3 Financial Tools to Make Your Life Easier - Council for Inclusion in Financial Services (2024)

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3 Financial Tools to Make Your Life Easier

Our 3 Recommendations for Financial Tools to Make Your Life Easier

When it comes to finances, we have it a lot easier these days than our parents did. See, technology and apps and Instagram accounts have made financial health a ton more attainable —and when financial health is more attainable it’s more sustainable, too! While there are a ton of financial tools you can use (and it’s all about what works for you), there are 3 big ones that we’d recommend to absolutely everyone… and they’re more simple than you think.

You ready? Let’s go.

  1. Your bank app.

Okay, so this may seem like a “duh!” kind of moment, but we’re serious here… your bank app is an incredibly valuable tool to keep track of your finances. We’re long, long past the days where you had to check with a bank teller or a clunky website to check your bank account balance, and your bank app likely has additional features that make it remarkably helpful. From giving you your credit score to rounding up your spare change for savings, you might be surprised at what your bank app can do. Plus, there’s nothing better than a daily check-in on your finances —enter: your bank app!

  1. A budgeting tool or app.

We talk often around here about the importance of a budget, and for good reason. A great budget can be the #1 tool to use to transform your financial life and track your spending, and a budgeting tool can make things way easier than scrambling to write things down on a piece of paper. Whether it’s an Excel spreadsheet you like (there are tons all over the internet!) or an app like Mint or Copilot, spend some time plugging in your budget and looking for a tool that works for you. It’s just like magic, we promise!

  1. A calendar.

Do you ever get confused (or surprised) by automatic payments or bill due dates? We get it — which is why we’re big proponents of entering all of your financial due dates and important dates into a Google Calendar. Whether it’s reminding yourself of your rent due date or setting yourself an event to transfer money into savings, consider taking the time to do this! It’s amazing how much being financially organized can lower your stress —and when your financial stress is lower, your rewards are usually greater.

At CIFS, we’re here to help you create a more healthy — and equitable —financial life through resources and tools that put you first. Follow along here.

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Council for Inclusion in Financial Services, Inc. is a 501(c)(3) organization dedicated to increase awareness within the financial services industry of the social and economic benefits of multiculturalism in employment and supplier utilization, while also launching initiatives that promote financial literacy to help all Americans understand how to grow their personal wealth.

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3 Financial Tools to Make Your Life Easier - Council for Inclusion in Financial Services (2024)

FAQs

What can be done to improve financial inclusion? ›

Information asymmetries and lack of collateral are often obstacles to the underserved accessing financial services. Expanding credit reporting systems and collateral registries (including for movables) and improving the efficiency and accessibility of retail payments systems can increase access to financial services.

What are the examples of financial inclusion? ›

Other than PMJDY, there are several other financial inclusion schemes in India — Jeevan Suraksha Bandhan Yojana, Pradhan Mantri Vaya Vandana Yojana, Pradhan Mantri Mudra Yojana, Stand Up India scheme, Venture Capital Fund for Scheduled Castes under the social-sector initiatives, Pradhan Mantri Suraksha Bima Yojana ( ...

What are the factors of financial inclusion? ›

The determinant factors of financial inclusion are income, education, age, and gender. The determinant factors of the main indicator of financial inclusion are formal account, formal saving, and formal credit.

How does having financial resources make a person's life easier? ›

Money allows us to meet our basic needs—to buy food and shelter and pay for healthcare. Meeting these needs is essential, and if we don't have enough money to do so, our personal wellbeing and the wellbeing of the community as a whole suffers greatly.

What is the financial inclusion strategy? ›

9 Typically, a NFIS will include an analysis of the current status of, and constraints on, financial inclusion in a country, a measurable financial inclusion goal, how a country proposes to reach this goal and by when, and how it would measure the progress and achievements of the NFIS.

How can I improve my financial management? ›

These seven practical money management tips are here to help you take control of your finances.
  1. Make a budget. ...
  2. Track your spending. ...
  3. Save for retirement. ...
  4. Save for emergencies. ...
  5. Plan to pay off debt. ...
  6. Establish good credit habits. ...
  7. Monitor your credit.

What is the main aim of financial inclusion? ›

It primarily aims to include everybody in the society by giving them basic financial services without looking at a person's income or savings. Financial inclusion chiefly focuses on providing reliable financial solutions to the economically underprivileged sections of the society without having any unfair treatment.

What is financial inclusion for the poor? ›

By enabling individuals to access affordable credit, financial inclusion reduces poverty. It is essential to have working capital in any business, especially farming, in which land, livestock and farming equipment can be expensive.

What is the action for financial inclusion? ›

What we do. Action for Financial Inclusion (AfFI) has been set up to turn ideas on promoting financial inclusion and resilience into action. It is a Community Interest Company with charitable purposes.

What are the three components of inclusion? ›

Best practice in inclusive education requires access to and implementation of three major components: academic inclusion, social inclusion, physical inclusion.

What are the 4 areas of inclusion? ›

There are four key features of inclusion which can be used to set expectations and evaluate inclusive practice in schools and early learning and childcare settings. These are present, participating, achieving and supported.

What is the target of financial inclusion? ›

As a result of digital payment options and uptake, India has taken just six years to reach its financial inclusion target of 80% - 41 years earlier than originally anticipated.

How do I improve financially? ›

39 Ways to Improve Your Personal Finances
  1. Get your overspending under control. ...
  2. Create a new budget. ...
  3. Find a budgeting app you like. ...
  4. Make a will. ...
  5. Protect your savings from inflation. ...
  6. Prepare for rising interest rates. ...
  7. Prepare now for your next major life event. ...
  8. Boost your retirement savings.

How can I simplify my life financially? ›

Best Strategies for Simplifying Your Financial Life
  1. Use direct deposit. ...
  2. Automate recurring bills. ...
  3. Explore online banking. ...
  4. Put some savings on autopilot. ...
  5. Consider consolidating accounts. ...
  6. Look into automated money-management tools.

How can money make life easier? ›

Money can make life easier and open doors to a more fulfilling life. Financial resources provide the freedom to choose where you live, how much you work, and how you spend your time. It can also give you the flexibility to work when you want.

What does it mean to promote financial inclusion? ›

Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.

How can financial performance be improved? ›

Cutting costs, managing debt, boosting revenue, obtaining external funding or consulting with financial professionals are all actions that can benefit financial health. Measure financial performance before taking action to improve.

How can a finance team be improved? ›

8 Ways to Improve Efficiency in Finance Departments
  1. Embrace Digitization. ...
  2. Reduce Human Error. ...
  3. Ensure Data Accuracy. ...
  4. Invest in Better Reporting Tools. ...
  5. Make It Easier to Approve Invoices. ...
  6. Mitigate Security Risks. ...
  7. Invest in Paperless Processes. ...
  8. Automate the Entire End-to-End AP Process.

How can I improve my financial plan? ›

Personalized financial planning explained step-by-step
  1. When it comes to life's biggest moments, you probably had a plan. ...
  2. Set financial goals. ...
  3. Follow a budget. ...
  4. Build an emergency fund. ...
  5. Manage debt. ...
  6. Protect with insurance. ...
  7. Plan for taxes. ...
  8. Plan for retirement.
May 10, 2024

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