Why you need to go digital with your money - Serious Saver's City (2024)

While most of the world typically owns either an apple or android phone, there are many who still love the feel of cold hard cash in the palm of the hands. As we live in an era where everything is digital, it can be scary to trust computers, apps and anything that collects information on you and puts it out there.

Although many have their fears, there are also those don’t have any at all. The young usually trust a bit too much, and even though nothing happens to them, it makes you wonder when it will.

Here at Serious Savers City, even we went through a phase of being scared and not trusting the online world. We didn’t save passwords on our computers, or credit card numbers on the banking apps. But there came a point where it was just downright inconvenient for us. Aside from that, we see that there is nothing to be scared of.

Of course no what information you put out there it is still a good idea to be wary of the sites and apps you are on. No one wants to experience fraud or theft, especially with money. But I know there are many of you out there that are very tech savvy or at least know good from bad.

But as we have grown older, and technology has gotten better, we’ve been able to trust, even our money, online a lot more! I am confident with banking online you these days, you definitely should be as well!

Banking online

Whether your banking online or through your phone, there is truly nothing to scared about. When you’re at home you can check on your accounts as much as you want without having to even get out of bed. If you have many bills you can pay them directly from there or check on any payments to make sure they went through.

I know it can be hard to not get that reassurance you need from the agent behind the counter, but everything is fine. Taking your time and making sure you have the right amounts and correct billing is the first step. They even have ways to already set up bill payees so that you don’t have to continuously enter it every single time.

Cashless future

Is it the future yet? Because it sure feels like it already.

As old school as I like to think I am, I can’t even remember the last time I’ve even seen cash, let alone someone use it. These days all you see are people using their cards and I don’t blame them for it. Carrying around cash is so unnecessary, or at least to us.

Now I know there are many people out there that like to defend it but to me its nothing but excuses. The biggest excuse is “I like taking out cash because I’ll keep track of it better”. This is one that I truly don’t get because the second I have cash, its all gone within a trip to one store!

The truth is most people just don’t know how to budget their money so they have to go to the bank and take out cash just so they are limited to what’s in their pocket.

The future is here and while of course, the government is also printing new cash, the new wave is paying by card.

On the go updates

This one is for all those who use the excuse I mentioned above. One thing I love about going digital with my money is that most banks offer updates straight to your phone. This makes it even easier and you don’t even have to log in anymore!

I know personally with the Bank of Scotiabank, not only do you get updates when money is withdrawn from your accounts, but you can also get updates when money is deposited and you can even get daily updates as to the current amount in your account.

Is that isn’t the future than I don’t know what is?

Not only is it great for your own general knowledge, but it can also be helpful in case you lose or misplace your card and someone else uses it.

Banking online is a great step for anyone to take. Whether your young or old, it a tool that can help you improve your financial state of mind. One thing that I’m sure will help most in debt is being able to keep track of your finances. Long gone are the days of having to rush to the bank to withdraw cash.

Transferring between accounts and paying people

I remember when we first moved into our apartment and realizing that we didn’t have a bank close by to us that we need to move our rent money into. I know its confusing, why do we have chequing accounts with 2 banks?

Well for one, we have bought physical cheques from one account just for rent before we opened the other. Also marks Ontario student loans are in that account and it’s complicated to change banking info. Plus since we had to buy the checks, we don’t want to waste them.

Where was this about again?

Right, so because of that, I decided to look into other ways of transferring money around. First thing I saw was Interac E-transfers. Everyone typically has an email linked to there bank accounts. Through Interac E-transfers, you can send someone money and their email will notify them. Through that email (depending on how many banks there with) they can choose which one it goes to.

So I basically transfer money from Marks account to my email and transfer money through our mutual savings account to put money for rent. This method can be done to pay someone back without having to give take out cash, just a simple e-transfer and done!

Also, after getting just a MasterCard through another bank, I didn’t know how to pay it without having to go in person. I figured out that I could just add the card as a payee (bill payment) and pay it through there.

I can’t even tell how much of a lifesaver this was to be able to pay all my credit card and be able to move rent without having the leave my apartment.

This is the future and there are so many ways to do more with your money than running to the bank all the time. I truly dot’ know what I would do if I had to bank in person all the time, especially when we didn’t have a car.

So are you still scared to go digital with your money? Have any more you would like to share? What are your experiences with online banking? Leave a comment down below if you think you might try it or if it has been a game changer in your life as well!