How Online Banking Can Help You Be Smarter About Your Money

Saturday, January 4, 2020, 6:00 AM | Leave Comment

In this digital environment, you no longer need to go to a physical building to do your banking.

Rather, the introduction of online banking has made humongous strides in the last decade.

Here are a few different ways that online banking can help you to be smarter with your money each month.

  • Ease of Use

    There’s no denying the fact that online banking allows money transfers to be done easier than ever before. If you need to transfer some money from your checking to your savings account, you can do so in a matter of seconds. This is especially helpful for better managing your money. You can easily transfer money from your recent paycheck out of your checking into your savings account without ever leaving your house. This means you’ll be more likely to move money into your savings when you utilize online banking.

  • Apply for Lower Rate Loans Online

    One awesome feature of online banking at many financial institutions like a federal credit union is that you can apply online for a loan. You don’t need to take time out of your workday schedule to go to the bank when they’re open. Rather, you can just apply online and get approved in as short as a few minutes or as long as a day. This can be very helpful when you’re looking to refinance your debts for a lower rate.

  • Track Your Spending Habits

    Many online banking applications will actually track the categories that you spend money on. These will typically be categories like meals, entertainment, and gas. At the end of the month, you can go back and see what categories your money was spent on. If you notice that the majority of your income is going towards entertainment or meals, you may consider staying in or cooking in more often to reduce your spending habits.

  • Change Your Debit Card Settings

    When you have an online banking account at your financial institution, it will typically allow you to alter your debit card settings. This is good news for you as you can put daily limits on your card to ensure that you don’t overspend each day. You can remove overdraft privileges on your debit card so that you don’t ever end up charging your account for more money than you actually have in it.

Online banking has revolutionized the way we handle our finances. If you’re looking to be financially smarter, the above are four tips for doing so with your online banking account. We’re sure as you start to take more control over your finances, you’ll come up with even more ways to utilize online banking to your benefit.

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