Modern technology has added many ways to better take care of your finances. Some of these can improve your ability to manage and control even something as timeless as a checking account. Want some ideas on how to harness the power of modern banking to make account management a breeze? Here are a few keys ways.
1. Online Banking
You would be hard-pressed to find a bank or credit union that doesn't offer free online banking. Using an app or bank website, you can check your account balance as often as you want, know exactly when payments will be sent or have cleared, and pay bills electronically immediately.
2. Mobile Apps
Young bank customers rely on their phones and tablets for just about everything, and this now includes their bank account management. With a dedicated app, you can do more than just look at your account.
Download your bank's app and do such diverse tasks as managing debit and credit cards, transferring funds between accounts, and chatting with bank representatives if you have a question. And you can do all of this no matter where you are — even when standing in line to make a purchase.
3. Automatic Transfers
Do you make use of automatic transfer options? This online service allows you to set up a transfer between two bank accounts on a recurring basis. You could, for instance, automatically transfer $200 to your savings account the day after each payday. With yourself removed from the equation, your money will build up quickly and easily. Even if you don't use online banking, bank personnel can often set up transfers for you.
4. Bill Payment
Sending out checks can be slow and may cause unexpected overdrafts due to something as simple as a bad memory. Online and app-based bill payment systems offer a solution. Set up your regular bills — anything from utilities or the rent to credit cards or student loan payments — as a regular vendor and then issue electronic payments on set days.
You can send a one-time payment, send manual payments when you want, or set up recurring payments so you never miss a deadline.
5. Categorization
Do you struggle with budgeting? One way to help you better understand how you actually use your money is to use categories of spending and earnings. Many online banking systems allow you to assign purchases to a category — either pre-made or custom — for easy reference later.
By categorizing your spending and then using these labels to group expenses, you can see what, when, and where you're spending. Use this information to start making positive changes.
If you research your bank's offerings, you will likely find many more great ideas for utilizing the power of today's banking world to make money management easier. Want more ideas? Stop by your local bank and talk with a representative today.
To learn more about accounts like checking accounts, speak with a professional.
