Today’s lightning-fast world of changing financial technology has opened up new opportunities for personal money management. Most credit unions and banks provide their members and customers with online and mobile banking tools. There are also a number of third party tools to choose from. The common thread: technology’s ability to help you stay in control of your money on your terms. Here’s how:
Manage your money at your own pace
No need to worry about bankers hours. With online tools you can move money, pay bills, request loans and more at 5 p.m. or 5 a.m. Check with your financial institution for tools that let you deposit a check, pay for goods, apply for a loan, or even find insurance coverage – all using your mobile device. If you’re using your smartphone or tablet on a cellular network, data charges could apply.
Get a full financial picture
Digital tools like personal finance managers offer you a range of options that give you insight into where you are now and where you’d like to be financially. You can create budgets to see where and how much you’re spending, view and manage investment accounts, plan for retirement or track how well you’re reducing your debt.
Check in securely and safely
The rise of digital tools has given you unprecedented financial freedom. But just as you would guard your paper statements, it’s best to take steps to ensure your digital financial life remains private:
- Use money management tools from sources you trust like your credit union or bank.
- Log out completely and close the browser window to end your session. This step is especially important if you don’t know what kind of cookies the site is using.
- Create strong passwords or passphrases that you can remember, but are hard for an outsider to guess.
- Never access your financial information over an unsecured wireless network (e.g. public Wi-Fi).
- Never send personal or account information via email and don’t respond to unsolicited requests by email. Either type in the URL to your financial institution’s website and log in to your account, or call them directly to discuss. Your institution may also offer a secure messaging section in your online account after you’ve logged in.
Article provided by Local Government Federal Credit Union.