Personal finance can be defined as the management of finance by the person himself. Today there are tools which help a person manage their finance better with the help of technology. Often these technologies deal with the accounting or data management. Over the years personal finance tools have improved themselves. Some of the improvements in personal finance technologies are:
- The user has given up keeping track of their finance through pen and paper and moved to a digital form, which not only facilitates record keeping but also provides many financial solutions to the user. One major reason why most users have readily accepted this technology is the ability of the modern personal technology to tell the user about the health of their finances.
- The personal finance technologies have made the process of different types of record keeping easier. With the advancement in personal finance technologies the different books of accounts are only a click away in the same system. Thereby increasing the ease of use for the operator.
4 top personal finance technology trends in 2014 are:
Cloud computing helps the user manage any information on a server from any remote location with a server enabled device. Put in simple terms the user can access the information on their laptops or desktops through phone and make any change they wish to the information and the changes are saved on the laptop and phone at the same time. This is possible because a certain file has been uploaded to the cloud server which can be remotely accessed. In 2014, cloud computing will take personal finance by storm as it will give users the opportunity to operate their accounts on the go allowing them to buy, sell or mortgage property from a remote location.
With the dawn of the smart phone, the user can access the internet from any remote location. This has given the user power to manage their finances from any location on the earth. This facility has helped users to get all their finance data like pass book updating, cheque book clearance, and digital cheque and do all normal banking functions over the phone.
Store investment cards
Store investment cards are a relatively new concept. In this concept the user can invest a certain sum of money at one go or in installments over a fixed period of time, then the user can purchase goods worth a certain quantity more than the amount they have invested. Personal finance is greatly benefitted through this system as this allows the user to grow their money through the purchase of goods and services instead of getting monetary returns.
Loyalty debit/credit cards
We all know what the function of a debit or credit card is- to pay money. Often times this concept is used for shopping from particular stores using these debit or credit cards. This is a personal finance technology that helps people save more money. But if you over spend with your card, there are get debt help that can help you.