Living in the technological age has changed our lives in so many ways, from the world of on-demand entertainment at our fingertips to the countless apps and websites that help us get around our towns and cities.
The world of personal finance is no exception, and many people are finding that their money has become much easier to manage thanks to the rise in mobile banking.
In this blog post, we will take a look at how the banking revolution is changing our lives and making money management streamlined and simple.
Staying up to date
Until just a few years ago, you had to either write down every single transaction or wait until the end of the month to know how you were doing financially.
A paper statement would shoot through your letterbox at the end of the month, giving you the news that you had either scrimped and saved – or overspent!
Those days are gone. It’s easier than ever to plan your finances because you can double-check how much you have left before you buy that coffee or order that takeaway. Your current account is there, in detail, at just the touch of a button.
Get good financial health
Mobile banking also allows you to control your loans. Lots of mobile banking services allow you to see how far into the red you have gone, giving you more control over your borrowing and putting you on the road to good financial health.
Maximising the value of mobile banking is a great way to get full financial health. That makes it an appropriate time to check you’ve avoided pitfalls such as mis-sold payment protection insurance (PPI) by making sure that your bank has paid you everything you’re owed.
For example, people with Lloyds Bank PPI may be owed thousands if their policy was mis-sold, and may want to make a Lloyds PPI claim. There’s no time like the present to give yourself a full financial health check, so find out today.
Moving money around
If you have both a current account and a savings account, the traditional way to transfer cash out of your salary and into your rainy day fund was to set up a direct debit.
However, a much easier and more flexible way is to log into your mobile banking and move money in a few seconds – meaning that you don’t have to wait until the end of the month to change the proportions.
If you have a busy month with lots of outgoings, for example, you might want to save less. Quieter months with less going on might leave you with a surplus to put away into your savings. Mobile banking gives you the chance to adapt on a month-by-month (or even day-by-day) basis.
Developing technologies such as wearables mean that the future for mobile banking is bright. Don’t miss out on being a part of the changes – take full advantage of what your bank is offering you today and get yourself on the road to flexibility and better financial health.