When it comes to adopting new technology, Sweden is one of the most forward-thinking countries. If you want to learn some lessons about how to use technology to manage your money, looking to the Swedes is a good idea. They’re rapidly becoming a cashless society, which means they use a lot of apps and online services to spend and manage their finances. There are some great apps that many Swedes use, and that have equivalents outside of Sweden too. Take a leaf out of Sweden’s book with the tips below, which will help you to use technology to manage your money.

Easy Mobile Payments

Cash has become a rare thing in Sweden, to the extent that many shops will no longer accept it. Mobile payments and cards have become the norm, whether you’re shopping or you owe money to a friend. One mobile app that’s very popular is Swish, which is used by many people to send money to friends and family, pay for goods, and other things. In the UK, some of the most popular mobile payment apps include Google Pay, Apply Pay, Venmo and PayPal. Some apps are best for payments in shops, while others are great for sending and receiving money from family and friends.

Online and Mobile Banking

If you’re not already using your bank’s online services, where have you been? Managing your bank account online makes it so much easier. In Sweden, it’s very popular to use a mobile banking app, along with a secure app called BankID which allows them to use the Swedish equivalent of a national insurance number to access bank accounts, sign legal documents and many other things. If you haven’t yet added your bank’s mobile app to your phone, do it now. It can offer you convenient services, like quick checks of your account balance and the ability to temporarily freeze your card.

Borrowing on Your Phone

One way to borrow money in Sweden is through an SMS loan or fast loan, which is an unsecured, usually short-term loan. As explained by HittaSMSLĂ„n, the name SMS loan comes from the fact that you can communicate with the loan provider via text message. You still search for your loan online, but can obviously do this on a computer or on your phone. You can easily use your phone to manage the borrowing process, with many lenders offering an app that you can use to apply for your loan.

Finding Bargains Online

Everybody loves a bargain, and getting things for free is even better. Many people in Sweden use Freecycle, which you can also find in the UK, to get free stuff that others no longer want. Secondhand sites are popular too, including one called Blocket and Tradera, which is the Swedish equivalent to eBay. You can use lots of apps and websites to find good deals, including eBay, Shpock, Gumtree, Vinterior and various other options – plus you can sell your own things for some extra cash too.

Sweden can teach us a lot about making the most of technology to manage your money, and perhaps give us a look into the future too.