Have you ever set a goal of tracking your personal finances and do actually start to do it only to see that you lack the steam to go on tracking after some time? Well, if yes, you’re not alone. I’ve lost count of the number of times I’ve planned to track my spending and do actually start doing it for some months only to see that I have several months to catch up after some time.
For over 5 years now, I’ve been researching how to save time by tracking personal finances. And my thought process is this: if we can track gas in our cars, which saves us time by letting us know how much gas we have in tank before embarking on a trip, then why shouldn’t we track personal finances?
And I’m particularly interested in personal finance because I believe business finance is structured enough. At least, most times, we need to keep records of spending to continue in business. But personal finance can easily go untracked and lead to a waste of time if not approached intentionally.
I interviewed and surveyed working professionals and entrepreneurs to feel their pulse on their use of automation in their personal finances. For example, questions about grocery shopping were asked as relating to personal finance. Interestingly, I noticed that experienced workers found grocery shopping more daunting when compared with less experienced workers. This shows that the latter would rather focus on less operational activities. Could a reason for this be the routine nature of such activities? So, for such shoppers, who find in-person shopping experience depressing, could an errand app be a refreshing development?
My research shows that a personal finance app that tracks expenditure sounds like good news to an average worker. Some of these apps can even generate personal cash inflow and outflow reports. This can be a valuable budget planning and monitoring tool – this may be something you may want to consider especially at this time of the year where we reflect and plan into the future.
So how does such an app actually save time?
Well, some have the intelligence to group a user’s money from a bank account into types of income and expenses allowing granularity as may be desired by the user. In turn, this could promote wealth management by aiding discipline in money habits.
With an average of 67% of my respondents believing that e-payment platforms are generally secure, I believe individuals should be comfortable with the benefits such platforms can bring to routine personal finance activities such as grocery shopping.
Generally, cybersecurity is one of the key concerns of retail consumers. About 40% of informants during the interview sessions alluded to this concern while the remaining 60% were indifferent. From supplying card details on an online payment platform for payment of goods to capturing personal information such as emails and phone numbers, consumers seem to be somewhat wary of any offerings of personal e-finance. Seamless interface of a personal finance app with financial institutions seems to be another primary discouraging factor. About 70% responded in the affirmative when asked about the complexity of synchronizing a personal finance app with payment platforms.
Notwithstanding these responses, it does appear that most people may be extremely comfortable already with using digital platforms. Therefore, it may not matter if some consider digital platforms to be insecure; after all, the world is going digital and people have to align with the trend. Or don’t they?
With all this information, it seems that Personal e-finance planning packages can be of immense value to individuals, especially solopreneurs who need their time freed up.
So, the question is - how are you going to start using the opportunities available with the use of these apps to get your time freed up?
Well, I’ll stop here for now and hopefully, I can share concluding perspectives on next episode.
Until then, it’s that time of the year and I’m hoping you and all yours have a very Merry Christmas!
This blog is about personal development for entrepreneurs based on the principles of fairness, compassion, and commitment. This includes the practice of 'speaking' positive affirmations, which can be a powerful tool to support self-development. Hopefully, you’re impacted positively in some ways. As we all know, personal circumstances are quite different. So, I encourage you to apply the lessons in line with your own context. Do continue to “Hola” to connect with people and remember “Let's continue to learn together and be encouraged to keep on connecting”.