The use of mobile technology to help manage finances has been increasingly popular lately and now Santander has decided to get in on the act.
The Bank has launched a new mobile banking app to help students – and anyone else for that matter –keep an eye on their funds.
SmartBank is a free mobile banking app that provides a clear yet comprehensive summary of an individual’s financial situation.
It is hoped the app will transform the way customers can watch their finances and track spending, while the student market is one of particular interest.
With more people owning smartphones and tablets, access to online banking is getting easier as it is possible to see the many different aspects of banking in one place.
Simple money management
The new app complements an existing mobile application from Santander and includes a number of helpful graphics to help people get a handle on their money.
For students, or any other individuals that are not used to money management, it simplifies the information that they require so it can be easily understood.
Recent outgoings can be grouped in one place, while upcoming payments can also be listed so it is clear what money is being spent where.
Itemised lists of payments by location or type can also be set up while the method of spending – via card or cash withdrawal, for example – can also be tracked.
For anyone wishing to budget carefully, this should help to prevent overspending as the amount spent on food or travel will be easily available.
The app will also track spending patterns so tackling any unwanted financial habits will also be possible while additional sources of information will be available.
This will enable people to seek guidance should they want it, making it easy to find solutions to any financial problems that may occur.
iPhone users can already access the app, while those using Android devices will be able to download it in several weeks.
Other money management options
Another useful way of managing money is to use a prepaid card, which can be loaded with funds from any bank account.
The card can then be used in a similar way as a debit or credit card, except it lacks a credit facility so racking up debt is not possible.
It represents a great way of budgeting as it is easy to limit spending on particular items, while protection can also be placed on the cards to protect from fraud.
Some prepaid cards also come with text alerts so that a record of spending is automatically kept.