4 Ways Technology has Impacted the Personal Finance World

personal finance

6199518254_2371d69321_zEven though it’s not spring anymore, I’ve been working hard to clean out both my home office and my office at my full-time job. I find that I’m able to focus better and get more accomplished when I work in a clean and tidy space.

While I was cleaning out some drawers in my home office, I came across a plastic tote full of old pieces of technology including things like my first ever Ipod, a ton of old cell phones?and chargers, and a bunch of other random and un-identified technology-like objects.

This got me thinking about my technological past. In my short life span I’ve actually gone through quite a few different computers, cellphones, music devices, and more. Is this because I’m hard on my equipment? Partially, but it could also be because of the rapidly changing and ever evolving technology that is always coming down the pipeline.

Eventually this line of thinking led me back to personal finance, much like everything does these days. But instead of mourning how much money I spent on technology in my lifetime, my mind went to how technology has impacted my personal finances. Here are four ways I thought of that technology has impacted the personal finance world.

Online Banking

One of the first things I do in my daily routine is check the online banking?system for my checking account. Yes, I do this everyday as I like to keep a close eye on my finances while I’m working to pay off debt. If it weren’t for the internet and my computer, I would have to call or stop in to the bank each day to find out my balances and what transactions have gone through my account. What a pain!

Paying Bills

Another personal finance function I perform online with my laptop is paying bills. I pay all but three of my bills online every month. Paying bills online eliminates the risk of your payment getting lost in the mail and the pesky fee that many companies charge if you try to pay by card over the phone.

With online bill paying I can also schedule my payments ahead of time so I can pay all my bills on the same day each month instead of having to set aside time to pay bills several times each month.

Earning Money

Do you earn all of your money via a job you go to from 9-5 Monday-Friday? I don’t. I started an online side hustle to supplement my income and help me reach my personal finance goals quicker, like getting out of debt. Thanks to the internet, I may even be quitting my full-time job soon to run my online business full time instead.

Even if you don’t want to give up your day job, there are plenty of ways to make a little extra money online – from your normal shopping through TopCashBack?to using a different web browser with Swagbucks.

Getting Paid

Do you get paid with a paper check from your full-time employer? I don’t know hardly anyone who does. My employer pays me via direct deposit, which allows my paycheck to be in my checking account much faster than if they had to issue paper checks and I had to find time to go down to the bank to deposit it.

For my side hustle, the majority of my clients pay me via PayPal, which is another method of online payment using a bank account transfer or a credit card.

If it weren’t for direct deposit and the internet, I may not be getting paid at all!

There are numerous, immeasurable?ways that technology affects our lives every single day. Sometimes we don’t even realize all of the effects that technology has on us and how dependent we really are on our online systems.


What other ways can you think of that technology affects your personal finances? What are some of the favorite tools you use to manage your money? Do you still get paid via paper check?



Photo courtesy of: Tom Taker


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  1. Tre says:

    Don’t forget your online account for investmesents and retirement savings!

  2. Hi Kayla, I don’t know what I would do without technology. That’s why I am thankful that it is now more improved. And, what I like the most is that it helps me pay with the bills. On the other hand, apps that help me with savings and budgeting are what I am mostly interested in.

  3. Maureen says:

    Soon enough there will be more transparency when it comes to financial products thanks to online financial tools, advisers, and blogs. Technology is definitely taking over in the world of personal finance.

  4. I think the online banking is huge for me. We have a bunch of subaccounts for various goals, and they keep me sane.

    • Kayla says:

      I love online banking too. I check my accounts almost obsessively. I couldn’t keep tabs on them as easily without online banking!

  5. Debit cards are an older technology but still have an impact. Personally, it was a lot easier to balance my checkbook at the end of the month when I had a deposit for my pay and then a few checks and a cash withdrawal. Now I use my debit card and have many more entries to make to stay on top of things. Miss a few and you could be in trouble.

    • Kayla says:

      That’s totally true Jon! June got away from me and by the time I sat down to work on my budget results post I had too many transactions to reconcile (because of my debit card). Ugh!

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