Many people worry about the best way to keep track of their personal finances, yet at the same time overlook one of the best tools at their disposal for keeping their finances in check. By utilizing the power of the internet it's possible to keep track of financial trends, search for loans, balance your chequebook, and perform a variety of other essential financial tasks without having to leave the comfort and safety of your home computer.
Below are some of the advantages of using the internet for your personal finances, as well as examples of some of the most common online financial tools.
Advantages of the Internet
In addition to the convenience of being able to access financial information over a secure network directly from your home, using the internet to keep track of your personal finances allows you to collect recent information and track financial trends as they're happening. This means that instead of having to keep track of financial papers and running all over town to take care of your financial business, you can do it all from your computer console or home office.
Stock Market Research
Keeping on top of stock trends can be difficult, but by using an internet brokerage for your investment needs you can make the process a lot easier. Simply set up alerts with your stock trading website of choice and you'll receive e-mail alerts as soon as your chosen stocks rise or fall beyond the parameters that you set. You can also access money market account and owned stock value information with just a click, and can make real-time trades just as easily.
Online Banking
Instead of waiting all month for a bank statement, take advantage of online banking services and gain 24/7 access to your savings, chequeing, and other accounts from your home computer. This allows you to check balances, transfer funds from one account to another, and even pay bills online if your bank's online banking portal allows it. You can also usually set up e-mail alerts to let you know when deposits post, when cheques clear, and when automatic payments are made from your accounts.
Researching Loans Online
Researching loans and requesting quotes from different lenders can be a long and grueling process… simplify the process by doing your research online. Most lenders with any sort of online presence have information about the loans and services that they offer on their websites, and contact information available on-site can assist you in finding out additional information. You can also use the internet to follow trends in lending, and may even be able to determine whether to apply for a loan now or if you should wait until after an upcoming interest rate drop at the national level.
Using Online Lenders
In addition to finding basic loan information online, you can actually submit loan applications from the website of certain lenders in your area and other lenders that exist solely online. In many cases, these online lenders are able to offer considerable discounts to their interest rates if you have sufficient collateral… even if you find that your credit is less than perfect.
The interest rates that are offered depend largely upon the individual lender, but it is generally a good idea to include online lenders in your loan search even if you're not planning on utilizing any other online services to assist with your personal finances. These lenders can save you a lot of money in interest rates and special financing, so you should at least give them a try and request additional loan information.
