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

FAQs

What is the most important tool for managing finances? ›

Top Financial Management Tools
  1. Xero (Accounting Software) ...
  2. Expensify (Expense Tracking) ...
  3. PlanGuru (Budgeting) ...
  4. Approve.com (Spend Management) ...
  5. FreshBooks (Billing and Payment Processing) ...
  6. BrightPay (Payroll Management) ...
  7. Gusto (Tax Preparation) ...
  8. SOS Inventory (Inventory Tracking)

How to enhance financial inclusion? ›

Strengthen financial infrastructure.

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 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.

How do banks help in financial inclusion? ›

Affordable and Accessible Banking Services

Offering no-frills savings accounts and low-cost transaction accounts enables financial inclusion at the grassroots level.

What are the three common tools of financial analysis? ›

Several techniques are commonly used as part of financial statement analysis. Three of the most important techniques are horizontal analysis, vertical analysis, and ratio analysis.

What are the three most important financial controls? ›

The three most important financial controls are: (1) the balance sheet, (2) the income statement (sometimes called a profit and loss statement), and (3) the cash flow statement. Each gives the manager a different perspective on and insight into how well the business is operating toward its goals.

What is the financial inclusion strategy? ›

Fair4All Finance define Financial Inclusion as ensuring “individuals regardless of their background, income or personal circ*mstances are aware of and have timely access to appropriate and affordable financial products and services which enable them to manage their finances day to day, build their long-term financial ...

What are the principles of financial inclusion? ›

Financial Inclusion Principles 101
  • Access. This involves offering cost-effective financial delivery channels, financial services and financial products to the target audience, thus facilitating global access. ...
  • Suitability. ...
  • Affordability. ...
  • Use. ...
  • Quality. ...
  • Financial Education of Consumers. ...
  • Diversification & Innovation. ...
  • Simplicity.
Dec 11, 2018

What is financial inclusion for everyone? ›

Financial inclusion is when everyone can access financial services that can help them build wealth, including savings, credit, loans, equity, and insurance.

Who is the target group for financial inclusion? ›

Financial inclusion efforts typically target those who are unbanked and underbanked and direct sustainable financial services to them.

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 is the financial inclusion methodology? ›

Financial inclusion is broadly described as the ability of individuals and businesses to access useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.

Which financial tool is most important? ›

Final answer: The most important financial tool for planning future financial goals is a budget, as it helps balance income with expenses and savings. Investing and managing risks are also crucial, along with setting SMART goals for informed decision-making.

What is the most important aspect of managing finances? ›

Cash Flow Management

One of the most important aspects of financial management for business owners is cash flow management. This is the process of tracking and managing the inflow and outflow of cash within a business. Think of cash like gas in the tank of your business. Without it, your business can't run.

What is the best way to manage finances? ›

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 a financial management tool? ›

It's a tool that helps businesses keep track of their finances, ensuring they know where their money is coming from and where it's going. The main goals of an FMS include keeping an eye on cash flow, which is the money coming in and going out, and making sure that the business is using its resources wisely to grow.

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