The word “budget” have the power to make people wince, shudder, or want to bury their heads in the sand. We all know we should do have one, but have probably failed at sticking to one in the past.
Budgeting doesn’t have to make you cringe, especially if you use mobile banking. The MyOCCU Mobile Banking App has several features that can help you stick to your budget no matter where you go or how busy you are. Plus it’s a free benefit that comes with your checking account, which means you don’t need to pay for a fancy budgeting app.
“Any technology that helps you keep track of your spending and, more importantly, your savings, will go a long way,” says financial planner Pam Dumonceau.
Here are three ways you can use mobile banking to boost your budgeting skills:
1. Quick and easy balance checks
You’re thinking about splurging on a new pair of shoes or dinner out, but you’re not sure how much room you have left in your budget. What do you do? Without knowing the exact numbers, it’s easy to fudge your budget in your mind and forget just how much you’ve spent this month.
With mobile banking, you can check your account balance anytime, anywhere—whether you’re seated at a restaurant or browsing the aisles of your favorite store. Knowing how much money you have available can help you make smarter decisions on the spot, making you less likely blow your budget on impulse purchases.
2. Built-in budgeting tools
Manually creating a budget and tracking your spending takes constant effort. And while budgeting apps can help, many still require you to clock significant time setting up your budget and entering your spending data. Who has time for that?
The MyOCCU Mobile Banking App has built-in Money Manager tools that help you automate your budget. Money Manager analyzes transaction data from your checking account, allowing you to easily divide your spending into buckets and review how much you’ve spent in each category. You can even set spending limits so you can tell at a glance if you’re in danger of exceeding your budget.
3. Spending alerts
As days and weeks slip by, it’s easy to lose track of where you’re at with your budget. Life gets busy, things come up, and financial goals sometimes slide off the radar. Before you know it, you’ve overspent and thrown your budget off balance.
Sometimes all you need is a little reminder keep you on track. That’s when spending alerts can be a lifesaver. Our mobile banking app lets you set up customized alerts that warn you when you’re in danger of exceeding your spending limit. Instead of finding out after the fact, you can catch yourself in time to adjust your spending and avoid going overbudget.
Knowing how to use your mobile banking app to your advantage can have a big impact on your budget. By checking your balance often, automatically tracking your spending, and setting up spending alerts, you can effortlessly stick to your budget even when you’re on the go.