The surprising connections between your finances and weather
Monday, February 11, 2019, 11:24 AM - Checking the weather before heading out the door is a habit many Canadians share - from blustery coastal winds to blowing snow, staying on top of our forecasts helps us stay prepared for whatever could come our way.
Over the years the way we check our weather and finances have changed, and mobile apps are now the most efficient way to access millions of different resources online. Read below for the interesting connections that banking and weather apps share, and learn how you can better prepare to weather any kind of storm.
WHY CANADIANS VALUE MOBILE BANKING AND WEATHER APPS SO MUCH
Given the endless impacts weather and personal finances have on Canadians, it’s no wonder that a recent survey conducted by RBC shows that the majority of Canadians say their weather (60 per cent) and mobile banking apps (63 per cent) are two of the most useful and valuable apps on their phones.
The reliability and accessibility of banking and weather apps are just some of the reasons why they are so highly valued by Canadians. By having the ability to access your bank or weather information whenever your phone is on hand, users have more control and a better understanding of their options.
Experts say that some of the best features of these favorite apps include: the ability to quickly check account balances, due dates for credit card payments, send electronic money transfers, fast access to the most important weather news and forecasts, and hourly and long-range forecasts displayed with a detailed precipitation radar.
HOW AN EMERGENCY FUND CAN HELP YOU WEATHER ANY FINANCIAL STORM
While many Canadians feel prepared for inclement weather, the same RBC survey shows that they are not as prepared to deal with a financial storm. In fact, nearly half of Canadians (44 per cent) say they are more prepared for a stormy day than a financial emergency.
Preparedness is extremely important when weathering the unexpected, and one of the best ways to prepare is by creating an emergency fund. While everyone’s emergency fund will differ based on their income and expenses, RBC generally recommends saving at least three months of your total income.
This emergency fund calculator can help you see what that could mean for you.
SHOULD YOU CHECK YOUR FINANCES AS OFTEN AS THE WEATHER?
Mobile apps and technology help us manage a dozen tasks at once, and while you may not need to check in on your finances every day like the weather, staying digitally connected to your bank can help you better prepare for your future.
Similar to nature's four seasons, the financial year has its own seasons: January and February are considered peak RRSP season months, and the back-to-school months of August and September are the peak of RESP season. Whenever you’re creating your seasonal checklist of to-dos, use it as a reminder to check in on different areas of your financial plan.
RBC offers a number of mobile tools to help you learn more about your spending and saving habits, such as NOMI Find & Save which can help you find extra money in your bank account and automatically set it aside.
One of the easiest ways to stay connected is by downloading banking and weather apps on your smartphone and tablet, and placing the apps on your homepage for added convenience. Learn more about the RBC Mobile app here and the Weather Network app here.