Many of us often push budgeting to the sidelines despite acknowledging its importance in managing our finances and planning for the future. Amidst our demanding daily activities, tracking and organizing our financial flow can be quite challenging without a suitable system. For this reason, digital tools have become an essential ally, making the task significantly more manageable. A great number of contemporary mobile banking apps leverage human behavior to inspire more intelligent spending habits. Here’s how to put them to work for your benefit:
Initiate with a strategy. The human brain naturally derives pleasure from accomplishment. Therefore, setting and actualizing tangible goals is a guaranteed way to experience this satisfaction. Whether you are saving for a house, car, holiday, or simply stashing funds for a rainy day, turning goal-setting into an achievement game can help. The Axiom Bank’s AxiomGO app, for instance, employs an integrated My $ Manager tool that allows you to set, monitor, and accomplish your financial goals.
Adopt an all-encompassing view. Often, our grasp of personal finances can be disjointed. Hence, it’s important to use an app that consolidates all your accounts giving you a real-time overview of your entire financial landscape. AxiomGO’s My $ Manager tool does exactly this, aggregating your checking, savings, loans, 401ks, IRAs, other incomes, along with debt in one consolidated platform, eliminating the need to navigate through multiple apps or complex spreadsheets. This is true financial control.
Control expenditure. Although it might feel great to turn a blind eye to expenses, it doesn’t contribute to your financial objectives. We often unknowingly overspend on entertainment and convenience services such as dining out. The AxiomGO app can help by allowing you to set spending limits on certain categories, automatically categorizing your debit card transactions accordingly. For example, your fuel purchases can be deducted from your transport budget. This makes it seamless to analyze your spending patterns and ensures you remain within your budget.
Leverage spare moments. Since most of us are virtually inseparable from our phones, why not use them beneficially? Use your idle moments like waiting at the doctor’s office or queuing at the grocery store to review recent spending alerts and monitor your overall cash flow. This easy approach utilizes your time effectively while instilling savvy financial habits.
With the autonomy and flexibility provided by current mobile banking apps, budgeting need not be an overwhelming or time-consuming task. It’s just about identifying the right tools and employing your repeated behavior to your advantage.
