Now more than ever, we all appreciate the value of saving money and keeping on top of our finances. But in the face of the cost of living crisis, saving and managing a budget is becoming increasingly difficult. Thankfully there are now fintech tools and apps to help anyone save more, all from your smartphone.
Believe it or not, most banks only offer their customers an average of 0.10% APY unless they are willing to deposit thousands of dollars to get better interest rates. Thanks to advancements in fintech, online and neobanks offer high-yield checking and savings options for consumers to earn around 1.50% APY. You can also easily automate your savings and effortlessly make transfers from your primary account to your savings.
Not only can fintech help you save money in your day-to-day banking habits but also for more significant financial decisions. Finding the right mortgage is most likely the biggest financial decision you will ever make. Online calculators and mortgage advice services, like those offered by Trussle , save you time and potentially cash.
Fintech-driven mortgage brokers offer a more transparent and inclusive service than traditional banking, with access to thousands of deals and multiple lenders, meaning you can make savings on your mortgage rate. Automated technology also means remote paperwork processing, incredibly fast approvals, and closing times.
Are you overspending on streaming services, takeaways, clothes, or even groceries? These seemingly insignificant monthly expenditures could significantly affect your finances without you realizing it. Sometimes the best way to save cash is to avoid spending it on things that are not essential. There are spending tracker apps, such as Mint , that help you keep on top of your spending habits.
Spending apps use the latest technology to analyze transactions by linking bank accounts and allowing you to categorize each purchase. The most advanced trackers will generate reports and charts so you can see how much of your money you are wasting. Allowing you to then adjust your spending habits and notice the saving.
With inflation running at 9.1% (at the time of writing), we really feel the effects on the cost of our weekly shopping. It is not a new idea that shopping smarter, comparing prices, taking advantage of promotions, and using coupons will get you the most for your money. This is a lot easier in our technological era.
Thanks to discount shopping apps, you can easily keep up with the best ways to save. Apps, such as The Krazy Coupon Lady or Groupon , do the hard work for you, searching for retailers and vendors with the best prices and even finding coupons and discounts for you.
A clear and concise budget and financial goals are vital if you are going to stay on top of your finances and successfully save. Personal budgeting applications continue to grow in popularity. There are great budgeting and personal finance applications that will become a part of your everyday life once you start using them.
For example, Moneyspire is the finance software that can control your budgeting. It helps to manage finances while delving into users' spending practices. You can set budget goals and customize interactive reports to understand transactions and credits to better plan for future spending and saving.
Thanks to modern technology, saving money is easier than ever. As the cost of living continues to increase, you may find ways to earn a bit more income, but don't underestimate the use of fintech to help you save every day. Try some of the fintech tools and resources listed above to see how they can positively impact your bank balance.