I’m a Banking Expert: Here Are 4 Ways Your Bank Can Help You Stick to Your Budget
Written by
Yaël Bizouati-Kennedy
Edited by
Ashleigh Ray
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Making a budget is a cornerstone of financial well-being. Knowing where your money comes and goes can help you make some adjustments, such as cutting back on certain things — or can help you see where you have a bit more leeway in terms of spending. And most importantly, it can help you increase your savings.
Now, when it comes to sticking to a budget, that’s a whole other story and it can become trickier even with the best of intentions. Indeed, this requires discipline, time, consistency and a plan. Thankfully, some banks are offering methods and systems that can help you stick to your monthly budget.
Here are some ways banks can help you achieve this.
Take Advantage of Digital Tools
Today, there are a plethora of digital tools that help you review your finances to understand where your money is going and set a budget to stay on track, according to Mary Hines Droesch, head of consumer, small business and wealth management banking and lending products at Bank of America.
For example, in Bank of America’s mobile app clients have access to Life Plan, a personalized digital experience that enables clients to set and track near- and long-term goals based on their life priorities.
She added that this provides clients with step-by-step guidance and educational advice to help them get closer to their financial and budgeting goals.
Real-Time Alerts and Free Resources
Banks such as BMO have also invested in digital-first transformations that make it easier to help customers budget and make real financial progress, such as simple real-time alerts.
“Regardless of what your goals are, like monthly expense tracking or saving for life’s biggest moments, it is crucial folks know there are free resources available that help you conveniently manage everyday finances and feel more confident in the process,” said Paul Dilda, head of U.S. consumer strategy at BMO.
Dilda added that many people don’t realize that, if you have an existing relationship with a bank, you can typically meet with your banker for budgeting help for free. And real-time, personalized alerts can help you stay on top of important items such as account balances, bill pay reminders or large transactions and more.
In terms of free resources, Andrew Latham, certified financial planner and managing editor at SuperMoney, said that some banks partner with non-profit organizations to offer free financial counseling services.
“For example, Truist has programs that connect customers with certified financial counselors who can help create and manage a budget,” he added.
One-Stop-Shop
According to Dilda, BMO’s recent launch of its digital “Real Financial Progress Hub,” allows customers to easily access personal finance advice and guidance, as well as tools and resources to reach their own specific financial goals.
“Our customers can explore any financial goal and even multiple goals at once – whether it’s budgeting, saving, homebuying, retiring, building credit and more – from one easy-to-navigate digital platform,” he said.
This platform also enables clients to access free online personal finance education that breaks down complex financial concepts such as investing, retirement planning, homeownership and credit management.
And, Dilda noted, it also enables individuals to keep better track of their credit and help them reach financial goals.
“BMO Savings Builder Account is a no monthly maintenance fee account, and customers get rewards when savings goals are met to help them reach their goals faster,” he added.
Resources from Community Banks and Credit Unions
Gabe Krajicek, the CEO of Kasasa, a financial services company that partners with small banks and credit unions, said that these too can offer many resources to help you manage your finances and stick to a budget.
“They acknowledge that in this tight economy, their customers/members want easy ways to track their spending and make the most of their hard-earned dollars,” said Krajicek.
He also noted that many [community financial institutions] provide free personal financial management tools that allow you to track spending and set budgeting goals.
He continued, “With their free online and mobile banking services, you can easily monitor your spending and stay on top of your budget.”
Finally, he said that these financial institutions often host free financial education workshops in the community and offer personalized financial advice to help you manage your money effectively.
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