If you are happy to say goodbye to the old days of banking, then the new way of doing things is probably quite exciting.
Gone are the days of going into your bank and waiting in the queue for the teller. No more paying-in of cheques or bags of cash.
Everything is available online, and with the new open banking standard that has been introduced, you now have a lot more options in terms of analysis of your spending than you ever had before.
As ever, check on reviewsbird.co.uk for the latest reviews on any app, service or product that you buy to make sure that you’re getting the best deal for you.
I’m going to admit to you that when I hear the word ‘open’ in front of some term these days, I roll my eyes, because ‘open’ usually means I have to lose some new aspect of my privacy (think open cities).
But Open Banking is a real revolution for you.
This standard allows the banks to make certain data that you have available to 3rd party applications that you grant permissions to.
What does this mean for you? Well, before you do anything you should find out others’ finance management opinions and make sure that this is the right thing for you.
There are now a host of applications that you can download to your phone that will look at your bank data and check you spending.
You’ll be able to see how much you have going out each month, predict large outgoings, and see where your money is really going.
Budgeting apps will allow you to reign in your spending where it’s not needed, and even promote healthy money habits such as saving and investing.
Investing On The Go
Once you’ve got your spending under control with one of the many open banking applications available, then you can start to think about saving or investing a little of your hard earned cash.
Some recent events have shone a not so flattering light on certain aspects of investing apps, but there’s so much more to them than meme stocks and YOLO investing.
Traditional investment brokers were difficult beasts to deal with.
Often the cost of entry to investing was high, and fees associated with each transaction kept investing in stocks, shares and bonds in the realm of the wealthy.
But now, there are companies offering stock brokerage services and handy applications for mobile devices at the same time.
Not only that, many are offering small minimum investment amounts and no fees or commissions.
This is a real game changer, and brings investing to your pocket. On the go.
Caution should be exercised however. These apps are not a replacement for sensible considered saving and budgeting.
But they do offer many a way to get their first taste of investing.
You should be extremely cautious before you hand over any money, and check that the broker you have chosen is reputable.