How automated alerts, notifications, and calendar reminders can keep you informed and in charge.
Vigilantly monitoring cash flow and account balances ranks up there with watching grass grow on most people’s excitement meter. But without oversight, there’s an increased risk of overdrawing accounts, especially when you schedule payments and transfers in advance.
Thankfully, today’s financial accounts include alert and notification options for an extra layer of automated monitoring. These notifications and alerts can help to identify potential issues automatically so you can take action if needed.
And while there’s no substitute for your oversight of your accounts, it can be easy to forget to check in as often as you may like. Online calendars are ideal for setting up pre-determined check-in dates and times, proactively notifying you that it’s time to check your progress. These “money dates” can be set up to appear at specific intervals (like monthly or annually) or at particular dates you select in advance.
When used together, alerts, notifications, and calendar events work to ensure that you always have a clear understanding of your accounts. Then, you can take any action that may be needed, such as updating your savings or debt reduction transfers based on your changing circumstances.
Account Alerts and Notifications
While the exact notifications and alerts available will vary based on the account type and financial services provider, they often share similarities. Most also allow you to receive alert notifications via text or email so you can choose the option that works best for you.
Common alerts and reminders helpful in automating your financial life may include:
- Bill and Payment Alerts - Notifications for payment due dates and payment completions.
- Low Balance Alerts - Get a notification when your account balance drops below your pre-defined threshold.
- Transfer Alerts - Notifications when money is moved from one account to another. For example, when money is moved from your checking to your savings account.
- Withdrawal Alerts - Set a threshold for notification when a transaction exceeds a certain amount.
- Statement Alerts - Notifications when a checking, savings, or credit card statement is available for review.
- Deposit Alerts - Notifications when money is deposited into your checking or savings account.
- Security Alerts - Notifications of password changes, new device logins, and other related alerts help to keep your accounts secure.
While initially setting up alerts takes a little time, you only need to do it once for each account. Over time, you may find that some notifications are more valuable than others – and you can easily modify them as required by logging in to the account.
Calendar Events
While much of your financial life can be automated, regular oversight is essential to verify that your automation strategy aligns with your changing income, goals, and priorities. A few examples of “money dates” you can add to an online calendar include:
- Financial Reviews - Monthly, quarterly, and annual financial reviews to reassess your budget, review your financial goals, and adjust your savings and investment strategies.
- Tax Deadlines - Reminders for tax-related deadlines, including quarterly estimated tax payments for freelancers, tax return filing dates, and IRA contribution deadlines.
- Credit Report Checks - The federally mandated AnnualCreditReport.com allows you to check each of your three credit reports once per year. An annual reminder for each report (spread a few months apart) offers more insight than checking all at once.
- Insurance Renewals - Get annual reminders for when your insurance policies are up for renewal so you can shop around for a better rate or adjust coverage as needed.
- Annual Subscriptions and Memberships - Use to evaluate whether you want to continue or cancel yearly subscriptions or memberships before they auto-renew.
The Takeaway
In the same way that payments, transfers, and other financial tasks can be automated, account alerts, notifications, and calendar reminders can be set up to ensure that you’re always informed and in charge.