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In 2020, 1.9 billion people used online banking worldwide!

If you're still lining up at the bank to see your teller, or spending hours on the phone with investment advisors, why not hop on the bandwagon?

Online banking and related financial tools can help you manage your finances quickly and easily.

Budgeting 101

Look At Me

Budgeting can be overwhelming at first but taking ownership of where your dollars go will help you plan and play offense instead of reacting and playing defense.

If you have a debit or credit card through your bank, you can use your bank's app to:

  • review bank statements instantly without having to wait for statements to be mailed to you

  • track your income (how much cash you have coming in) and expenses (how much cash you have going out)

  • set budget goals

  • keep an eye on your spending habits through graphs and other helpful visuals

Bank Accounts 101

Leo Dicaprio throwing money, over the text

Moving and receiving money is a lot easier when you do it online!

Your bank app will give you easy access to your bank accounts and help you take advantage of automation features so you don't have to do everything manually.

Checking

  • Use it for everyday spending

  • Deposit checks electronically with your phone camera

  • Set up auto payments for bills

  • Send/receive money to/from friends and family through Venmo or Cash App

  • Transfer money from one account to another instantaneously

Savings

  • Set up auto savings to send a percentage of your paycheque directly to your savings account

  • Save up cash for long-term goals like paying for college, buying a house or car, etc.

  • Use as an emergency fund for rainy days and unexpected expenses

Investments

An animated graph showing different investments going up and down

Investing involves committing money to something — stocks, bonds, real estate, business — in the hopes of making a return (aka more $$S).

Because it involves risk-taking, you'll need help. If you want that help online, you can use:

  • robo-advisors: investment services that use algorithms to help you make investment decisions

  • investment platforms: buy, sell, and manage a variety of investments online

Flaticon IconPROS

  • make your own investment decisions based on your specific needs

  • cheaper than going through a broker

  • keep track of your investments with online tracking tools

Flaticon IconCONS

  • not the best option if you prefer investment advice with a human touch

  • can be very risky to invest with so much independence, and computer errors or slow internet can affect transactions

Take Action

Online banking graphs

If you're ready to manage your finances online, take these next steps:

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This Byte has been authored by

JD

Joshua Dandridge

Senior Associate

TD

Tim Daly

Senior Associate PwC

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HG

Holden Greenberg

Senior Associate, PwC