10 Tips for Online Personal Finance

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When it comes to managing one’s money, there is so much advice circulating in the media that it may seem rather daunting to find the best solution to cater to your personal needs. When planning personal financials, it is crucial to consider all the contributing factors that may impact you as an individual. We want to take a closer look at how to approach online financials in a way that is not intimidating but informative and transparent.

The days of going into the bank to sit and discuss financial goals have come and gone; with the invention of the internet, financial services are easily accessible, saving much time and effort. We want to nullify any intimidation by listing these ten simple tips on how to approach online personal finance:

Accelerate your Saving

Online saving financial services are offered by industry experts that know how to take your savings and accelerate your capital with excellent interest rates. We highly recommend signing up for an Citi Accelerate Savings Account, as this kind of savings account maximizes annual percentage yields (APY’S).

Monthly compounded interest adds up to a handsome reward, and with a wide range of savings packages to choose from to get started, you will soon wonder why you never opted for this kind of savings account. Saving is, without a doubt, one of the best tools that you have at your disposal. Setting short- and long-term savings goals with the help of an online stipulated package plan would be most beneficial.

Invest Wisely

Firstly, allow us to outline the core differences between an investment and a savings account. Investing is superior to savings on account in the way that it is the allocation of money to purchase assets such as property, stocks, and bonds with the idea that they will earn the investor money in the long term. Online Investment services cover growth investments as well as income investments.

The best piece of advice that we can offer around investments is to have an approach that considers whether you have the money to make the financial commitment and stick to it. Everyone enjoys the idea that the financial seed they have planted will sprout, grow and mature into a tree whose fruit can yield more seeds, yet when push comes to shove, so many back away from the idea when they evaluate the responsibility of the commitment. As results are not instant, people would instead opt for a savings account.

Loan to Gain

Many financial organizations have made the loan application process available through the internet. With all the marketing shoving the long- and short-term loan offers down one’s throat, how can one know which is the best option to pick, and besides for that, when is a good time to loan money?

We want to unpack the issue of emotional loaning, as it is something that happens more and more as economies start to dwindle, and the growth of the depression rate increases. Always ensure that you cannot trace the reason you are loaning money to an emotional influence.

Furthermore, we would also like to point out that loans made on the basis that whatever you are investing in with the loaned money will, in turn, result in more profit that will allow you to pay back the money in a short space of time.

Budget, Budget, Budget

Thanks to the digital age, we have incredible tools at our disposal, one of them being online budgeting tools, namely budget tracking and forecasting. Setting spending limits in place with an intuitive tool, while making sure that tracking features fine-tuned to your unique needs empowers you to put the finger on your financial accountability.

Financial budgeting software is superior to the old school spreadsheet as it has so many built-in capabilities that allow you to draw up an expectation of all planned (and unplanned) costs so that you can budget accordingly. Never has budgeting been so straightforward.

Know Your Net Worth

While having an online budgeting tool is useful for month-to-month expenditure tracking, having an overall insight of your financial portfolio will enable you to determine whether you are progressing financially or not. Online net worth tracking tools are indicative of account fluctuations, and also weigh your debt against your income for an accurate report of your total net worth.

Having a full financial profile will allow you to be honest with yourself, allowing you to see which areas of your finances can be improved, as well as which areas (such as savings goals you have met) you have done well. Ultimately, making use of an online net worth tracker is way more useful than we ever thought possible as it also can report duplicate transactions and fraudulent activity.

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