The idea of money management appears so straightforward; But is it that simple? How many times have you wondered where your money goes to?
How many times have you wondered where your money goes to?
It’s like you receive money and before you know it, you are wondering how to make it to the next pay check.
If this has bugged you and you’ve been thinking of ways to change it, then read on…
The idea of money management appears so straightforward; But is it really that simple?
Digital banking has brought mega disruption to the financial space. There’s a new level of convenience and accessibility to managing cash, making it easier for people to stay on top of their finances.
This said, with the growing number of digital tools and financial services, managing money in the digital age can be confusing at times.
So, how do you stay on top of your finances?
Let’s show you how!
Most people don’t create budgets.
What we usually do is handle our expenses and try to save what’s left. Right? And, often this is never sustainable as it makes us prone to unaccounted spending.
Budgeting allows you to track your income and expenses, and helps you make informed decisions about how and where to allocate your money in line with your priorities.
With digital banking tools such as budgeting apps and software, you can create and manage your budget from anywhere and at any time.
One of the biggest challenges with nurturing exemplary saving habits is we often lack the discipline to set aside a certain amount of money every so often.
Also, for saving newbies, it’s easy to forget about your savings account.
Digital money management such as the one Fingo provides gives you the golden opportunity to automate your savings.
By setting up automatic transfers to a savings account, you can stay committed to your goals by ensuring that a portion of your income goes toward your long-term financial goals.
Automating your savings further makes it easier to stick to your budget and build your saving muscle over time.
Efficiently managing your money doesn’t stop at budgeting. You need to track your spending as well.
However, with the rise of digital payments, it can be difficult to keep track of your spending.
Digital tools such as budgeting apps and expense trackers can help you see where your money is going, and help you objectively identify areas that you can cut back on. Some even allow you to integrate to your M-pesa and Banking App so as to automatically capture your non-cash expenses.
By tracking your spending, you can better understand your financial habits and make the needed adjustments.
No, you’re not too young to start investing in your future, and digital tools make it easier than ever to invest.
From robo-advisors to online brokerages, you can invest in a variety of financial products from the comfort of your own home.
But first, be sure to do your research and seek the advice of a financial professional before making radical investment decisions.
Sadly, with the rise of digital financial services, there’s the risk of scammers and hackers.
To make sure you have a secure digital banking experience, you need to pick a credible provider, e.g. Fingo.
This is because reputable digital banking platforms have wide and strong security measures like 2-Factor Authentication, bank-grade security, customer support, and more to give you a safe banking experience.
Along with this, it never hurts to be cautious of unsolicited emails and phone calls, use strong passwords, and regularly monitor your accounts for any suspicious activity.
Managing money in the digital age is both convenient and at times challenging.
But, there’s never been such a glorious opportunity to enhance how to look after your money.
With the right tools and strategies, you can take control of your finances, stay on top of your budget, and build a secure financial future.
Whether you’re just starting or looking to improve your financial situation, these tips can help you navigate the digital landscape and make the most of your money.
Download the Fingo App here Now to start your healthy digital money management journey! don’t say we did not plug you :-)
Fingo is a digital banking app designed for Africa's growing youth population, offering a user-friendly interface, innovative features, and a focus on financial education. Reasons to join the waitlist include easy account opening, no fees, a one-stop shop for payments, savings goal tracking, and a cashback rewards program.
If you've dined out recently, you may have been asked to scan a QR code to access the menu. Or you may even have checked in by submitting your e-ticket QR code for scanning, or paid for goods by scanning the QR codes on your purchase receipts. Well, this article may even have a QR code for a quick read.