8 Financially Savvy Ways Banks’ Budgeting Features Can Save You More Money

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Many bank accounts allow you to categorize your transactions.

you’re free to then go into your banking app and sort your transactions by category.

This will show you how much youre spending in each category and can help you make better spending decisions.

Many banking apps allow you to set savings goals within your account.

Built-in goal-tracking can help you save for a house, your emergency fund or an upcoming vacation.

But banks with budgeting features also allow you to set alerts for when youve overspent a specific budget category.

This can help you keep an eye on your bank account balance and your spending in specific categories.

Automatic bill pay helps you avoid late payments and potential extra fees for missing bills.

And it can help simplify your budget to keep all payments within one app.

Many banks allow you to open multiple accounts and label each account with a nickname.

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Others allow you to divide one savings account into different savings categories, often called buckets.

Creating separate savings accounts helps you easily track the balances for each of your savings goals.

It also keeps money out of your checking account and can help stop you from spending those funds.

This is a powerful budgeting trick to have you save money faster and help you hit your financial goals.

Some bank accounts track recurring payments and will predict when payments will be coming due.

Some apps even show your payments on a calendar to give you a clearer view of your bills.

Most bank accounts allow you to set up recurring transfers.

These are money transfers from one account to another on a set schedule.

This is a great way to set up automatic savings each month.

you could track your spending, set alerts, review financial reports and set savings goals.