With the rapid development of tech across the world, everything is changing – from travel and tourism, to how we work and what our careers entail. Advances in artificial intelligence, automation and other hardware are just a couple of aspects that are contributing to a new digital world. 
In Singapore, this is no different. In particular, the way we manage our finances and the way finance is being regulated in Singapore and across the world are seeing unprecedented change. Given the importance of a healthy financial lifestyle, being aware of where personal finance management is headed is key in making the right personal financial decisions.
The Growing Importance of Cryptocurrency
While crypto is something that you have probably been hearing about for a few years at this point, there is still a lot of misconception and a lack of understanding that surrounds it. Whilst at the start of crypto (with the invention of Bitcoin) there was significant uncertainty surrounding the idea, cryptocurrencies are slowly becoming better understood and more reliable as investments, stores of value and currencies. Plus, the technology has introduced various innovative technologies and approaches to not only finance, but app development and decentralisation of companies as well.
As the growth of crypto such as Bitcoin becomes more steady and more big companies get involved, the future of crypto looks good. Companies such as PayPal have recently introduced public support for cryptocurrency, and votes of confidence like this are clearly having an impact, with rising retail investment. Furthermore, opportunities to get involved are optimal in Singapore, with exchanges such as Independent Reserve.
The Trend of Digital Banking
Digital banking is on the rise across the world, most recently in Singapore. Late 2020 saw the Monetary Authority of Singapore grant bank licenses to four digital banks, in a first for the country.
You only need to look overseas at countries such as Australia to see the potential success of digital banking – if you aren’t convinced, it is worth noting that Singapore’s first digital banks were chosen based on factors of innovation, business sustainability, growth prospects, and overall business model and value proposition. Clearly, there is a lot of reason to be confident in digital banking as we move into a new era of financial management.
Tracking Your Budget and Spending has Never Been Easier
Finally, while this is a feature that digital banks and banking apps, in general, will begin to embrace, comprehensive budgeting and financial tracking apps are seeing widespread adoption as a result of their convenience, functionality, and monetary benefits.
Whether you need to better manage your spending, or just want to see where your money is going, there are a number of free and paid apps available that will give you insights that you may never have considered otherwise. Often, these apps make clear the surprising amounts that some people are spending on things like rideshare services, takeaway food, and other wants that can easily add up. Regardless, knowing how to rearrange and better manage your budget is crucial to a healthy financial lifestyle as tech advances and we move through the digital age. 
