Money matters - Use digital banking to stay on top of your goals

Saving money is a straightforward task, yet it can feel overwhelming without control over your finances. You might be trying to manage your finances better and finding it difficult due to:

1. Ineffective budgeting
2. Lack of time
3. Lack of awareness
4. Inability to track expenses, etc.

If you are looking for a simple solution to your dilemma, there’s good news. Digital banking can prove to be a game-changer!

Let’s break down the ‘what’, ‘how’, and ‘why’ of digital banking and understand how it can simplify savings for your financial goals, that too, the easy way.

What is digital banking?
 

In simple terms, digital banking means banking through digital platforms, like your smartphone or computer. For instance, opening a savings account online, checking your account balance, transferring funds, etc., all fall under the purview of digital banking.

How can digital banking simplify savings?
 

Digital banking is much more than opening an account or checking the balance. It has a range of banking tools that can help you track your finances and save more. Check them out:

1. Expense categorisation and tracking
 

If you are unsure where your money goes, the expense tracking feature of digital banking can prove quite helpful. The tool helps you track every penny spent. Every time your savings account is debited, you get an alert on your smartphone. These alerts help you keep track of your spending. Moreover, you can access the expense tracker tool and check how much you have spent on any given day. This helps you find out where your money is going. You can even create personalised categories of expenses like:

a. Household expenses

b. Tuition fee

c. Utility bills

d. Rent 

e. Conveyance or transport, etc.

You can get an overview of your monthly spending and create a budget accordingly.

How does this help in saving?
 

Expense categorisation and tracking give an idea of the outflows. You can check if the expenses are normal or need trimming. This helps you identify and reduce unnecessary expenses, leading to better savings. For instance, if your lifestyle expenses are very high, you can reduce the frequency of dining out or watching a movie in a theatre. As the expenses reduce, savings increase.

2. Connecting multiple bank accounts
 

If you have multiple savings accounts, keeping track of the accounts' balances and transactions can be challenging.

With digital banking, you can link all your bank accounts for a consolidated view. This helps you keep track of all savings accounts in one place, simplifying money management.

How does this help in savings?

When all your accounts are consolidated, you have better clarity of your finances. You can check which account has a surplus balance which can be directed towards investments. If any account is linked to an investment and its balance falls short, you can transfer funds to that accountso your investments continue smoothly.

3. Automated investing
 

Automating your savings is prudent if you invest in avenues that require regular contributions, like recurring deposits or Systematic Investment Plans (SIPs) or mutual funds. In such cases, digital banking allows you to place an auto-debit mandate on your savings account. With this mandate, your investments happen automatically on a specified date, without manual intervention.

How does this help in saving?

When your investments are automated, they become more disciplined. The risk of missing out on any instalment is eliminated, and you can save regularly to create a corpus for your personal goals. You can also earmark your investments to specific goals for strategised savings.

4. Automated payments
 

Just like making savings digital, you can also automate important payments. This will eliminate the hassles of remembering the due date and the risk of incurring additional interest expenses.

You can place a Standing Instruction (SI) on your savings account for payments like loan EMIs, credit card bills, utility bills, etc. You can prioritise these payments and avoid accumulating outstanding dues.

How does this help you save?

There are two ways in which automating payments helps in savings. First, you can avoid the late payment fines and interest charges, which are added expenses. Second, when you clear the dues on priority, you will better understand the money left in your account. You can save first and spend later to avoid the possibility of overspending.

5. Account tracking
 

With digital banking, you can access monthly account statements to track your savings account on the go. This gives you control over your finances, helping you track your income and expenses.

How does this help in saving?

You cannot save effectively when you don’t know about the transactions happening in your bank account. Account statements give you a documented picture of your income and expenses, helping you track your spending, identify and minimise unnecessary expenses, and check the extra income that can be allocated to investments. As you reduce spending and enhance investments, you can save more.

Why come to IDFC FIRST Bank for this specific problem
 

Take out the stress from savings with digital banking tools that can give you an edge in money management. It is simple, easily accessible, and, above all, free of cost if you choose the right savings account, like the IDFC FIRST Bank Savings Account.

You also get the IDFC FIRST Bank Mobile Banking app, which offers a range of digital banking tools to help you manage your finances effortlessly. It is your one-stop control centre to manage, automate, and track your money.

So, open the IDFC FIRST Bank Savings Account and do more with its digital banking features. Save more consistently and pave the way to achieve your goals.

What makes IDFC FIRST Bank’s Savings Account stand out?
 

1. Zero fee banking on all Savings Account services including IMPS, NEFT, RTGS, ATM transactions, Debit Card, SMS alerts, and 30+ other services 
2. Earn attractive interest rates of up to 7.00% p.a. with monthly interest credits and the benefit of monthly compounding 
3. Higher ATM withdrawal and purchase limits for added convenience on your Savings Account 
4. Exclusive rewards and cashback offers on your Savings Account Debit Card, plus a rewarding loyalty program through FIRST Rewards 
5. Manage your money anytime, anywhere with the IDFC FIRST Bank mobile app and internet banking platform 
6. Enjoy cash flow analysis, investment options, and rewards tracking, all within your digital banking experience 
7. Recognised among the World’s Best Banks 2025 by Forbes in partnership with Statista