Thanks to technology and algorithms fueled by artificial intelligence, dozens of new fintech players are coming to the aid of your finances. Discover new and simple ways of managing your money.

The new ways of managing your money

Every day, fintech companies come up with new money management solutions to simplify everyday banking practices or disrupt savings by bringing individuals and businesses together. These innovations have been designed to provide a real service to their users. Like Apple, which has imposed itself on the personal computer and smartphone market, or Google on search engines, fintech relies on simple and intuitive products to best meet customers’ expectations.

And the bet seems successful since, very often, to try them is to adopt them!

But what exactly are these innovative management tools, and how can they help keep your personal finances in check and plan better? Keep reading the article to learn more about the available tools to help you organize your finances.

Digital wallets

Digital wallets are an awesome piece of technology that can enhance your money management process.

Computer or smartphone payments are increasing. These uses are accompanied by implementing specific payment solutions, electronic or digital wallets (e-wallet) such as Paypal and Paylib.

The digital wallet is a system or an application in which personal data (contact details) and bank data (bank card number, expiration date, etc.) are stored. It is necessary to register at least one payment instrument in your digital wallet to settle the purchases.

When paying online, all you have to do is enter a username and password, sometimes accompanied by sending a code by text message (one-time code). The advantage lies in the possibility of not entering the full details for each transaction, of not giving the merchant the bank card number directly, thus limiting the risk of fraud. Only the operator who manages the electronic portfolio archives this sensitive data.

Wally budget management app

Business applications are designed to help you stay in control of your finances. With so many apps available, you will surely be able to find the one that will perfectly suit your needs.

The Wally application is one among so many solutions to consider. It offers a detailed and personalized budget based on the data it extracts. Unlike the paper and pen method of management, Wally helps you create a budget much faster and with much less effort. Also, it allows you to embed photos of your receipts, which can be very useful.

photo credit: Wally.me

Some safety rules

Users of mobile payment applications should comply with a few security measures:

• regularly update the operating system of the mobile phone,
• choose well (avoid anniversary dates and series of letters or numbers).
• Regularly change confidential codes and passwords for payment applications,
• activate the option of remote erasure of data, in case of theft of the mobile phone,
• only use reliable applications
• avoid making mobile payment transactions if the communication channel is unreliable (eg unsecured public wifi connection).

You can learn more about how mobile payments can help business owners here.

Budget tables

Of course, if you are not comfortable with apps and prefer a management tool that is both digital and manual, budget tables are also worth considering. Once you have manually entered all of your income and expenses, everything is ready. A spreadsheet like Excel or Google Sheets allow you to calculate complex amounts and generate financial reports.

Besides, many of these programs offer ready-to-use templates. Google Sheets, Microsoft Excel, and Apple’s Numbers, for example, all include pre-existing templates where you simply enter your data. The program then performs all the complex math operations for you.

Thanks to the budget tools, you can know exactly how much you are spending in each category and thus identify the items of expenditure you may be spending more than you think. It’s always best to know your spending better to make better financial decisions.

Moreover, a transparent and detailed budget helps you plan your future more clearly. Knowing how much money you have left at the end of the month, or how much you would like to have left, helps you visualize what you would like to save.