Three steps to managing your money in a cashless society
Canada is leading the world in financial technology, with cashless transactions using credit cards, contactless payments, e-transfers and phone apps now the social norm. But for those of us still heavily relying on cash or not making use of the latest technology, making the transition to an increasingly cashless world can be a struggle.
Fortunately, with a little help we can all adapt. Here are three simple steps to help get you on your way:
Get to know the benefits banking services can offer. You might feel that using cash as your primary means of payment gives you better control of your spending, but if that cash is lost or stolen, it’s gone for good. Making payments on a debit or credit card provides a record of your purchases, and many credit card companies can even put a temporary block on your credit card if it gets lost.
Make use of apps to help you spend responsibly. Spending can be hard to track on pen and paper. Budgeting and banking mobile apps can help you monitor your spending in real-time and identify areas you may be overspending based on your financial goals.
Look for ways to build your credit. Look for a credit card that can help you build or rebuild your credit, such as Capital One’s Guaranteed Mastercard. Be sure to stay within your credit limit and make your payments on time to build healthy habits. There are also online resources and community services you can check out to learn more about how to build or rebuild your credit.
It is possible to get a handle on your money while embracing life in an increasingly cash-free world.
To read more articles like this, check out our Dollars and Sense page.
For the latest information and for more updates on everything Kindersley ‘Like’ the Kindersley Social Facebook page below…
Google Play and the Google Play logo are trademarks of Google LLC.
