Managing your bank account in ways that will enable you to stay on top is a necessity if you are really serious about your personal finance.
In this global economic meltdown, managing the little resources you have got is as important as making more to keep you afloat.
But what are the tools you need to help you manage your current account?
How to manage your bank account
In some cases, your bank’s Current Account comes with lots of smart ways to put you in control of your money. Below are some of the best ways you can manage your bank account with ease:
#1). Money manager
The money manager is a free Internet Banking tool usually provided by your bank to help you keep track of your spending across your bank account and credit card accounts.
Money manager gives you the opportunity to know how much money you are spending and what you are spending the money on. It is advisable to start using this great tool if you have not been using it already.
#2). Telephone banking
Telephone banking is another great means of managing your bank account, especially if you do not have access to the internet. The service allows you to perform some banking transactions over the telephone without going through the hassle of queuing up at the counter of your local branch.
Most banks offer easy-to-use telephone banking services to let you check your balances, pay bills and transfer money 24 hours a day, seven days a week.
With the obvious exception of cash withdrawals and deposits, it offers virtually all the features of an automated teller machine: account balance information and list of latest transactions, electronic bill payments, funds transfers between a customer’s accounts,
#3). Mobile banking apps
Nowadays, you can manage your bank account straight from your mobile phone thanks to the recent advancement in mobile technology.
Most banks today are making use of mobile technology not only to reach out to their customers but also to make life much easier for them. Speak to your bank and ask for their mobile app which you can install on your smart mobile phone.
#4). Balance alerts
As a bank account holder, you can set your own high and low balance limits and your bank will send you a text to let you know when you have reached them.
For a weekly balance reminder, the account holder can opt to receive a text once a week with your balance details and a list of your past transactions. You just choose the weekday and the time you want to receive it.
#5). Limit alerts
This is another bank account management tool that can make life a whole lot easier for a bank account holder.
This service requires the account holder to set up or put a limit on the account so that you will be able to receive a text to let you know when you are near your account limit.
What this does is ensure you are in control of your outgoings which will help you avoid any unplanned overdraft fees or charges.