Incorporating digital into your finances

Incorporating digital into your finances


Today, people of all ages are hyperconnected, meaning they can do just about anything on their mobile device. According to Business Insider, people spend an average of 100 minutes a day online for leisure.

Some may say this is a curse because of the loss of human touch, sleep or physical activity; however, others may argue it provides new opportunities to carry out daily activities more efficiently. These activities include travel planning, shopping and managing your money.

If you can’t live without your phone and want to keep better track of your personal finances, here are three ways to better incorporate digital tools:

1. Connect with your advisor on LinkedIn

The financial advice industry is historically based on personal relationships. As more people spend more time online, financial advisors do as well. You won’t receive personal advice online (for confidentiality and compliance reasons), but it’s a good idea to connect with your advisor through outlets like LinkedIn where you can receive helpful updates. If you don’t have a financial advisor, LinkedIn is a great way to find one and check their credentials.

2. Join Twitter to keep up with financial news

Get a better sense about what’s going on in the financial world by looking at a variety of news sources. In addition to connecting with your advisor on LinkedIn, use other social media networks to receive financial headlines. Follow major Canadian and international news sources on Twitter such as Global News, CBC, CNN and The New York Times to get the latest breaking news.

An alternative method is to set up a Google alert so you receive an email whenever an article is posted online with your chosen keywords and subjects.

3. Manage your money with helpful calculators

Online calculators are a convenient way to help you plan and prepare for a variety of financial goals such as supporting your child’s education and saving for retirement. As long as you have an internet connection, calculators can help you keep track of your goals, anytime and anywhere.

4. Download your financial institution’s app

When you’re on the go and need to complete a bank transaction, stopping at a bank or sitting down at your computer may not be possible. Most major Canadian banks now have a mobile app that allows you to access every day banking features directly on your phone. Download your bank’s app to pay bills, manage transfers and track your transactions in a relatively convenient and secure manner.

Incorporating more digital tools into your finances can help keep your financial goals top of mind.

To read this article by Mackenzie Investments online, CLICK HERE. If you have questions be sure to contact Harry Perler or David Olejnik.