Have Your Financial Cake… AND Eat it Too!!

I’ve always been confused by the term “Have your cake and eat it too.” What’s so wrong about that? Isn’t that why cakes are made… for you to eat? So why does it seem as if this term is implying that I have to choose between whether I can have the cake or eat it. That really didn’t make any sense, so I did some digging around and found out that the term indeed means “to do or get two good things at the same time, especially things that are not usually possible to have together. Well when it comes to your finances, having your financial cake and eating it too (managing your money wisely) is the only way cake should be served. Good things should happen at the same time, especially financially, as we learned from our Best You Yet affirmations. The financial decisions you make today will have a big impact on your tomorrow, so you must vow to manage your money wisely. The following are four ways that you can enjoy your financial cake.

1. Keep Track of Your Money AND Keep It Safe

Believe it or not, once upon a time not too long ago, people would keep their money under the mattress. Not only was this unsafe, but it also made it difficult to manage one’s financial life because they would have to manually account for every dollar spent if proper money management was their aim. Now that we have checking accounts, you have a great way to keep track of your money AND keep it safe. With a checking account, you can pay your expenses which are an important part of managing your money, as it allows you to keep track of where your money is going and helps you pay your bills on time. Since our BankMobile account allows you to bank mobile (see what I did there), you can monitor your transactions (which simply means a record of any deposit or withdrawal) anytime on your mobile device.

Putting your money in a bank account is also much safer than keeping it in your wallet or underneath your mattress, where it could be lost or stolen. You don’t have to worry about the bank losing your money because the Federal Deposit Insurance Corporation (FDIC) insures bank account deposits up to $250,000 per depositor, per institution.

2. Have Easy Access to Your Money AND Get It Faster

Easy access to your money is important because what’s the point of having money if you can’t do what you want or need to do with it, when you want or need to do it (responsibly of course)? Checking accounts are fairly easy to use. You increase the balance in your account by making deposits of your paychecks, or other checks such as financial aid refunds. You can then withdraw the money you’ve deposited—by using a debit card to make purchases at the point of sale or online, setting up automatic bill payments from the account, or withdrawing cash from an ATM (make sure you use one of our 55,000 free ATM’s) — to pay for everyday expenses such as rent, books, groceries or insurance. Make sure you have enough money in your account before making purchases, paying bills and/or withdrawing cash.

If you plan to work or are already working, you can save yourself trips to the bank by setting up direct deposit of your paycheck. Direct deposit gives you peace of mind knowing that your money will be there when you need it instead of having to wait 2-5 business days for a check to clear or even worse… having to pay a check cashier to gain access to your funds. Why should you pay or wait for YOUR own money? (Serious question.)

3. Enjoy Great Products & Services AND Avoid Unnecessary Fees

BankMobile was created to provide a financially empowering banking experience to all of its customers and beyond. Since each bank’s policies differ, make sure (if you have another account elsewhere) to compare that institution’s fee schedules and terms and conditions. The last thing you want to do is pay for services you don’t need or rack up unnecessary fees. Look for an account that has no monthly fee for students and convenient access to ATMs… oh, I’m sorry, no need to look for it, this is exactly what BankMobile Vibe offers! Did I also mention that Vibe offers no overdraft fees or non sufficient funds fees and a student recognition program? See BankMobile Vibe’s fee schedule for details. Lastly, you’ll want an account with a robust mobile app to allow you to keep track of your spending while on the go… my apologies again, but did I mention we offer that too… silly me.

4. Stay Up to Date on Any Changes AND Have Peace of Mind

Obviously we have created BankMobile as the “Financial Cake and Eat it Too” option, but whichever bank you choose, you will be sent a monthly bank statement (unless you opt for a paperless online version) that details all the deposits and withdrawals that have been made to the account during the last month. It is important to review these statements as soon as you receive them and reconcile them with your own records to make sure: (1) the bank did not make a mistake in recording your transactions and (2) you did not make an error or forget about any transactions. If you have any questions about your statement, contact your bank as soon as possible. Taking time each month to review your account provides an important visual reminder of where your money is going and will give you the opportunity to adjust your spending habits going forward, so your money will last as long as you need it to.

In addition, make sure you take advantage of mobile alerts that will let you know when money has been deposited or your balance is running low. Mobile will literally save your financial life while giving you peace of mind that nothing you don’t want happening with your account will happen. Alerts keep you honest and on your financial toes.

So, no longer is it acceptable to compromise with your finances or make sacrifices with YOUR money! It’s time to use these four tips as a way to enjoy your financial cake. Financial freedom, peace of mind and abundance is yours if you want it! Just take the first step!

The views and opinions expressed by the author are not necessarily those of BankMobile. The blogs are intended as general financial knowledge that may or may not be applicable to your individual needs. Always contact your accountant for tax advice.

All company/product/service mentions in this post are not intended as an endorsement and the views of that company do not represent the views of BankMobile or Customers Bank.