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Technology Tools to Help Manage Your Finances

Posted by Brad Bridgewater on May 20, 2016 3:04:21 PM
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technolog-tools-financesCrewmembers often don't have a great deal of time to sit and sort through their financial information. If you have a family, a secondary business or personal interests, you most likely prefer to spend as much of your time as possible focusing on those.

While it can make for an exciting and rewarding lifestyle, it can also make keeping up with your financial planning difficult. Fortunately, several financial technology tools exist that make it easier to keep up. Whether you are edging toward retirement or just getting started, you should use the technology available to help you keep track of your money.

Budgeting Tools

No adult of any age should try to go without a budget. Tools like You Need a Budget (YNAB.com) or Mint.com can help you keep track of what you spend and make every month. You can then look at the numbers each month and decide what you can spend and what you should adjust. By regularly reviewing this information, you can keep a firm hold on where your money is going and how that impacts your savings goals.

Account Aggregators

It can be aggravating and time-consuming to go to separate places to view all of your financial accounts. Your checking and savings accounts, your retirement funds, your college savings plans, and other investment accounts likely have different logins and websites to visit. And since each of these represents part of your financial picture, their separation means you have to do extra work to get a holistic look at what you have and what you need. You can save time with products like AllAccounts and AllData, which let you look at your entire financial portfolio in one place. 

Similarly, a password tool like LastPass.com holds all of your passwords in one place for you. Rather than having to remember several different passwords, or worse, using a single password for all your accounts, this lets you maintain secure access without the risk of forgetting your passwords or of a single hack gaining access to every account.

Credit and Account Monitoring Tools

Because your work as a crewmember keeps you on the go, keeping an eye on your accounts from a security perspective can be difficult. Fortunately, some financial technology tools give you the ability to monitor your accounts over time. Credit monitoring tools like Credit Karma let you see how others view your credit, based on account status and opened accounts in your name. At least five percent of all credit reports are estimated to have errors. And aside from errors, identity theft can create significant problems for you. Credit monitoring allows you to identify and stop these issues early.

Bill monitoring tools like Bill Guard monitor your monthly credit card bills, giving you a closer look into the transactions underlying the broad snapshot in your credit reporting. You can use these tools to make sure you don't have unauthorized transactions on your cards.

Many banks and credit card companies allow you to set transaction alerts, so you receive a text or an email for purchases over a certain dollar amount.

Keeping track of your finances can be difficult, especially when your career requires you to travel frequently. By using these helpful online tools, you can simplify the day-to-day process of monitoring your financial picture and staying on course to reach your goals.

For more information on how you can keep your financial plan on track, schedule a complimentary consultation with Retirement Advisors of America.

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Disclaimer: This blog is intended for informational purposes only and should not be construed as individual investment advice. Actual recommendations are provided by Retirement Advisors of America following consultation and are custom-tailored to each investor’s unique needs and circumstances. The information contained herein is from sources believed to be accurate and reliable. However, Retirement Advisors of America accepts no legal responsibility for any errors or omissions. Investments in stocks, bonds, and mutual funds may increase or decrease in value. Past performance is no guarantee of future results. Any of the charts and graphs included in this blog are not recommendations for the purchase and sale of any security. 

Topics: Financial Planning