With the world still a very topsy-turvy place at the moment, it’s never been more important to focus on your financial well-being. At any moment you could lose a stream of income and face unexpected difficulties with managing your money.
So how can you help yourself with managing your money?
What is financial well-being?
There are several elements involved in financial well-being, but an overall definition is:
How much your financial situation and money choices provide you with security and freedom of choice.
So if you have good financial well-being, you’ll feel secure with your money and your financial goals, and you’ll have enough choice with what you spend your money on.
Digital money and financial well-being
Here at Paysend, we talk a lot about the benefits of digital money, and how we think that it can improve the lives of nearly everybody!
Why do we think this? Because we’ve seen digital money services transform the fortunes of millions - yes, millions - of people.
We’ve helped 3.5 million people to make the switch from offline to online digital money transfers, and this number is growing every single day!
Still need convincing about how digital money can improve your financial well-being? Here are 5 ways that switching to digital can make your financial life happier, healthier and more secure:
In simple terms, the more money you have, the more choices you have. Digital money backs up this idea by having low commission fees. So if you’re sending money abroad using a digital platform, you can expect to pay a low, flat fee for the transaction rather than a high bank charge which is a percentage of the overall fee.
With low transfer fees, less money goes to the company sending your cash, and more is received by your recipients. This is great news because it means that this money can be spent on important things, instead of being lost as commission!
On-the-go financial services
When you’re managing your money, you don’t want to be tied down by location. For example, if every time you wanted to send money you had to take the bus to your bank, wait in a queue and deal with the cashier, then you’d be wasting a lot of precious time!
Digital money services let you hold, send and spend your money via smartphone apps. This means that wherever you are, you have instant access to a whole load of important financial services. You’ll then have much more time to focus on the things that really matter, rather than wasting time with money admin!
Everyone wants to be able to manage their money their way, and digital money allows this by bringing never-before-seen levels of convenience to people in many different ways. These include payment methods, investment opportunities and digital savings pockets, to name just a few.
With greater levels of choice and convenience, managing money becomes a lot easier for people, and their financial stress levels can be kept low.
Higher levels of security
Feeling that your money is safe and secure is one of the most important benefits of digital money. Thanks to fortified security systems, digital money adds more safety layers to users’ money than ever before.
More security means more consumer confidence in digital financial services, so more people are likely to enjoy the diverse benefits that digital money services can bring to the market.
Simple, accessible platforms for all
Digital money brings technical financial solutions to the masses with smart, affordable and accessible platforms. These platforms let customers access financial products like money transfers, savings accounts and even mortgages from their smartphones, tablets or laptops.
A few years ago, benefiting from many financial products required help from your bank or financial advisor, but people can now enjoy many financial services at their fingertips. This gives us more control, choice and freedom over what we do with our money!