Whether it is e-banking or traditional banking, lending institutions always have your money safe. However, if you are under the impression that your savings and checking accounts are nothing but repositories of your hard-earned money, then you are still unaware of the tools and utilities of modern banking.
There are still a majority of people who are stuck in that endless loop of poor financial decisions, like overspending, budgeting, and then ending up with almost little to no savings in the future.
However, banks can help you build healthier habits with both Internet bank and traditional ones. In this blog today, we will take a look at how banks can help introduce healthier habits for you.
1. Online and automatic bill payment
Missing the due dates of payment has always been an issue for those with poor time management skills. Long ago, everything was done traditionally where bills came to your house, and that way, you knew what needed to be paid.
These days, everything is done online, and it is now easy to forget about your bill payments. You can opt for automated bill payment if you notice a pattern of missing out on timely bill payments. It ensures that all your bills are paid on time and that you develop a good habit of making timely payments.
Regarding auto-debits, IDFC FIRST Bank ensures that the auto-debit instructions flow through a streamlined procedure. All you need to do is head over to the Internet banking profile. From there, navigate to credit cards and allow the ‘Autopay future bills.’
2. A realistic savings goal
Do not get into the deep end and promise yourself an unachievable goal, particularly if you have not been consistent with saving all these years. If you set an objective that you may not achieve without any reason, you will put yourself out there just to get demotivated.
When it comes to savings via mobile internet banking, taking small steps is the way to go. For the best outcome, aim for half of a year, i.e., six months, and decide on a realistic amount of savings. It is one of the best ways to stay motivated and start your savings journey with a strong foot.
3. Sub-account saving
You are already aware that putting your money away aside is an essential aspect of taking care of your finances, so you have been steadily putting on your savings account each month. However, not saving for a certain goal may put a massive dent in those savings. This is because a savings account without an earmark may be just another checking account.
If you always look at your bank statement download and think about being unable to save your money, your bank might have a solution. With sub-accounts, you may be able to specify what you are trying to save on each account. When you have marked an account as the down payment savings, you are less prone to divert from your savings goal.
4. Low balance alerts
These days, overdrafts have become so common among people. If you wish to save yourself from it in the first place, your bank may help you with these using low-balance alerts. These alerts are given in real time when you are making a payment.
Wrapping Up
The best way to start saving your money is now! Speaking of best, opening a savings account with IDFC FIRST Bank is the way to develop better financial habits. Open your account today!