Ever wonder why so many people love mobile banking? It’s probably because banking online is a great way to set, track and stick to a budget. And according to CreditCards.com, in 2016, 62 percent of Americans cited digital banking as their primary method of banking.
There are many benefits to tracking your spending on an app, and budgeting can be made easier if you know how to follow your financial habits.
Determine Your Budgeting Baseline
We’ve established that budgeting is important. But why should you care about budgeting? By establishing a baseline, you know where you’re starting. You wouldn’t set a budget for $10,000 if you’re only going to have $4,000 to work with.
Another important aspect of determining your baseline is establishing what you’re hoping to achieve. If you’re committed to budgeting, there should be a goal you’re hoping to accomplish.
Are you wanting to pay off your student loans this month? Maybe you want to stop going over the “agreed-upon amount” at the grocery store. Mobile banking is a great way to quickly see what you’re working with at the start of every month. Determine why you’re budgeting and what you’re hoping to achieve.
Check that Balance Before the Big Buy
- Want to buy something big? Do you know how much you have? Can you afford it? Is it in the budget?
- Mobile banking gives you your immediate balance, whenever you need it (even if you’re in the store at the register).
Part of establishing your baseline at the beginning of the month means knowing what you have budgeted for a big purchase. A “big buy” looks different for everyone. For some, a big purchase could
be anything more than $200, and for others, it could be $1,000.
Try to remember how much you allotted for big purchases before you head into the store, but if you’re in a pinch, pull out your phone and instantly check how much money you have in the bank. Seeing the numbers could help you either feel confident that you’re making a smart purchase or bring you back to the reality of your bank account.
Banking Benefits from Your Smartphone
- Notifications, when you’ve spent or added any amount of money, are like having a friend right there, at all times, making sure you stay on track.
Consider your phone as the buddy that’s always with you. Think about it – do you ever leave home
without your smartphone? It’s probably highly unlikely that you would leave it behind.
Your phone “buddy” can help you achieve those budgeting goals by sending you notifications when you’ve withdrawn or deposited any amount of money. It’s like having a friend right there, at all times, cheering you on towards your budgeting goals.
Big Picture Budgeting
If this is the time to get serious about your budget, consider the ways your mobile device can help you achieve those financial goals. Set, stick to and profit from the ways you managed your money.
Mobile banking is simple with Minster Bank. Set spending alerts, check your balances, send money to friends and more. Get started today!