6 Ways Your Banking App Can Make Managing Your Money Less Stressful

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KEY POINTS

  • Instead of heading to a local branch to handle your banking affairs, you can use your bank's mobile app.
  • Many mobile banking apps allow you to track your savings progress, deposit checks virtually, and pay bills without paying extra fees.
  • Using features like this may help you feel less stress as you manage your finances.

Many of us use mobile apps every day to accomplish tasks more efficiently. Did you know that most banks have mobile banking apps? They can make our lives easier and less stressful, and allow us to handle everyday banking needs from anywhere. The many features offered can help you take charge of your finances so you feel more at ease. Below are just six of the ways you can utilize banking apps to your advantage.

1. Deposit checks without visiting a bank branch

When life gets busy, it's impossible to fit every essential errand into your schedule. Going to your local bank branch to deposit a check takes time and planning. Luckily, many mobile bank apps allow customers to deposit checks virtually. You can do so by taking a photo of the front and back of your check through your bank's app. Talk about a stress-free solution!

2. Automate your savings

You're not alone if you struggle to set aside money regularly in your savings account. You can simplify your life and eliminate forgetfulness by automating your savings through your mobile banking app. All you have to do is set up a recurring transfer from your checking account to your savings account and decide how often you want to transfer extra cash to savings. If you schedule transfers for payday, you won't have a chance to spend the money you intended to save.

3. Avoid overspending with budgeting tools

Some banking apps also include budgeting features. Using one of these tools can be a helpful way to monitor your spending to avoid overspending. For many, this can be easier than tracking spending by pen and paper or a spreadsheet. If your banking app doesn't have this feature, don't fret. You can use one of the best budgeting apps instead.

4. Track your progress as you save for a goal

It's common to experience bouts of lack of motivation while working on your savings goals. The good news is many banking apps include goal trackers. This feature can help you track your progress and stay motivated as you continue to save money. For many people, visualizing their progress is beneficial and allows them to feel more confident about reaching their goals.

5. Review your transactions to spot unusual activity

Using your mobile banking app lets you quickly and easily review your bank account balance and recent transactions without ever stepping foot in the bank -- or even being near your computer. This way, you can spot unusual or suspicious activity sooner and report it to your bank immediately. Being able to monitor your bank account activity may help you feel less anxious about your money.

6. Pay bills without paying extra fees

Have you ever gone online to pay a bill through, say, your utility company's website, only to realize that you'd be charged a fee to do so, regardless of your payment method? While a $1 or $2 fee may not seem like a lot, every extra charge adds up and impacts your personal finances. Luckily, there's another option. Your mobile bank app likely has a bill pay tool, allowing you to schedule and pay bills through your checking account without paying fees. Easy and free is always a win!

Give your bank's mobile app a try

You're missing out if you're not using your bank's mobile app. These apps offer a convenient way to manage your finances. Check out our list of the best mobile banking apps to learn more.

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Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor

APY: 4.25%

Rate info Circle with letter I in it. 4.25% annual percentage yield as of July 20, 2024

APY: 4.50%

Min. to earn APY: $1

Min. to earn APY: $0.01

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