Don’t Let Overspending
Get the Best of You
We are probably all guilty of it at one point or another; splurging for the bigger TV, addition an additional night on your vacation or picking up a few things because they were on sale. Spending money isn’t a bad thing, but it can take a toll on your finances if you find yourself overspending.
As online shopping becomes more popular, retailers are making the buying (and overspending) process even easier with one click purchases, reminder e-mails about items in your cart, as well as coupon codes and discounts.
With inflation and interest rates continuing to rise, consumers are likely finding themselves spending more than they were a few years ago on just about everything, including the necessities.
Utilize the Alerts in Digital Banking
Keep your spending in check by setting up balance threshold alerts in Digital Banking. You can receive an alert whenever a transaction is made on your account that causes the balance to fall below a set dollar amount. This can help ensure your account balance doesn't get too low. You can also receive alerts when a purchase over a certain dollar amount is made using the debit card associated with this account. Head over to the Alerts tab inside Digital Banking to see what other account alerts you can setup.
Stop the Spontaneous Spending
Spontaneous spending is one of the things that can get you in the most trouble. When you get the urge to tap, swipe or use your Digital Wallet to make that purchase, stop and consider if it’s necessary in that moment. Can the item be added to a Wish List or be purchased at a later date? If it's a big-ticket item, consider setting a Savings Goal inside Digital Banking.
Scale Back Where You Can
In effort to try and combat inflation, you could consider scaling back. When it comes to groceries, maybe you opt for the generic brands instead of the name brands. Put the filet back and get the sirloin, or better yet, buy the bag of coffee and make it at home versus making the stop each morning at the drive-thru. A great way to take a look at your spending is to use the free Spending Analyzer tool inside Digital Banking. This tool can help highlight areas in which you might be spending more than you should on certain items.
Remember to Reward Yourself
When making any significant changes to your finances, it’s important to reward yourself along the way. Like a diet, you can still have dessert, just have it in moderation!
Whatever path you decide to take in curbing those overspending habits, be sure to start with small, manageable changes, as they are likely to stick in the long run. We’re standing by with a variety of ways to help. Click here to set up an appointment to sit down with one of our team members to review your finances and see how we could help you save along the way!