Banking Tip of the Month
Taking Control of Your Finances is Easy as 1,2...3!
When we think of cleaning and organizing to prepare for the new season, it is common to think about a good spring cleaning like decluttering the house or deep cleaning cabinets. In Spring, summer, fall, or winter, your bank account can also use a good cleaning. As summer winds down and the new school year starts, it is the perfect time to clean up and organize your finances! The DFB banking tip of the month is performing a post-summer cleaning. Cleaning up your finances can help you alleviate financial stress, organize important paperwork, and help you manage your saving and spending habits.
In this post, we share three simple ways to start taking control of your finances with a post-summer cleaning.
Enroll in Online Banking
Online banking offers benefits beyond 24/7 easy access to your account balances from anywhere in the world. Online banking allows you to pay bills, deposit checks, make transfers, manage your credit and potentially decrease overhead fees. Most banks have a mobile app making online banking even easier when you are on the go.
Financial security is always a common concern when moving to online banking. Banks offering online banking services will have a way to verify your identity and allow you to set up specific security preferences. Also, most banks let customers set up automatic notifications to send alerts for any account activity.
Dream First Bank online banking services allow you to complete financial transactions and locate other branches and ATMs. With DFB, you can bank securely with ease during your everyday life. Another advantage of online banking is the ability to review account activity in real-time, at any time.
Cancel Online Subscriptions
Chances are, you are spending more on subscriptions than you realize. A recent CNBC article reports about one-third of consumers estimate subscription payments significantly under what they pay, and 42% have forgotten about subscriptions they pay for regularly. Subscriptions are tricky because the fees are taken automatically and often for small amounts that are easy to overlook. Small amounts can add up. For example, the same report from CNBC shares that over half of consumers underestimate their monthly subscription fees by at least $100. What makes this even worse for consumers is that 42% of consumers pay for subscriptions they are no longer using!
Finding and canceling subscription services you no longer need is an excellent way to perform a post-summer clean-up of your finances. There are several ways to find and cancel unused subscriptions. Apple and Android smartphones have built ways to find and manage subscriptions made using phone apps. Apps such as Paypal and CashApp have similar functions. If you are paying for subscriptions through these apps, you can find and cancel them easily. There are also apps explicitly designed to help you find and manage subscriptions.
For anyone used to receiving paper bank statements, making the switch to digital banking or online e-statements may seem intimidating. E-statements or electronic bank statements are delivered through email and are often also available through your online banking account. An e-statement includes the same information you see in a traditional bank statement. It will look the same as a paper bank statement and is sent in an non-editable format.
Choosing to receive e-statements decreases clutter and helps you stay organized. You can save time by eliminating the need to open, file, or spend time searching for statements when you need them. Other benefits of e-statements include reducing waste, instant access, and increased security. Moving to digital banking options offers extra protection against financial fraud and identity theft because banks use encryption technology when sending e-statements. Making the switch to e-statements may also provide added savings as many banks offer a small incentive for switching to e-statements.
Dream First Bank
Dream First Bank is an award-winning, top-performing bank in the United States with over 100 years of community banking experience. We work hard to protect your finances with a dedicated fraud team ready to serve you to help you decrease your risk of fraud. Our team is here to help you organize and manage your finances. Contact Dream First Bank to speak with a team member today about performing a summer clean with DFB.