How Technology Puts You in Control of Your Money

How Technology Puts You in Control of Your Money

There is, apparently, more processing power in a modern smart phone than was in the computer that guided the Apollo 11 to the moon.  Technological advancement over the past decade has changed every aspect of modern living and has put us in control of our money like never before.

Daily, we can pay bills and check online balances with our phones, we can create and manage a budget to make sure we don’t overspend (with any daily surplus going straight to a savings account with some apps) and we can aggregate all our accounts to get a simple overview of our financial position.

The benefits, however, are greater than convenience. Technology has disrupted many traditional business models and put the consumer in control: online estate agents and law firms have dramatically reduced fees. Software packages such as Xero and Free Agent have simplified business accounting and tax return submissions whilst online investment platforms risk sending many traditional IFAs the same way as the dinosaurs by offering simple ISA and pension portfolios at very low cost.

There are however risks to relying on technology. The devolution of power from traditional professions may save money in the short term but ‘rookie’ mistakes made by the uninformed may cost more in the long run. Equally, the more we live online the more the fraudsters can target us.

The role technology plays in our money management is only going to give more control in the future but we need to decide how we use it if it is to be to our benefit.


Andrew Neligan is a Chartered and Certified Financial PlannerTM and owner of Neligan Financial 

Contact 01392 539429 or visit

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