I love when my 17-year-old and his friends hang out at our house and I get to enjoy listening to their conversations. Recently, my son and three of his friends were finishing dinner when I overheard them actually talking about finances, savings accounts and spending! If I had brought up these topics, I would have gotten “the look” from my son and most likely some eye rolling from his friends. Yet, here they were initiating the conversation on their own.
Initially, one friend mentioned that he has a checking account and a separate savings account. That arrangement forces him to partition off money for savings which he views as non-accessible. He sets a goal for how much he will put into his savings account each month and then the remainder is available to spend in his checking account. Another friend said he almost never uses cash since he has a debit card while another said just the opposite, that he never uses his debit card. Instead, he uses his tips from his job as a barista at a coffee shop for spending money and his paycheck goes into his bank account. He believes that if he uses a plastic card the money won’t seem real. Still another chimed in to say he loves his debit card and his bank account because he can go online to his Wells Fargo account and click on “My Spending Report.” Hearing that took everything in me not to run over and hug this kid. First, he is tracking his spending and second, he is a Wells Fargo customer!
At Wells Fargo, we created the “My Spending Report” feature for this very reason. It allows you to easily categorize and track your spending. You can quickly see if you spent $30 last week on lattes, or if frequent eating out is wreaking havoc on your savings. All of those small bills add up and monitoring your spending on a regular basis can be an eye opener! I was so excited to hear this conversation. I know that my son, like most teenagers, is more likely to take action if the suggestion comes from his friends. It was also a good reminder for me to go out and look at where my husband and I have spent our income in the past few weeks and months. I will say, I noticed a few things I am working on!
How often do you track your spending? Do you have a Spending Report? If you are a Wells Fargo customer, have you looked at or used the “My Spending Report” feature? Why or why not?