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How digital banking can help us face our financial fears

Posted at 4:52 PM, Oct 27, 2020
and last updated 2020-10-27 18:52:24-04

From our work meetings to watching artists in concert, it seems everything is happening virtually these days. That goes for the financial world, too; experts are now saying more people than ever are do their banking online because of the Coronavirus.

"Analysts have said it's caused a five-year shift forward (a big boost!) on the adoption of digital banking," said Tony Rasmussen, VP of Financial Education with Mountain America Credit Union.

Apparently, the pandemic has given people who were "sitting on the fence" reason to embrace the added convenience and security of banking technology—and many are loving it! And if you're still on the fence, Tony quelled our fears when it comes to banking with technology, and the following advice about preventing the "unexpected expense;" perhaps one of humankind's greatest fears of all!

"Use automatic transfers to prepare for the 'ifs and whens,' Tony said. "You can do 'digital envelopes' for things like auto and home repairs, where, once set up, auto-transfers to these envelopes set you up for success. The money has a job and is less likely to be used for emotional/spontaneous spending."

Tony added, "Automatic transfers and digital payments can also be used for fun things too—like vacations and holiday shopping, so be sure to set up those additional accounts, aka 'digital envelopes!'"

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