Experts: 7 Ways To Use Your Bank To Simplify Your Finances

With so many daily tasks competing for your time, it’s smart to look for shortcuts that make sense, especially when it comes to managing your money.

“Life can be busy, which leads many people to look for new ways to save time and simplify important matters — like their personal finances,” said Julie Beckham, financial education officer at Rockland Trust. “Luckily, banking has evolved to offer tools and services that provide convenient ways to streamline financial management.”

Here are some ways you can use your bank to make quick work of your finances.

Beckham said that the digital world we live in enables us to take care of all of our banking needs online, which means you don’t have to visit a branch to open a bank account. 

“Whether you need a checking, savings or small business account, opting to set these up via computer or mobile device can take as little as five minutes, which is extremely helpful when you are busy,” she explained. 

Beckham said that she often recommends that people set up separate accounts for their savings goals, like vacations or rainy-day savings.

“You can automatically have money transferred into these accounts and even name them to inspire you to save, which makes saving both easier and more fun,” she said.

“With so many data breaches often in the news, you may need to turn off a credit or debit card quickly to ensure that fraudsters can’t access your money,” Beckham said. “Today, you can often do this right in your mobile banking app. Rockland Trust, for example, offers SecurLOCK — a helpful app that allows you to instantly enable spending controls for your debit card.

“Not only can you limit or eliminate spending at certain locations, but you also have the ability to immediately turn an active card on and off with the quick touch of a button.”

Beckham explained that with all of the streaming and other subscription-based services, you may not realize that you’re paying for something you don’t use or that your household has multiple subscriptions to the same services.

“Tracking down which cards are used for which accounts can be extremely tedious and time-consuming, but apps like CardSwap integrate right into your online banking platform and make it easy to switch cards to pay for these services,” she said. “It’s also a great way to manage your subscriptions and review the ones you may not want or need to keep anymore.”

“If you’re anything like me, your to-do list is likely always growing,” Beckham said. “For recurring bills, using automatic payments can help take something off your to-do list and make it easier to manage your accounts. Your bank may offer services to help pay bills electronically and see your account balances all in one place.”

Beckham also said you can incorporate saving into this strategy by having a portion of your money automatically deposited into a savings or retirement account each month.

“Think of it like a bill to help fund your future self,” she said. “A little bit adds up quickly over time.”

“A lot of people have smartwatches,” Beckham said, “so it’s a great tool to utilize when you quickly want to check your account balance before making a purchase.

“Check to see if your bank or credit card companies have applications for your smartwatch to help you keep track of finances on the go.”

Michael Adocchio, vice president and regional delivery manager of the Greater Missouri Region at UMB Bank, said that engaging with the financial education content that your bank provides can be a great way to learn tips to manage your money and gain control of your financial future.

“Your bank may offer classes or workshops on financial education and management topics that you can attend,” he added.

“Don’t be afraid to talk directly to your banker; they are an important relationship, so lean on them for financial guidance,” Adocchio said. “You can meet with your banker once a year to review your finances, align on your goals and check to see if you are using all the benefits of the bank to your full advantage.”