7 Technology Tools People Should Use To Make Their Finances Easier And Safer To Manage
By embracing these tools, you can save time and money and gain better control over your finances. You will also reduce the odds of being the victim of identity fraud. If the list feels overwhelming, start slowly and choose tools that align with your specific financial and privacy goals and comfort level with technology. Click on the links below for more information.
Password Managers:
Everyone should use a password manager to create and store strong passwords securely. This reduces the risk of identity theft and unauthorized access to your accounts. The best ones also allow the creation of secure notes, credit card information storage, and automatic password syncing between your phone and your computer.
Two-Factor Authentication (2FA):
Enable 2FA wherever possible on your financial accounts to add an extra layer of security beyond passwords. Use your password manager, a dedicated app, or mobile phone number to generate or receive a code to log in.
Online Banking and Mobile Apps:
With online banking and mobile banking apps, you can easily monitor your accounts, pay bills electronically, transfer funds, and even deposit checks remotely using your smartphone camera. For instance, you can set up automatic bill payments to avoid late fees or transfer funds between your checking and savings accounts with just a few taps on your phone. An added security feature of using a phone app is that they frequently require biometric credentials (fingerprint or face ID) to authorize access.
Budgeting Apps or Personal Finance Software:
These tools vary in scope, connect to your bank and credit card accounts, categorize your spending, and help you keep track of your expenses, making it easier to manage your spending and stick to a budget if you’re stressed about cash flows. The more comprehensive apps can also add features such as tax planning and establishing a financial plan to pay down debt or fund a home purchase.
Credit Monitoring Tools:
First, set up an online account with the three main credit bureaus (Experian, Transunion, and Equifax) and freeze your credit. It is free and an easy way to be alerted and protected if someone attempts to open a financial account in your name. It can help stop identity fraud before it becomes a problem. Next, services like Credit Karma, Credit Sesame, and NerdWallet provide free credit score monitoring and insights to help you understand and improve your credit. They can also alert you to suspicious activity or changes in your credit report.
Investment Platforms:
Set up an online account with your broker-dealer or custodian to check your investment accounts at least monthly for activity. If you work with a financial advisor, use their portal as well. It should provide you with critically important information such as performance, benchmarks, and fees to help you assess whether you are on track with your investment goals.
Email Security and Privacy:
Free email services like Gmail or Yahoo scan your emails or track browsing activity to send targeted ads. Any website where you enter your name, email, address, or phone number can also sell this information to data brokers, increasing the risk of compromised online identity. Instead, consider using one email address for your online shopping or social media and one strictly for your financial accounts, which are typically the most secure websites. By keeping them separate, cyber thieves are less likely to get hold of your bank and credit card logins. Even better, use an encrypted email service for your financial accounts.
These tools are not just for tech-savvy individuals. They are designed to streamline financial management and enhance security for everyone. So, don't hesitate to start using them today. Just remember to stay vigilant and guard against potential threats like phishing scams or data breaches.
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