In today’s fast-paced world, managing your finances effectively can feel like a daunting task. Resource Bank understands this challenge and is committed to providing you with the tools you need to stay in control of your financial health. That’s why we’ve developed “My Spending,” a powerful feature designed to give you clear insights into your spending habits and empower you to make informed financial decisions. Think of “My Spending” as your personal financial resource, automatically organizing and analyzing your transaction data to simplify budgeting and expense tracking.
Understanding How “My Spending” Works: Your Automated Financial Assistant
“My Spending” acts as an automated financial assistant, meticulously analyzing every transaction that passes through your account. The core of its functionality lies in its smart auto-categorization system. Forget manually sorting through endless lists of expenses – “My Spending” automatically sorts your transactions into relevant categories, saving you valuable time and effort. This intelligent categorization provides an immediate, understandable overview of where your money is going.
This feature is seamlessly integrated into your Digital Banking experience, ensuring that you always have a clear and up-to-date picture of your financial activity. Clean and concise transaction descriptions further enhance clarity, making it easy to quickly understand each entry.
Customization and Control: Tailoring “My Spending” to Your Needs
While the auto-categorization is highly intelligent, Resource Bank recognizes that your spending habits are unique. If you ever feel a transaction has been miscategorized, or if you prefer a different description, “My Spending” gives you complete control. Simply click on the transaction and re-categorize it or modify the description to your liking. The system is designed to learn from your adjustments over time, becoming even more accurate and personalized to your preferences.
For those with specific budgeting needs, “My Spending” offers the flexibility to create up to 15 custom categories. This ensures that even unique or less common expenses can be tracked and managed effectively, providing a truly comprehensive view of your financial landscape.
Effortless Category Management: Adapting to Your Evolving Spending
Life is dynamic, and your spending patterns may shift over time. “My Spending” is designed to adapt to these changes seamlessly. You have the freedom to change your transaction categories as often as you need. Whether you’re refining your budget, tracking spending for a specific project, or simply want to re-organize your financial overview, “My Spending” offers unmatched flexibility.
The categorization process itself is remarkably efficient. Transactions are automatically categorized as soon as they are posted to your account. This near real-time categorization ensures that your spending data is always current, allowing you to make timely adjustments to your financial strategy.
Setting Limits and Staying on Track: Proactive Budgeting with “My Spending”
Beyond categorization, “My Spending” empowers you with proactive budgeting tools through the use of spending limits. You can set dollar amount limits for specific categories, or for your overall spending, providing a visual benchmark to monitor your financial progress. These limits are designed to help you stay within your budget, identify areas where you might be overspending, and ultimately refine your spending habits for greater financial well-being.
It’s important to understand that these limits are designed as a budgeting tool and do not restrict your access to your funds. If you exceed a set limit but still have available funds, your transactions will still be processed. “My Spending” limits serve as valuable alerts and guides, helping you to proactively manage your finances and avoid overspending, but they will not prevent overdrafts.
Currently, “My Spending” allows you to actively monitor up to three categories with spending alerts. You have the flexibility to change and modify these tracked categories whenever you wish, allowing you to focus on the areas of your spending that are most relevant to your current financial goals.
Dedicated Support: Resource Bank is Here to Help
Resource Bank is committed to ensuring you have a smooth and successful experience with “My Spending.” If you encounter any questions or issues, our dedicated Customer Support team is readily available to assist you. You can reach out to us at 985.801.0150 or send a secure message through online or mobile banking. We are here during banking hours to provide prompt and helpful responses, ensuring you can maximize the benefits of “My Spending” and take control of your financial future.
