decisions and investments.

Financial Education

With the availability of more first-hand educational points and tools, it has become quite easier for people to grasp the abstract financial information. Free online classes and webinars, as well as investment and stock market exposure, develop the understanding of estimating market opportunities and gaining invaluable experiences.

Embracing the Future of Personal Finance

Looking at the future of personal finance led by technology, it is clear that such influences will only increase in the future.

Emerging Trends to Watch

Artificial Intelligence (AI) and Machine Learning

AI and machine learning are expected to become the driving force in personal finance management. It means that with the help of such technologies, one can analyze spending habits, predict financial income, and provide basic financial solutions, which can help in organizing the financial planning process much better.

Blockchain and Cryptocurrencies

Cryptocurrencies and technologies behind them are revolutionizing the financial industry one more time. These create new investment opportunities and possibilities of safe and transparent trades; however, they are associated with certain risks that require consideration.

Fintech Innovations

The fintech area is quite active and develops new products and services that can improve personal finance. These innovations include P2P lending, which along with robo-advisor services give more freedom and choices in terms of personal finance.

Mobile Banking

Mobile banking apps also contain functions such as biometric identification, scanning of a check deposit, or transfer on the go. These achievements make banking easier and reachable and give operational technology to regular money-related operations.

Conclusion

These are the technologies that will enable an individual to practice better financial discipline, hence better financial planning and thus better financial status. Regardless of your goal—be it focused on regular budgeting for the present, for some distant goals, or delineating on sound investing—there are numerous technology-based tools designed to assist you. And now it is possible and can be started today – take charge of your financials with confidence and simplicity using these tools.