Learn the basics of managing money with a new generation of tools. Get a budget, track expenses and save smartly. Streamline your bookkeeping and stop living paycheck-to-paycheck.

MMT argues that governments can print their own currency and spend without worrying about high inflation or debt levels because their government bonds are held by the central bank. The theory has gained traction with politicians like Alexandria Ocasio-Cortez and Bernie Sanders.
FedNow Service

The Federal Reserve’s new FedNow Service went live in July, enabling financial institutions of every size to offer instant payments services. The system is a real-time gross settlement service that allows participants to make and receive funds in near-real time — around the clock, 365 days a year. The system settles and clears payments in seconds, and funds are made available to the receiver immediately.

The Fed’s goal is to enable broad reach for instant payments, much like its Fedwire and FedACH services. To help achieve this goal, the Fed is working with banks and other financial institutions to create new ways for individuals and businesses to use instant payments.

Small payments have a big impact on the economy and are a significant part of consumers’ financial lives. They allow people to pay their bills, buy groceries or gas and maintain their credit score. And they can help a business meet payroll or cover operating expenses. These benefits, in turn, support jobs and economic growth.

For example, if a person makes an instant payment to an electric company or mortgage company, it could prevent late fees and keep the power or water on during an outage. Or, if a family is paying off their vacation home loan or covering a child’s tuition, it could allow them to access cash and take that trip sooner.

Another way the FedNow Service can help small businesses is by allowing them to use instant payments to pay their suppliers and vendors. This can speed up their cash flow and improve their ability to invest in their operations, expand or hire more workers, and serve customers.

And, it can also allow them to compete with money transfer apps such as Venmo and Cash App. For banks, providing an instant payments solution can drive stickiness for digital banking and increase opportunities to cross-sell other products and services. However, adding a new payments rail can introduce complexity into a bank’s back-office processes and requires some investment. Therefore, many banks are pursuing a phased approach to adoption. This allows them to test and learn how their customers are using the new payment service while avoiding any unintended risks.
Vendor Payments

Vendor payments are a critical part of your business accounting systems and processes. They clear the debt owed by your business to its suppliers and vendors for products and services they have supplied. Managing this process well will have a direct impact on your company's procurement and supplier relationships. A poorly managed vendor payment system can strain these relationships and even impact your bottom line.

In larger firms, a team of individuals is typically responsible for vendor payments. In smaller and mid-sized firms, this task is often the responsibility of a single individual. In either case, you will need to make sure that the proper processes are in place to ensure that your debts are paid promptly and accurately.

One key step to this is to ensure that you have the right tools to make it as easy for your vendor partners to work with you. This includes ensuring that you are offering multiple ways to pay. Whether it is through ACH, credit card, or wire transfer, the ability to offer these options will allow you to increase your chances of a long-term relationship with your vendor.

Another important step is to provide your vendor with a clear view of your payment schedule and deadlines. This will help them to plan their cash needs accordingly and also reduce the risk of supply chain disruptions caused by temporary cash flow challenges. It will also help you to position yourself as a buyer that is easy to work with and will be a great partner for the future.

Once you have the appropriate systems in place, a more efficient way to manage your vendor payments is through automation using vendor payment software. This is available as a standalone solution or can be integrated into your ERP system. This will help to make it easier for your accounts payable team to manage your debts with your vendor partners and create more accurate reporting for the financial team as well.

Once you have your vendor payments automated, a number of additional steps can be taken to improve the efficiency of this process. Some of these include:
Payments to Friends and Family

If you've ever been out with friends who don't have cash for a split check or to cover expenses, or needed to pay someone back, there are many ways to send money, quickly and securely, using apps like PayPal, Venmo and Zelle. These electronic payment services combine financial transactions with socialization and allow you to dress up your payments with fun extras like emojis, stickers and notes.

Some also enable you to attach a debit card to avoid paying high transaction fees that could hit your personal finances. And others, like PayPal's 'Friends and Family' payment option, are free to use. But the latter isn't ideal for purchasing goods and services because it carries no buyer protection, so it's important to make sure you're using it appropriately, which means only sending funds that are actually for goods or services. 소액결제 현금화 100

Another option is to simply use your smartphone to send money, if you and the person you're paying have both enabled Apple Pay or Google Pay. You can tap the payment button in Messages on your iPhone to enter the amount, then approve it using Touch ID or Face ID. The transaction is secure, and you can also add a photo to personalize your payment.

Other electronic payment services, such as Zelle, are more consumer-oriented and have features that can help you stay organized, such as a dashboard with spending categories. They also provide you with a receipt after the transaction, so you can track your purchases and reconcile your bank account.

For those who have been helping their friends and neighbors during the coronavirus pandemic by lending them money, it's a good idea to consider how much you can afford to lend, to keep your own finances in order. And you should always make sure to document your loans, which may be subject to taxes, so you can report them on your tax return if needed. If you're thinking of giving your loved one a loan for more than a year, it's also worth considering whether you need to charge interest. You can use inflation calculators online to get a sense of what that might look like.
Online Lending

Online lending can be a quick source of cash for a small business. However, it is important to do your homework and be aware of the fees involved. For example, some lenders may charge a set up fee or monthly service charge. Others may only charge interest. It is also important to know if the lender has a physical branch or not. This will help you decide whether or not to use them.

Unlike traditional brick and mortar banks, many online lenders can tell you almost instantly whether or not you will be approved and how much you can borrow. They are able to do this because they don’t have the same overhead costs as banks and credit unions with physical branches. They can offer lower rates and smaller service charges because they don’t have to pay for as many people to review the applications.

If you apply for a loan with a traditional bank, it could take weeks or even months before you receive the money. This delay is especially troublesome for small businesses that need the funds quickly.

A growing number of small businesses are seeking financing from alternative online lenders. These lenders are able to process loans faster than traditional banks by using machine learning algorithms and broader swaths of data, including transaction information. In addition, these lenders are more flexible in how they will use the funds and less likely to require that the funds be used for a specific purpose.

This flexibility and speed is a big draw for small business owners, particularly millennials. Millennials are twice as likely to turn to alternative online lenders as their older counterparts. This trend is fueled in part by the fact that most large traditional banks have tightened their credit standards, while millennials are still at the stage of their business development where they need access to capital to grow and expand.

But it is important to keep in mind that these companies are not well regulated, and their marketing practices can be questionable. For example, some of these lenders will send you snail mail, emails, and calls even after you’ve been declined or have chosen not to use their services. And while you can request to be taken off their list of potential customers, this can be a tedious and time-consuming process.