In the vast world of finance, there are plenty of resources claiming to help educate you and guide you toward a financially stable future. However, some of the most valuable tools in finance today are rooted in technology. From user-friendly budgeting apps to online banking, AI chatbots, and robo-advisers, technology serves as a powerful ally in your wealth-building journey.
Nevertheless, despite the growth in tech-based financial tools, skepticism remains among individuals regarding the management of their finances through technology. Some are simply unaware of the various benefits these innovative platforms offer.
Transform Your Financial Management with Technology
Below, six financial leaders share their insights on how leveraging financial technology can enhance your financial management and overall financial literacy.
1. Visualize Your Spending
Justin Donald suggests, “Utilize financial software that shows you where your funds are being allocated. By visualizing various areas where your funds are being used, you can make informed decisions about which areas need your attention. These tools can also spot unnecessary costs and provide suggestions to eliminate them.”
2. Understand Financial Decisions Over Time
Marguerita Cheng notes, “Using technology to understand your finances in the context of time empowers you to make decisions that align with your priorities. For instance, Chronifi is a tool that assists individuals in understanding the long-term impact of their decisions.”
3. Categorize Your Financial Life
John Bodrozic emphasizes the importance of categorizing your financial life into key segments such as Investments, Health Care, Daily Life, and Education. Look for fintech applications tailored to your specific needs. Many platforms focus on areas that enhance your financial literacy through educational content and AI tools.”
4. Assess Your Financial Inventory
H. Adam Holt advises keeping a detailed record of every financial instrument you own. “If any aren’t serving a purpose, it may be time to let go and grow your understanding of finances better.”
5. Utilize Credit Cards Wisely
Andrew Schrage states, “Using a credit card responsibly enhances your credit and allows easier tracking of your spending. Just ensure to pay off the full balance each month to avoid interest fees.”
6. Leverage AI and Financial Resources
Ramona Ortega mentions, “Fintech tools have digitized finance, providing myriad platforms that help you track your budget and become financially savvy, including valuable resources from Investopedia and AI financial chatbots.”
Disclaimer
The information provided here is not investment, tax, or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
