Organize Your Finances with Smart Tips for Money Management

“Taking the time to manage your money better can really pay off. It can help you stay on top of your bills and save money each year. You can use these extra savings to pay off any debts you might have, put them towards your pension, or spend them on your next car or holiday. Once you have a plan, you should feel significantly less stressed about money. When money is less of an issue, rather than being enslaved by it, you can use it to do the things that make you truly happy.”

A man giving money management tips to a woman in front of a laptop
Photo by https://www.bankofamerica.com

How much money do you have in your checking account? If you have a ballpark idea, but never get around to balancing your checkbook, Online Banking may be for you. It’s a quick way to make money management easier. Here are some ways Online Banking can help you.

Staying up to date

Online Banking lets you bank anytime, anywhere. You can use a personal computer–or, if your bank is one of the many that have Mobile BankingFootnote1–use your mobile device to check your available balance, pay bills and transfer funds on the go. You can also use Online Banking to set up alerts whenever a bill is due. It’s an easy way to help avoid late fees. Note: Using Mobile Banking doesn’t usually cost extra, but you may have to pay your service provider for internet use.

Money Management Tip

Think of a budget as a spending plan you control—a tool to help you decide in advance how to divide your earnings each month to pay your expenses.

Helping prevent overdrafts

Life is busy, and it can be easy to lose track of activity on your checking account. If you find it a challenge to keep up regularly, set up alerts delivered via email or text messageFootnote that will notify you if your balance drops below a certain amount. Alerts can also tell you when the direct deposit of your paycheck hits your account, so you know that you have extra funds with which to make purchases.

You can also use Mobile Banking when you’re on the go to check your account balance before making purchases. When you check, don’t forget to subtract from your available balance any paper checks you’ve written that haven’t been cashed yet or online payments that are scheduled in the future but not yet deducted by your bank.

Read more: https://www.bankofamerica.com/onlinebanking/education/money-management-tips.go

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