How to get technology working on your side
Consumers can use variety of apps to keep track of bills and watch spending, Melissa Leong writes.
Although technology brings convenience to every aspect of your life, it can come at a cost. Of course, it’s easier to shop online or tap your credit card to pay a bill, but it’s also easier to spend and lose track of your money. To get technology on the side of your wallet, here are four tips to better manage your cash and get out of debt in the digital age.
USE AN APP
According to a BMO survey, 70 per cent of Canadians with smartphones were already using financial apps in 2013. There is an app to help you with almost any money issue, whether it’s paying down debt (Debt Manager), organizing your loyalty cards (Stocard), combing flyers for deals (Flipp) or filing receipts (Receipts). If you need an allaround budgeting tool and you hate data entry, Mint automatically pulls all of your financial information into one dashboard and allows you to set budget limits for different categories. The caveat is that you have to share your financial passwords with the program and doing so may nullify your security agreement with your bank if money is ever stolen. But many other budgeting and finance apps don’t require your personal information.
BE SAVVY
Make sure to safeguard yourself from cyber crimes and financial fraud. Download reputable, popular apps with good reviews. Get a strong anti-virus, anti-spy and anti-malware program and keep all of your software upto-date. Also, be suspicious of strange emails, links and public Wi-Fi connections.
TAKE ADVANTAGE OF WHAT YOUR BANK OFFERS
More than three-quarters of us use online banking according to the Canadian Bankers Association, and our banks are improving their services. You can use your banking app to pay bills or set up automatic e-transfers to a savings account. You can also set up an email or text alert if your balance falls below a certain level. “If you have easy and frequent access to your banking, you’re going to be able to keep track of your budget and finances in a more responsible way,” says Jeff Marshall of Scotiabank. Scotiabank’s Quick Balance feature displays your bank balance with a tap of your smartphone or smart watch.
This may sound tedious, but read your bank’s mobile security guarantee. Your bank promises to fully reimburse you in the event of fraud, but you have to agree to its terms. These could include: never sharing your passwords, including with your spouse, and reviewing your statements in a “timely manner.”