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Budgeting for Beginners with Zions Bank’s OnCard

OnCard helps automate the budgeting process, allowing you to track expenses, adjust spending, and enforce savings.

Don Milne Jan 23, 2019

Financial educators who study budgeting have long recognized what most of us are hesitant to admit: We don’t like to budget our money.

At best, perhaps 40 percent of households create a budget, but more likely it is less than 10 percent. Those few who get good at budgeting understand why budgeting is necessary. Knowing how you spend your money lets you make adjustments to match spending with your goals.

Also, a budget can help you decide where to put your money before you have a chance to spend it elsewhere. Good on you, if you’re a budget virtuoso.

Some people are also really good at running marathons, but many of us would be lucky to make it once around a track.

Just because we may not be natural budgeters or runners is no reason to give up.

For the reluctant budgeter, there is a new tool that can help track spending without a lot of effort. It’s called the Zions Bank OnCard, a prepaid reloadable debit card like no other.

If your basic debit card is like a butter knife, the Zions Bank OnCard is like a Swiss-Army knife, with multiple features that will improve how you manage your money — including budgeting.

Here are some of the benefits.

OnCard Budget Benefit #1: Use it wherever Visa debit cards are accepted

After you order your OnCard (a product unique to Zions Bank), you download the OnCard app to your mobile device or access your budget through your computer. Once you receive your card you can transfer funds from your Zions Bank account to the card, which can be used anywhere Visa debit cards are accepted.

OnCard Budget Benefit #2: Track spending and adjust as needed

Each time you spend money with your OnCard the app tracks the spending and assigns it to a budget category. At the end of the month you can see where you are spending your money and make any adjustments you think will help you better meet your goals.

OnCard Budget Benefit #3: Share with your spouse

You can order a secondary card for a spouse or additional family members that will work in tandem with your primary card. All spending with the OnCard will show up in the budget.

OnCard Budget Benefit #4: Enforced savings

OnCard’s Reserve feature is another way you can meet your savings goals. You can transfer funds to your OnCard and then separate them from your available balance until you are ready to spend the money. This can be a great way to help with budgeting for the holidays, for vacations or for large purchases.

OnCard Budget Benefit #5: Teach teens about money

Do you want to teach your teens how to spend their money, but still retain some control over those funds? You can order dependent OnCards for your teens that you can fund from your mobile device. Paying an allowance just got a little easier.

Your teens (and you) will also be able to see how they are spending their money each month as the app creates their spending budget. Seeing how and where they spend their money, they can make adjustments to meet their financial goals.

Another great parental control: You can lock the card to help prevent further spending, or turn off the card yourself through the app if it’s lost or stolen.

Visit the Zions Bank website or talk to a banker at a Zions Bank branch near you for more information about how to get started with Zions Bank’s OnCard. Don’t be surprised if you find this tool helps you make better financial decisions.

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