What we'll cover
What the spending buckets feature is
Reasons to use spending buckets
Incorporating spending buckets into your finances
We’ve introduced spending buckets to Ally Bank's Spending Account for precisely that reason. This new tool was designed to help you take control of how you use your money by tracking where you use your money.
What are spending buckets?
Think of spending buckets as a digital equivalent of using the envelope budgeting method. For a start, they allow you to set aside funds in your checking account for particular expenses, such as rent, groceries or entertainment.
Tip: If you prefer, you can manually fill the buckets when money comes into your account, but we’re big fans of automating finances when possible (it can help give your savings a boost).
Why spending buckets?
Buckets simplify spending and help you avoid spending money needed for necessary expenses like your cell phone bill or gas for your car by allowing you to set that money aside ahead of time — and by letting you to select which vendors pull from which bucket. You don’t need multiple accounts or complicated spreadsheets to stay on top of your spending. Buckets are an easy-to-use, flexible tool to give you clarity about your spending and empower you to make informed decisions about how you spend your hard-earned money.
Buckets simplify spending and help you avoid spending money needed for necessary expenses by allowing you to set that money aside ahead of time.
3 ways to use your spending buckets
Keeping your spending in check can be a challenge. You can use spending buckets any number of ways to make money management easier and more successful. As you find your fit, give these tips a try:
1. Spend with less stress
With buckets, the dollars you allocate are all accounted for, meaning you don’t have to worry about using money that’s needed for an earmarked expense. Splurge on dessert at your next dinner out with peace of mind that money for your bills is already set aside.
2. Analyze your budget for overspending
Once you start putting money into buckets, you might realize a lot more money is going toward a certain expense than you had thought. For instance, you might notice your weekly grocery trip costs more than you’re comfortable with. From there, you might decide to cut down on other spending to accommodate it or find ways to reduce your spending in that category, like cutting coupons or comparison shopping.
3. Customize your budget
Spending buckets are free and flexible as part of Ally Bank's Spending Account, so you can use them in a way that works best for you and your goals. You can create up to 30 buckets, so choose the number of buckets that work for you. Add or remove buckets as your plans change. You can move individual transactions from one bucket to another. For example, if a recent purchase at the grocery store fits into your home improvement bucket, you can move that transaction to reflect that.
Simple and sustainable spending with buckets
Staying on track with your spending can be overwhelming. But the process doesn’t have to be complicated. Spending buckets enable a hands-off approach that makes managing your money easy. With buckets, you can easily track how much you’re spending on different expenses and get the information you need to make the right moves for your financial future.
