For the major part of the 20th century, managing money required a lot of patience and some clever guesswork too. 

Bank statements arrived in the mail once a month, and if you wanted more information, you needed to get to your bank to talk to an employee. 

Bills used to be paid by cheque or in cash. 

When you wanted to track your spending, you would write down amounts in a spreadsheet and hope your finances balance at the end of the month. With limited financial visibility and control, previous generations had to be strict about what they could and couldn’t afford. 

But nowadays, digital tools have changed that experience. Technology has transformed not only how people spend, but also how they manage their money and unlock more income opportunities. 

It’s Easier to Create a Clear Budget

It’s a lot easier today to sign up for memberships and other offers that you may not need in the long term. But, at the same time, you can gain instant visibility of your finances through online banking platforms, so you are in a better position to create an accurate budget of what comes in and goes out. This means that because you can see transactions in real time, you can also make informed decisions about your current financial position. 

You can quickly notice where spending creeps up and act upon it. Additionally, it’s worth noting that a lot of online banking apps categorize expenses automatically, so identifying spending patterns becomes child’s play. Besides, if you spot recurring membership or service payments for things you don’t use anymore, you can cancel with a click directly from your bank account. 

It’s Easier to Gather Knowledge

We live in a world where people can’t afford not to be financially literate. While this doesn’t mean that everyone should become their own financial advisors, tips and best practices to manage money are more readily available than they used to be. 

Naturally, for anything that requires specialist knowledge, you will need an expert, but for everyday financial decisions? You can look for informative digital resources, such as the Japanese platform dedicated to lifestyle finances, くらしと支払いラボ, which offers clear explanations about digital payments and personal finance. Having the right knowledge to make the right decisions is one of the most significant differences between today’s generations and our parents and grandparents. 

It’s Easier to Make Money Online

While you may not become a millionaire overnight, you can generate a modest side income online. Countless digital platforms let you build an additional income stream, such as selling belongings on eBay or Vinted, for example. 

Additionally, social media has also opened the door to many more modest opportunities. Becoming an influencer is often an impossible dream. However, joining affiliate programs and commission-based models on platforms like TikTok and YouTube allows content creators to earn money. 

You won’t be able to replace your day-to-day job, but you can make a little money to supplement your income, which previous generations couldn’t even dream about. 

Ultimately, we are living through a unique period in time that allows everyday people to use digital tools to save, manage, and make money. For the first time in history, the money business is not in the hands of a select few experts. It belongs to everyone. Only time will tell whether we can make the best or worst of it, but while we’re at it, we may as well improve our lives.