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Personal finances 06 Nov 2018

What’s in a budget, anyway?

Budgeting. We all know we need to do it. At one point or another, chances are good we’ve been taught, taken courses or heard tips on how to budget. So, why do so many people still find it difficult?

Certainly, the reasons are as broad as they are varied. But, one thing is clear. There aren’t many people who relish sitting down with their credits and debits and figuring out what they can – or should – spend on their own whims, what should be saved and how much needs to go to bills.

Fortunately, for all of us, the advent of technology means that budgeting has never been easier, and to some extent, more passive, than ever before. Take BBVA Compass Financial Tools, for instance. Now available in BBVA Compass Mobile Banking, the tools help clients track and manage budgets, even encouraging the addition of outside accounts for an accurate and full picture of their financial health.

The tools available to customers in the bank’s mobile app include the following:

  • Spending: Clients can see the percentages of their spending as it pertains to each transaction category. If they tap on a section, they will see how much they spent in each category.
  • Budgets: A chart that shows clients’ monthly budget. Budget categories change color from green to yellow and red if the client exceeds set spending limits. The visual approach is designed to quickly convey targeted spending and progress toward monthly budget.
  • Accounts: Allows clients to links and manage their external financial accounts so they can easily view their full financial life in one place. Clients can link everything from checking, savings and money markets to investments, credit cards, insurance, property and more from virtually any financial institution.

To highlight the search feature and others, BBVA Compass recently launched a series of new commercials airing locally and on social media. Actress Sarah Pribis, host of mobile app HQ Trivia, is the spokesperson for the commercials, which use words that include ‘app’ to describe its multifaceted capabilities.

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