When money is tight and it’s gotta be right, track it or lack it.
Indianapolis, IN (PRWEB) January 04, 2013
To help consumers uphold their New Year’s resolutions to gain financial control and escape debt, Debit Tracker, Inc. has announced the release of the Debit Tracker System, the first smart money tracker that delivers real money control while enabling users to manage multiple financial accounts electronically and in real time. The hand-held smart money tracker lets users track up to 50 different accounts with over 1000 categories.
As the first smart money tracker of its kind, the Debit Tracker helps instill the most-needed habit for sound money management and wealth building: tracking. Reed Armstead, CEO at Debit Tracker, Inc. and author of Good Habits, Good Life! 5 Habits to Build Wealth One Step at a Time explained, “I saw that banks were virtually eliminating tracking methods by encouraging their customers to rely on automated banking. The result is that people don’t know their balances and incur way too many overdraft fees and penalties. That model is good for the banks, but really detrimental for anyone trying to escape debt and save money. Appropriately, our slogan is ‘When money is tight and it’s gotta be right, track it or lack it’.”
The disconnect between technology and the tried-and-true practice of tracking financial accounts was the impetus for the creation of the Debit Tracker. “My mother was very diligent about tracking her money, and she was truly the CFO of our household economy,” Armstead continued. “However, when electronic banking became mainstream, she began relying on the bank to provide her balance and gave up her tracking habit. The result was overdraft fees and penalties as well as the loss of financial control because people can’t manage what they can’t see.”
Tracking is the linchpin behavior to good money management, and tracking is at the heart of the product design. Tracking with Debit Tracker is easy because users store their credit or debit card inside the hand-held unit, so they are reminded to check their balances at the moment of transaction and to record their purchases immediately. Armstead and co-developer John White researched many financial experts and behaviorists while developing the product. The overwhelming consensus for behavior modification is tracking, whether it’s increasing savings, improving golf scores or losing weight. Tracking enhances change because it’s objective.
The Debit Tracker merges the old-school tracking habit with technology and provides real-time results – a feature that online banking and mobile phone apps lack. “When people rely on the bank for their balances, they often get ‘false positives’,” Armstead explained. “Swipes and credit card charges do not post to their accounts immediately, so their balances look inflated and lead them to believe they have more in the account than they do. And that leads to overdrafts. Additionally about 50% of those paying electronically are paying at the biller sites, and the delays in those payment postings also lead to ‘false positives.’ The Debit Tracker is the only smart money tracker that works in real time, providing financial control.”
Additionally, the system interfaces with users’ computers allowing them to review income and expense reports, categorize spending, and create and review budgets using the data entered with each transaction. The Bill Alerts function can be set up to provide automated reminders of recurring payments and deposits, so balances can always be updated.
The Debit Tracker System can also be used to manage at-home or side businesses with features including tracking of customers, products, inventory, sales and receivables, sales tax liabilities, and vendors as well as invoice and estimate creation. Expense reports for sales people and mileage tracking are also features of the Debit Tracker System.
Changes in the banking industry, including rapid transactions and many payment choices led people to increase their reliance on banks to manage their accounts and report balances. “Without realizing it,” Armstead continued, “in one step, people gave up their financial control when they gave up their checkbook registers, convinced by banks that tracking was passé. Behavior changed dramatically – people were not tracking their spending or balances and overdrafts boomed. Banks got rich. Consumers went into debt.”
According to Armstead, “The problem is that humans cannot manage what they cannot see, and too many transactions are not recorded immediately. The Debit Tracker fixes this hole in modern banking and lets consumers regain financial awareness and control.”
For more information or to purchase the Debit Tracker System (including the hand-held smart money tracker; carrying wallet; receipt, bill and document organizers; and interface software), visit http://www.DebitTracker.com.