Technology can help you break bad money habits and establish good ones. "Using online budgeting tools is a great way to closely monitor your money and track financial progress against your goals," said Heather Roche, vice president of deposits at Discover.
There are plenty of free and low-cost budgeting and finance apps you can use to view all of your accounts in one place, track spending and get reminders to pay bills. Popular ones include Mint and Personal Capital.
"Discover has a financial goal calculator, which is an online resource that can be used to carefully determine how much you need to save or how much spending to cut to make your goals happen," said Roche. "Also, Discover's mobile app helps monitor purchases on-the-go, with the ability to schedule payments and seamlessly deposit checks."
You also can take advantage of technology such as the Digit app to automate savings. The app links with your checking account and analyzes your income and spending, then transfers amounts you can afford automatically into a Digit savings account. The first 100 days are free. After that, it's $2.99 per month.
"Look at the different budgeting app options to find the one with the right frequency of notices and amount of detail," Dearing said. "It doesn't have to be complicated."
You can use free tools available through your accounts, such as automatic bill pay, so that you don't have to worry about missing payments. Or, set up alerts on your checking account to get a text message every time your account balance drops below a certain amount. Automation and alerts can help you establish good money habits to keep your finances on track.
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