Manage Your Money
The right tools can make managing your money a lot easier.
When you manage your money wisely, your money is more likely to grow. The secret to wealth is the daily habit of managing your money to spend less than you earn—and save or invest the rest. Yet, few people have time to sit around counting coins all day. Fortunately, new tools are available to help us manage money efficiently.
Let’s discuss some of these tools and how they help, no matter how busy you may be.
We’ve come a long way since paper statements. Today, you can see all of your transactions online almost instantly. In essence, your bank keeps a balanced checkbook for you. However, you still need to monitor your account for any strange activity and to see where your money is being spent. Online banking also makes it easy for you to pay bills and transfer money to and from savings. Because it’s easy for you to see your money, you’re more likely to manage it.
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What if you could use that time standing in line to check on your finances? Every bit of time you invest towards managing your money makes a positive difference, and mobile banking makes it easier than ever to multitask. Shopping at a store and want to check you’re on budget? A quick balance check using your mobile phone might affect your decision on whether or not to make that purchase. These seemingly small habits add up to affect your big financial picture, and mobile banking makes good habits easier.
As if watching your money weren’t easy enough with mobile and online banking, many banks, including BBVA Compass, can email you if your balance dips below a specified amount or you have a failed transaction. This system is much better than the old system of sending a notice by mail, which you don’t receive until it’s too late.
Money Management Programs
Some banks, including BBVA Compass, offer money management programs to sync with your personal money management software. These programs are invaluable at giving you a look at your complete financial situation, from investments to checking to savings accounts and more. You can see the big picture, then zoom in to manage the finer details. When you can view your situation easily, you will make financial decisions differently--to the benefit of your bottom line.
Prepaid Debit Cards
These cards are effective tools to control your spending—and teaching your children or loved ones to do the same. You can place funds on the card, then use the card anywhere debit cards are accepted. When you use all the funds, you can reload the card. BBVA Compass, for example, offers a SafeSpend Visa card.
Are you using the above tools to help you manage your money? If not, you might not be managing your money as efficiently and wisely as you could be.