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Hass and Associates Accounting Hong Kong Tax News and Tips about the benefits of money management tools to college students

Online and mobile banking makes it possible, especially for college students, to easily manage their finances according to the Hass and Associates Accounting Solutions.

Being a college student is very, very challenging and stressful, with all the classes, research papers, exams, and responsibilities for family, work, and extracurricular activities. These students don't have the time to stay on top of their money.

Keeping track of paper receipts and reconciling bank account statements are really time-consuming habits.

These days, new tools are available to aid students to have experience and confidence in their capability to manage money, and establish positive financial habits that will serve them well into the future.

For example, using a mobile banking application allows them to check their account balance all the time. They can use their smartphone or tablet to check recent transactions to make sure they are genuine, pay bills, transfer funds, locate the nearest ATM, deposit checks, and also disable a debit card if it has been missing or stolen.

Using mobile alerts is a good way to save money by preventing unwanted fees from overdrafts. These alerts can reduce stress by providing students the assurance that there is sufficient money in their accounts to cover expected bills and expenses.

Based on the bank or financial institution students use, alerts can be set up to receive an email or text message for a wide variety of activities such as if balances are above or below an amount specified, when balances change, direct or other deposits made into the accounts, bill pay reminders, ATM/debit/prepaid card purchases or withdrawals go beyond a specific amount, suspicious account activity, and account alerts like when monthly statements are available for reviewing.

There are possible charges for this kind of service but it depends on the student's mobile carrier or plan. However, majority of financial institutions don't charge for this service.

Mobile banking tools and alerts only take a couple of minutes to install, and the parameters can be easily changed as students get more experience with managing their bank accounts and what works best for them. They will also determine if students' bank permits them to set daily or weekly spending alerts to help them budget limited resources more effectively.

These tools also allow students to make the most of small "money moments," by integrating reminders and signals right into their daily life.

In the end, paying bills on time is one of the most important aspects in becoming a financially responsible adult and developing good credit.

Hass and Associates Accounting Solutions suggests that everyone, not just the students, to build a good financial habit that might translate into more favorable rates on loans and other credit, less debt accumulation, more savings for life goals such as buying a home or retiring, and an overall increase in financial wellbeing.