Today I saw a clip about a person who was trying to turn his financial misfortunes around and the first advice that was given to him it seems was to sign up for an online banking account so that he can see and manage all of his funds and transactions instantly. This person was a computer illiterate for the most part and so it definitely took some getting used to it seemed.
It did indeed help him as the fact that he had immediate visual access to what is happening to his funds each month made him more proactive with his money. I know many times nowadays too people would simply just use an ATM, look at the print out of how much money they have and from there either gasp at how little money they have left or are simply contempt that the funds seem okay. Then it’s not until the end of the month when they wonder what happened and then trying to take action.
I suppose things like an online banking account can encourage one to not treat finances as simply an end of the month routine but rather a daily lifestyle similar to how people wake up in the morning while reading the news to see what is happening in the world. No reason why you can’t do things like that with your money as well and it will get you thinking throughout the day how you can say make or save more.
One thing this constant monitoring can help with is if you pay ridiculous banking fees seeing all those funds being taken from your account will definitely encourage you to do something right away as there is no need to waste money like that.