Fintech—or financial technology, is all the hype in the banking, blockchain and crypto universe. As technology has developed, so has everyone’s inkling to automate every aspect of life, which includes how they manage their money. There are some strategic ways to make the most out of theses astounding developments in this field. Here are a few you shouldn’t miss out on:
- Invest Your Money Using Tools on the Web
The idea of investing is overwhelming to a lot of people, but with developments in fintech—it doesn’t have to be. There are investing tools that do the work for you such as the app Acorn. Acorn is good for people just starting out to invest. Anyone from professionals to college students can use Acorn easily. It essentially rounds up the change on your linked card when you make purchases and then invests it regarding to the settings you set up yourself. This is a great way to make a little bit of money while investing.
- Take Safety Precautions Before it is Too Late
As technology switches the banking industry to the internet, there are some safety precautions that need to be made. There are companies that generate free credit card numbers for you to use to make purchases when online. These numbers expire and then can’t be stolen without your consent. This is an easy way to add an extra level of protection when making online purchases.
Also, be sure to use a password manager. Make your banking passwords complicated and set up two-factor authentication to ensure nobody is getting into your accounts.
- Invest in a Cryptocurrency
Cryptocurrencies aren’t going away. Make sure to purchase some whenever the cost is low. This is a long-term investment that is kind of exciting. Due to the increase in knowledge coming from fintech bloggers, anyone can buy crypto with the right research.
- Download Your Bank’s App—If They Have One
Banking online is so much easier than wasting time to go to a teller. This is the best way to watch your money and keep track of it as well. Make sure to use your bank’s app or website and check it every once in awhile to make sure everything looks right. You can catch false charges way easier when you have an app at your fingertips to reference. You also have the ease of depositing checks from you phone with the app. This will eliminate the chance of forgetting to go to the bank to deposit a check.
- Put Your Savings in a High-Interest Savings Account
There are online banks, such as Ally, that allow you to gain incredibly high interest on your money. They can save a lot of hassle by being an online savings account. This means they have helpful customer service lines and effective, easy to use navigation. You can’t go wrong when choosing a safe online bank to put your savings in.
Take all of these tips into consideration when looking to take advantage of the inevitable rise of fintech.