How to Manage Your Money Digitally

It's never been easier to manage your money 24/7 thanks to new online and mobile tools.

There are plenty of great digital tools to help you improve your finances that you can easily use no matter whether you’re scrolling through your socials, on the bus to work, sipping on a flat white at your local café, or even climbing a mountain. So let’s take a look at the best options for budgeting, saving and managing your money.

Super savvy saving tips

There are a host of great digital options that can help you to keep track of where your money’s going. MoneyBrilliant is a super useful tool. A free service, this app is like a financial boot camp to get your money working harder for you. Or Good Budget, which uses the envelope method to categorise your budget and spending. This app is great for improving communication around your household budget, as it can be synced and shared with others. So whenever you take money out of the “groceries” or “dining out” envelopes, the person sharing knows it’s happened.

Apps like these automatically sync with your account and credit card information, allowing you to view all your transactions in the one spot, making it simple and quick to see where all your money is going at any time. These tools are particularly useful when you’re trying to manage the personal finances of a number of people living in the same household who all have different cards and accounts.

When you’re searching for financial products such as loans, savings accounts and term deposits, look online for the most competitive interest rates you can find. But also read the fine print closely to ensure you can meet any conditions required so that you receive the advertised rate.

The FinTech revolution is coming

Thanks to a new generation of financial services businesses like Latitude it’s never been easier to apply online for financial products such as loans and credit cards.

More modern financial service providers take advantage of new digital tools to make the application process quicker and much more painless when you want a new credit card, loan or other financial product. For instance, many organisations will let you take photos of documents to verify your identity when applying for loans and credit cards.

Once you’ve photographed all the information you need, simply upload the documents to the relevant app or site to complete your application. The business will then check your credit history to determine whether the product or service is right for you. It makes approvals much quicker and simpler.

Zoom ahead with your car loan

Lenders with great digital features are also making it easier than ever to apply for a car loan. It’s a good idea to take advantage of tools like online repayment calculators to work out your estimated monthly repayment costs including fees and charges.

When it comes to car loans, look for a low interest rate and take into consideration any fees that may be added to the headline interest rate, such application fees, monthly fees and early repayment penalties.

The cheapest rate doesn’t always guarantee the lowest cost loan, as high fees could offset the savings from a low headline rate. Online comparison websites are a good place to find out all this information.

Keep your credit cards in check

These days, it’s simple to pay off your credit card using mobile payment tools from an app. For instance, let’s say you have a Latitude Gem Visa. When it comes time to make your monthly repayment, simply download the Latitude app and login to make your repayment in a few seconds.

When you’re applying for a new credit card, it’s important to look beyond marketing incentives and choose a card that will suit your lifestyle and spending habits over the longer term.

For example, if you’re someone who travels a lot and pays off your card balance in full each month, a card that comes with free global wi-fi and no international transaction fees on purchases might be the way to go.

If you regularly pay credit card interest, you may be better off with a low rate card without perks such as rewards points. These days it’s very easy to compare credit card rates, fees and rewards programs online so there’s no excuse for not having the perfect combination for you.

The power of personal loans

If you need to apply for a personal loan to consolidate your debts, take the time to research lenders and loans carefully to make sure you get the right loan for you. Online comparison sites can help to take the time and complexity out of the process.

Check out online reviews of debt consolidation offers from a range of providers. Then once you’ve taken out the loan, set up automatic repayments to ensure you don’t get hit with late payment fees. Also, once you have consolidated your debt, try not to continue using your credit card to rack up more purchases.

Find your online financial solution now!

No matter if you’re investing in a term deposit, taking out a credit card or consolidating your debts with a personal loan, it pays to look online to compare your options. That’s the best way to find a competitive rate, avoid high-cost fees and select the product that best suits your needs.

With hundreds of products out there, it can be overwhelming. So use digital tools to do your research to put your best financial foot forward.