Saving money should be simple—all you have to do is spend less than you earn—yet so few of us find it easy to accomplish. It turns out Bank of the Ozarks has three nifty tools that can help make saving money as easy as it should be.
Budgeting? There’s an app for that (and much more). CardValet allows cardholders to control when, how, and where their debit card is used. Download the app and you’ll be able to set spending thresholds and alerts. Want to limit your spending at department stores? Want to lock your card until your next paycheck arrives? Want an alert when others on your account use the card? This app can do it.
And if that doesn’t have you convinced, it also features a plethora of fraud prevention tools. If you’ve ever called into a customer service call center and wished you had access to similar card controls, your wish has come true.
At Bank of the Ozarks, you can set up automatic transfers just about any way you want, so why not schedule regular automated transfers from your checking to your savings account? It’s much less tempting to spend money once it’s out of your checking account, and the best part is once it’s set up, you don’t have to give it another thought.
Reloadable Cards* are a budgeting super tool since you can’t spend more than the amount on the card. Load one with the amount of money you’re willing to spend each month, and you’ll be forced to spend less than you earn.
*$5 purchase fee and $3 monthly fee, other fees may apply.
By Adam Lucas Adam Lucas holds a Finance degree and an MBA from the University of Kentucky. His work has appeared in many major outlets including Yahoo, AARP.org, and GoBankingRates.com.
Monday on the Money is a weekly commentary from Bank of the Ozarks providing financial advice and solutions important to you and your family.