Article Written By: John Schulte| SVP, Chief Information Officer| Mercantile Bank of Michigan
Just in time for the holidays, when finances and overspending can be stressful, the new Cash Flow module is now live in our online management tool, MercMoney®. The Cash Flow module offers an easy way to project out your income/expenses (and replace the old checkbook register).
MercMoney® is integrated into our online banking system and is a great way to empower you to take control of your finances and simplify your life. Budgeting, account aggregation and debt management are a just a few of the tools available, and best of all it’s free with any Mercantile checking or savings account.
It’s easy to set up MercMoney® and the Cash Flow module with a set-up wizard that identifies most re-occurring transactions, allows you to choose/edit future dated transactions and search history for other re-occurring items the wizard may miss. The wizard makes it easy (5-10 minutes) to replace a work intensive spreadsheet or manual process cash flow tracking process.
This module works both for people who want an easy, casual estimate of their cash flow and for those who keep detailed records. It can replace your current checkbook register, spreadsheet, Quicken or paper reconciliation process – with an automated and more efficient cash projection. The mobile version of this module is expected to be released in early 2017 so you can budget while on the go.
If you would like more information on MercMoney® and the new Cash Flow module visit https://www.mercbank.com/electronic/merc-money.asp or stop in to any of our branches.
Article Written By: Zach Roth | Creative Media Specialist | Mercantile Bank of Michigan
Budgeting is not easy. The best intentions of saving and taking financial control can quickly become forgotten as old spending patterns creep their way back into your routine. Instead of attempting to take on your budget all by yourself, why not utilize available tools and resources to help keep you on track? Mercantile Bank of Michigan offers a variety of tools and services to assist you in taking control of your finances.
1. Track Your Spending
Maintaining an awareness of where your money is going is a great place to start. You’re able to notice spending patterns that you may not have even been aware of. Seeing just how much your morning coffee is costing you over the course of a month can be shocking. Changing the coffee routine from daily to weekly can have a significant impact on your savings over the course of a year.
Mercantile Bank’s MercMoney application tracks all of your spending for you. Any purchases you make are immediately categorized. The application displays your spending habits in charts and lists that help you to visualize where your money is going.
2. Build a Budget
Clearly seeing your spending habits can help you find areas where you might like to make changes. Giving yourself a budget for various expenses will allow you to stay in control of your spending. Once again, the MercMoney application is a great tool to create and maintain a budget. You’re able to set different budgets within each expense category. The app can send you notifications via text or email when you are nearing your spending limit within a category. If you need to make any adjustments to your budget throughout the year, it is easy to make changes.
3. Pay Yourself
Saving money can be difficult, especially if you have to make the decision each month of how much to put away. When money gets tight, it becomes easy to procrastinate on your own savings. Why not take the decision out of your hands? If you set up an automated transfer into a savings account, you will no longer have to continually decide if you can afford to pay yourself. Set a reasonable amount and you won’t even notice the movement of funds. By the end of the year you will have built up your savings account without even realizing it.
It’s easy to manage your accounts with Mercantile’s Internet Banking. Setting up a recurring transfer between your accounts is a simple and convenient way to make sure your savings grows.
4. Be Aware
Having an awareness of your budgets and balances helps you to stay on top of executing your financial plan. MercMobile is a great way to maintain that awareness no matter where you are. If you are in a store contemplating a purchase, it may be helpful to check your account balance from your phone before making a decision. The MercMobile app is free and can be quickly downloaded from your favorite app store. Don’t have a Smartphone? That’s ok, we also offer Mobile Web Banking and Text Banking so you can always get balances on the go.
5. Be Intentional
Taking the first step to set up a budget is necessary. However, your efforts are meaningless if you are unable to follow through with your budget. Gaining the self-discipline to adhere to a budget can be incredibly challenging. You may find yourself struggling to stay within your spending limits. Mercantile Bank’s Reloadable Cards may be a helpful resource for staying on track. For example, say that you are regularly exceeding your spending limit for groceries. Unnecessary items continue to catch your eye and cause you to overspend. You may find that putting your allotted grocery money on a Reloadable Card will help you to gain the self-discipline you need. Knowing that there is only so much on the card can serve as your continual reminder to stick to the plan.
For more information on these financial tools and more, visit us at www.mercbank.com.