Spending in a Digital World

Technology, as with most things, has changed our ways of transacting. The days of using cash for every purchase or balancing a checkbook are fading away. With inflation on the rise, it is crucial to create and stick to a budget to avoid overspending. Sending money via Venmo to reimburse a friend for dinner, or even just using a credit card to buy groceries, can prevent you from realizing the true value of the money that was just spent.

It is important to acknowledge the vast difference between swiping a card or using digital payment methods from spending cash. Unlike spending with other forms of payment, with cash you can physically see your money depleting as you spend. You can recognize it getting low, and it triggers you to stop spending. Awareness is key to help you avoid overspending.

How can you become more cognizant of your financial health in this digital world? Pittsford FCU offers a few options to help you stay on track.

Text Alerts

You can elect to receive a text message anytime you use your PFCU account to show you the amount that was just spent. This helps to give you a little nudge to help remind you that, although you didn’t have to count cash to make payment, you did just spend some money.

Money Management Tool

There is a feature within Online and Mobile Banking called Money Management. Within that application, you can link all your financial accounts in one spot. You can set a budget for different types of expenses, for example housing, food, car, etc. By utilizing this, you receive a real-time visual to show you how you are doing with your budgeting goals.

Credit Score Tool

Another tool within Online and Mobile Banking is Credit Score. You can check your credit score and view your credit report within this application. You can also set credit score goals and receive suggestions on how to help you reach your goal.

Our goal continues to be helping our members get ahead, financially, and we hope the above services can do just that!