After a few weeks, I found some discretionary expenses (restaurants, entertainment, etc.) warranted new budget categories and sub-categories. I moved those expenses into my budget to help me reel in that spending.
Additional Discretionary Expenses
• Food & Dining: Restaurants
• Home: Home Improvements
• Gifts & Donations
For additional help, I enabled two Account Notifications. Now I get a text whenever a budget category was exceeded and I receive regular text updates on my progress. How to set up Account Notifications.
How I Use the Savings Goals Feature
Last week Facebook Memories reminded me I haven’t been on vacation for eight years. Saving money doesn’t come easy to me, and with four kids there always seems to be unexpected spending. To help me save, I created a goal.
I started by opening another Savings Account and calling it “Vacation Savings.” Then I opened the Savings Goal feature within Digital Banking, created a New Goal for my new account, and set my target at $3,000.
For me to be successful, I have to make saving automatic. So I scheduled automatic transfers each week on Saturday to move money from my checking account to my Vacation Savings. My $50.00 weekly automatic transfers should get me pretty close.
Again, I enabled some Account Notifications to help me out. I set it up so I get a push notification sent to my phone when I complete my goal or when I’m in danger of missing it.
Like I said, these features help me out a lot, and I know they’ll help you too. If you have any questions about setting up a budget or savings goal, check out the Help section within each feature to find video tutorials and step-by-step instructions.
Good luck with your New Year’s resolutions!
Paul Kurth is the Connexus Digital Banking Manager. In this role, Paul leads the innovation and usability of Connexus’ award-winning platform.