How to Keep Track of Expenses with Mobile Banking | HDFC Bank
Payment technologies have progressed so far that it’s rare these days to see someone count out cash to pay for anything. More and more people are comfortable paying through credit and debit cards, netbanking, or digital payment apps.
This ‘progress’ has had a reverse effect on savings. Previously, if you splurge, you would end up with an empty wallet, literally. Now, since our funds are online in a digitised format, keeping track of expenses is more complicated. It’s like ‘out of sight, out of mind’!
Fortunately, mobile banking can help you regain control over this crucial aspect of your life. Here are some smart ways in which mobile banking can help track your expenses.
Reducing digital clutter
Today, banking is a fiercely, competitive business. To remain relevant in the digital age, most banks offer efficient online spending platforms to attract users. Since most users access the internet through their smartphones, mobile banking apps are particularly well-developed.
This means you can pay for all your expenses – whether it’s food, transport, utilities, or entertainment – through one comprehensive mobile banking app. It reduces the number of platforms and so leads to less confusion.
Different bank accounts on one app
Expenses are tracked for one sole reason: reducing them means increasing your savings proportionately. If you are one of those who ambitiously sits down to create a budget but finds it challenging to implement, a mobile banking app can help you sort out the situation.
To spend within limits, you could maintain separate accounts: one solely for savings, and one solely for spending. You are much less likely to exceed budgeted spending if you are required to transfer fresh funds to your expense account. If you had only a single account for both savings and spending purposes, you might be tempted to spend just that little bit more.
Before the advent of mobile banking, maintaining and checking different accounts would have been annoying and time-consuming. Now, with a single mobile banking app, you can integrate all your bank accounts and receive real-time transaction data.
An eagle’s-eye view of spending patterns
Monthly spending can be categorised into fixed and variable expenses. Fixed expenses are mainly unavoidable and predictable, amount-wise. If you want to save, it’s the variable expenses you must target. These offer the most opportunities to save but are also the areas where overspending is all too easy.
For example, while going through your monthly account statement, you may notice that you spent a large amount on hired cabs when public transport was an option. Or you may have ordered meals or spent more on movie tickets than you planned. A mobile banking app can highlight such problem areas so you can act.
You don’t have to go out of your way; all the information you want already rests in the palm of your hand. And reducing expenses does not have to be like pulling teeth. Make it easy on yourself by using a mobile banking app to ease the process and quickly get all the data you need.
A well-designed mobile banking app, such as the one from HDFC Bank MobileBanking, comes with many useful features. You can access information on demat accounts, select a preferred language, report the loss of an ATM card, stop previously authorised payments, make task lists, do quick payments, and even lodge complaints.
Experience the convenience of HDFC Bank MobileBanking today!