Whether you are a busy professional, student or freelancing entrepreneur, there are simple ways to make your banking processes streamlined yet effective. Taking just a few minutes up front can really help your spending habits while, at the same time, ensuring safe banking practices for your financial records.
1. Set up the right accounts
When deciding on which type of accounts to open, choose a few online accounts to work for your needs. Design your banking for financial success by opening a transaction account, savings account and bills account. Know where your money is going each month by setting up the types of bank accounts that are specific to your needs and simple to manage.
2. Set it and forget it
Setting up automated payments or transfers for your fixed bills will help remove the temptation to spend your whole month’s wage all at once. Automate utilities, rent, mortgage, mobile phone and internet bills to come out of your account as soon as your pay goes in each month. This helps to prevent missed dates and cut-offs, while positioning you to be in good standing with companies should an emergency arise in the future and you need to leverage some bargaining power.
3. Take advantage of purchasing apps and security options
Taking time to create fingerprint recognition on your iPhone for banking apps, using Apple or Google pay, and signing up for PayID are all great ways to streamline purchases and protect your identity. They can save you time in the long-term, they are relatively easy to set up, and they are small changes that can make a huge difference in helping you to avoid overspending, as well as always knowing how much money you have.
4. Create alerts to monitor spending activity
Another great way to simplify your banking is by creating alerts that help you see your financial spending and records at a glance. By setting up daily automated alerts, you have options to see the day’s balances, specific charge amounts, transfer amounts or minimum balances. This lets you know exactly how much was charged to your card at restaurants or at the servo, as well as instantly seeing if fraudulent charges were made to your account. It’s far better to know this information sooner than later, and by having alerts sent to your email or text, you can start prevention and recovery processes much more quickly.
Knowing which accounts are best for your spending habits, incorporating automatic payments, using the latest apps and setting up banking alerts can all combine to ensure you have better insights when it comes to your money – simple, yet effective, ways to take care of your finances.