By Bishoy Ayoub  Updated on Tue Jun 11, 2013

Completely Digitize Your Finances in 5 Steps

Completely Digitize Your Finances in 5 Steps

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When it comes to banking, the time has come to go completely digital. Digitizing your finances can give you complete control over your spending habits and promote a better effort on savings. Follow the simple steps below to completely digitize your finances.

1. Sign up for online banking

Online banking is the first step to digitizing your finances. If you haven’t signed up yet, you should do so right now!

This revolutionary tool has empowered consumers across the globe. Online banking is the new and improved way to manage your finances and every consumer should be utilizing it. Every transaction, loan, investment, statement, and a superabundance of other services are offered through online banking services. This new technology has advanced the way we bank while doing away with paper statements. Online banking gives you access and control to all of your banking needs from your computer and keeps your finances neat and organized. Any and all of your historical transactions are stored should you need to call upon them.

With online banking, you will never lose another bill or lose track of what you paid.

2. Download your bank’s mobile phone application

You don’t always have to be in front of a computer to digitize your finances. Download your bank’s mobile application to your smartphone and easily check balances, find out payments are due, track down ATMs and make transactions from just about anywhere.

Some applications allow you to deposit checks without ever having to enter a bank. You can access almost any statement through most applications and monitor your entire list of accounts to ensure everything checks out.  Most phones contain a plethora of features with robust menus and options to exact your finances with simplicity. You can safely set the paper billing aside, mobile banking is here to stay.

3. Sign up for instant payments

Do you ever need to send money to someone in a hurry? The days of writing checks are numbered and nearing their end. Sending and receiving payments has become effortless and simple.

There are now a myriad of online payment services that can send money instantaneously to any account or individual. Services such as PayPal, Authorize.net and many different banks will process these payments at little or no cost to the consumer. Many online banking services offer these payment gateways as a free service just for having an account.

Not a PayPal fan? Check out this list of 7 great PayPal alternatives. Then, sign up for one!

4. Use financial sites to help budget your expenses

After getting yourself settled in the digital world of finance, you may feel the need to evolve your budgeting and planning through financial software. You may not recognize how much you are spending on a particular product such as dining out or even coffee until you see it in one place.

Websites like Mint and BudgetPulse offer services to organize and categorize your spending.  These tools can help by automatically combining all of your purchases on one page to give you a clear picture of what you spend and where you spend it. (Here are 3 mobile apps that are way better than Mint!)

There are also tools to help you save and commit money towards certain goals like vacations or gifts. These money management sites can help give you the structure and platform you need to consolidate all your transactions from several accounts in one place.

5. Tips for safely managing your finances in a digital world

You should make sure your bank’s website uses a 128-bit encryption, which is the safest and highest encryption allowed. Encryption is the process of scrambling data so that only the intended receiver can use it.

You should change your passwords every month. If that seems to tedious a task, you can change them every three months but putting this off can leave you vulnerable to identity theft and your accounts will become more exposed.

Avoid using an unsecured WiFi network. The networks that are supplied by your local coffee shop or restaurant can be manipulated easily by a hacker. Stay away from accessing your banking information through a public WiFi network.

 

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