Tips For Using Online Banking To Manage Your Finances
Online Banking, when used properly, can help you save time
, reduce expenses and even reduce your level of stress. Most people haven't seriously explored everything that online banking has to offer.Here are a few tips for getting the absolute most out of your online banking.
==> Use Mint to Merge Your Accounts
Say you have an account at Chase, an account at Wells Fargo, a PayPal account and a savings account.
If you wanted to check how much money you had at any given time, you'd have to sign into four different online banking interfaces.
Fortunately, this is the 21st century and someone has solved this problem.
Using Mint, you can simply input all your online banking logins and see your bank totals over all your different accounts in one place.
==> Check Statements Regularly
Online banking makes it easy to check your statements regularly. Unfortunately, it also makes it easier to forget to check your statements.
If you've decided to go paperless as many consumers have, it's important to get into the habit of regularly checking your statements.
Since you're no longer getting a piece of paper in the mail every month with all your transactions, it's easy to go for long periods of time without checking your transactions.
Make sure you still set a time every month to go through all your payments.
==> Automatic Bill Pay
Tired of having to pay all those pesky bills? Try using automatic bill pay instead.
Automatic bill pay isn't something you can use for all your expenses, but for the ones that you can, it's a lifesaver.
With automatic bill pay, all you need to do is set things up once and you're set to go. You never need to worry about that bill again, except for checking your statements to make sure that the payment went through every month.
==> Look Out for Unexpected Interest Increases
Has that 0.9% interest credit card you had shot up to 16%?
In nationwide survey of Americans, more than half responded that they didn't know what the exact interest rate on their credit cards were.
The difference between paying a 6% interest and a 12% interest is astronomical. Over the court of a few years, it can easily add up to thousands of dollars.
Online banking makes it easy to keep track of your credit card's interest rates. Look out for unexpected increases in your interest rate, as well as hidden card fees.
==> Know the Safety Basics
As a rule of thumb, online banking is extremely secure. Everything you send online is encrypted.
However, there are still a few ways that unscrupulous hackers could get into your bank account. It's important to know basic safety practices to avoid this.
First, if you opened an email from your bank, be very careful. It's much safer to go to your bank's website yourself and log in than to do so through an email link. As a rule of thumb, try not to log in through links in emails.
Don't log into your online banking from open wifi connections. Open wifi, or connections without passwords on them, are very easy to hack.
Have a hard to guess password that's more than 8 characters long.
If you follow basic safety procedures, you'll have no security trouble at all. Most online banking security breaches happen because the consumer was incautious, rather than because of banks getting hacked.
Using online banking, you can reduce your stress from paying bills and tracking expenses, monitor unexpected fees and easily keep track of your assets all in one place.
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