It goes without saying that saving money is important. While money is meant to be spent on the things you need — and perhaps the things you want, too — you don’t want to find yourself without extra money in case the unexpected strikes.
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As per a 2024 Empower survey, 37% of Americans can’t afford an emergency expense over $400. What’s worse? More than one in five have zero emergency savings whatsoever. However, it doesn’t have to be this way.
Bank account features can make a positive difference in how you’re able to track and save your money. Here are some significant impacts that certain bank account features can have on your savings strategy, according to the FDIC and Marc Russell writing for National Debt Relief.
Plus, learn how bank services can help ease your financial stress.
Monitor How Much Money You Have
Banks typically issue monthly statements to their account holders. Each month, you can carefully review your statement to see exactly where your money is going. Are you spending too much on dining out, or are there lots of recurring charges for subscriptions you forgot about?
Once you take a closer look, you’ll be informed about how to make adjustments that can help reduce your spending, boost your savings and help you stay out of debt.
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Set Spending Alerts
Most banks offer spending alert features that will send you an email or a text message if your account balance drops below a certain threshold or a particular spending limit. This way, you’ll be aware if you need to cut down on your spending.
Additionally, if there are any fraudulent charges, you may get notifications alerting you. This can allow you to dispute any incorrect charges and be sure you’re not paying for a purchase you didn’t make, saving you money.
Take Advantage of Saving Buckets
Some banks offer a “savings bucket” feature that can make it a lot easier to reach a particular savings goal faster.
The feature often works like this: You enter the goal amount and deadline to save for that goal, and your bank account should show you how much money and how often you need to save to reach the goal. Savings buckets sometimes show up as sub-accounts within your bank account, eliminating the need to make complicated spreadsheets to keep track of everything manually.
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This article originally appeared on GOBankingRates.com: 3 Huge Impacts Your Bank Account Features Can Have on Your Savings Strategy
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