5 ways digital money may improve your financial well-being

5 ways digital money may improve your financial well-being

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 may 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 may improve your financial well-being? Here are 5 ways that switching to digital may make your financial life happier, healthier and more secure:

Low fees

In simple terms, the more money you have, the more choices you have. Digital money transfers may back up this idea with low commission fees. So if you’re sending money abroad using a digital platform, you may expect to pay a low, flat fee for the transaction rather than a high fee based on the amount of the transfer.

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 may 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 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!

More convenience

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 apps 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 may 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 may 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 may now enjoy many financial services at their fingertips. This gives us more control, choice and freedom over what we do with our money!

Paysend is on a mission to bring the benefits of digital money to as many people as possible, so that everyone may enjoy a high standard of financial well-being. By choosing Paysend, our customers may get more from their money thanks to our low fees, simple app, and friendly customer support team.

Download the Paysend app today to start exploring the power of digital money!