If you have a checking account, you probably have a debit card to use with it as well. Even if you only use your debit card through your eWallet, using your debit card can be an easier way to make sure you’re sticking to your budget, because it’s taking the money directly from your checking account, rather than you paying it off at the end of your statement cycle.
While having a debit card (physical or electronic) can certainly be handy, there are a few tips to keep in mind for you to make the most out of the moments you go to pay with it:
Debit Card Due Diligence
One nice thing about debit cards is that you have several options to choose from when opting to open a new checking account. While financial institutions usually have a basic checking account option that doesn’t have any special interest rates or rewards, there are some that allow you to earn while you use them! There are some checking accounts that might give you rewards for spending a certain amount of money, pay you interest for holding a certain amount of money in your checking account, or even give you cashback options.
While some perks are definitely nice, they don’t always make sense for where you are in life. That’s not to say you can’t open an account with perks later on, but it’s important that you do your research into your options. You might find that some requirements for the perk accounts might not end up being worth opening the account for. Finances aren’t a “one size fits all” type of deal, so the accounts you open should be ones that can help you do the most with your money.
Tracking Transactions
One way to make sure that you’re getting the most out of your debit card, and making the best choice for your financial wellness, is to be sure you’re tracking your transactions. If you find that you seem to have less money than you’d expect after your usual monthly expenses, tracking your purchases can help you identify why that is. You might find that you’ve been paying for a subscription or membership that you don’t remember signing up for, or the dreaded 30-day free trial that you forgot to cancel.
Tracking expenses is not only a smart and healthy financial habit to get used to, but also a way to make sure that you’re getting the best use out of your debit card. It might just happen that you identify ways to save more money, or potential for starting a savings account for emergency situations. Keeping track of your expenses is a great way to stay on top of your budget and can even give you more wiggle room at the end of each month that you can use towards paying off loans or consolidating debt!
Tech Tools
In this day and age, you’d be hard pressed to find a business that doesn’t have a website or even offer an app – and the financial industry is no different. Many institutions will have a mobile banking app that also has a lot of tools for you to look into and take advantage of!
If you haven’t taken the time to really look through your financial institution’s mobile app, it might be a good idea to do so. You might discover some neat tools that can help you out in your financial journey! Many apps offer digital budgeting tools, chatbots for 24/7 assistance, or even the option to set up alerts so you know when you’ve made a purchase, or an automatic bill payment has been made.
Final Thoughts
Whether you’ve recently just opened your first checking account, or you’ve had a checking account since getting your first job, debit cards can be a huge help. With the tech advances we’ve seen in past years we’ve gotten to the point where you don’t even need to carry the physical card around anymore (or panic if you realize you’ve left your wallet at home).
Making sure that you’re taking full advantage of your debit card not only relieves you of stressors but can also help your financial wellbeing in the long run. Developing healthy habits by tracking your spending can help you when you need to restructure your budget for future life changes or emergencies, and your mobile app has a lot of tools you might not know about! Just be sure that you consider all your options before committing, so you can make the best decision for you and your fantastic future.
If you’re curious about NuMark’s app and mobile banking capabilities, check out our web page about it here, or stop by your nearest branch.
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