4 Ways To Proactively Manage Your Checking Account

Having a checking account is a privilege and a responsibility. Your checking account can help you get a better handle on your finances. If you have just opened your first checking account, here are four ways you can use your checking account in a responsible manner.

Way #1: Download the Mobile App

Most banks now have mobile apps. With the mobile app, you can easily access your account, see what your balance is, and see what transactions are pending. Depending on the bank, you can also do more actions, like pay bills or transfer money — all within the mobile app.

With a mobile banking app, you can also set up alerts on your phone. For example, you can set up alerts so that you are aware when a transaction goes through on your account. Alerts can help you stay more on top of your finances.

With a mobile app, always enable two-factor authentication. This will help to keep your banking information safe. If you add your banking app to your phone, make sure your phone is password-protected.

Way #2: Set Up a Savings Account

With most banks, if you have a checking account with them, they will also allow you to open a free savings account. See if your bank will allow you to open a free savings account.

With many banks, you can link your checking and savings account together, so if you have a low balance, instead of getting your transaction rejected or getting a fee for overdrawing your account, your bank will withdraw money from your savings account to cover the transition.

Linking your checking and savings accounts together will also make it easier for you to transfer money into your savings and work on building up your savings.

Way #3: Order Some Checks

Many people feel that checks are going out of fashion, and although it is true that checks are not as popular as a form of payment as they once were, they can come in handy in different situations.

You should order at least a small set of checks from your bank. That way, if you ever find yourself in a situation where you need to write a check, you will have one on hand.

Way #4: Set Up Automatic Payments

Many banks have automatic payment features, so you can pay bills that have the same balance from month to month, like your mortgage, car payments, or student loans. You can set up automated payments with your bank so that the money is taken out of your account at the same time each month. Automated payments through your bank will help you pay your bills on time, no matter what is happening in your life.

If you have just opened a checking account, consider downloading the mobile app and signing up for alerts that keep you apprised of what is happening with your money. 

To learn more, contact a resource that offers checking accounts