Technology is constantly changing, along with our day to day lives. Resources are instantly at our fingertips with the help from countless devices and apps that making our tasks more convenient.
These technological advancements are changing the way we communicate, entertain, work, sleep, and eat.
In an article by David Bibby called How Technology has Changed Our Financial Lives, he states that a major change we tend to overlook is how the shift from paperwork to digital interfaces have changed how we understand and spend our money.
Technology brings us convenience with spending through Venmo, online banking, paperless checking, checking credit scores, and paying bills online.
However, we often ignore how technology has drastically increased our spending over the past few years due to its convenience. Bibby references Ramsey in saying,
“According to Dave Ramsey, author of the bestselling book, Financial Peace, a person will spend about 12%-18% more per month with a credit card than they would have if they used cash. And now that cards contain chips and other technology that allow you to wave the card instead of swiping it, this can cause you to spend an additional 9%!”
With managing student loans, rent, and other costs of living in college that ensue before we are even employed full time– debt has become the new normal for our generation.
Carefully budgeting our finances has become a necessity.
With the help from new tech companies and apps, some of the stress related to financial management can be lifted off our shoulders. Reliable systems with easy to understand formatting is helpful in understanding how to save and spend in our current economic climate.
Apps like Mint, take the top spot as a budgeting app for being safe and easy to use. Their user demographic being in the 18- 30 year old range, goes to show that young adults are becoming more concerned about their money.