Spending Habits / Smart Budget Tool

BUDGETING | FEBRUARY 01, 2022 | PEOPLES STATE BANK

We often get to the end of the month and wonder what happened to all our money. A few bucks for coffee, those new shoes we’ve had our eye on, and the meal out because we’re just too tired to cook. It’s easy to spend money. Sometimes we do it without really being aware of what we paid. That’s why Peoples State Bank’s digital banking tools offer a program to help you know exactly what you’ve spent. Our Spending Habits/Smart Budget tool can be found on both our online banking platforms and our Bank Peoples app.

Accessing the Spending Habits/Smart Budget tool is simple on both platforms. On the Bank Peoples app, look for Spending Habits in the menu. Once opened in the app, it will display as the Smart Budget tool. Before seeing the Spending Habits icon, you must first click into a checking or savings account within the online banking platforms for your desktop or laptop.

Once you’ve opened the Spending Habits/Smart Budget tool, you’ll see an overview of your accounts, recent transactions, spending by category, cashflow, net worth, goals, and budget (once you’ve set one). You can also add accounts at other financial institutions to get a clearer picture of your situation.

The tool allows you to set a budget, adding items you anticipate needing to spend each month. Once you’ve established a budget, the system will let you see how much money you are bringing in and how much you’re spending.

Clicking on the spending by category function will give you a clear picture of how you’re spending your money. It breaks purchases into categories like transportation, groceries, dining out, clothing, and personal spending. To better track what you paid in the categories, you can see your spending in various time frames, like a month, three months, or a year.

Clicking on the cashflow will open a monthly view of your accounts, including income and expenses. Within the cashflow tool, you can add income and spending to help you get a complete picture of your monthly financial situation.

We all like to set goals, which you can do within the Spending Habits/Smart Budget tool. You can develop a plan to save for a more significant purchase, like a house, car, or college fund. You can also set a goal to pay off something you’ve already committed to, like a home equity loan or credit card debt. Regardless of which type of goal you choose, Spending Habits/Smart Budget will help you see your way to reaching it.

Peoples State Bank offers several checking and savings accounts that allow you to access your money through our digital banking platforms. We have banking professionals who can answer your questions and help you determine your course of action. Contact our customer service center at 888.929.9902 to learn more.