Manage your money from afar

Technology has made managing your money from home or abroad much easier. There are apps and services that can help you take control of your finances, get into the savings habit and even let you know when your bills need paying. So wherever you are, keeping MoneyFit has never been easier, so long as you’ve got a smartphone or tablet and decent Wi-Fi!

 

Banking

Paying your household bills by Direct Debit has been around for years, a safe and easy way to ensure your utilities are paid on time. 

Keeping abreast of your bank balance - most banks will send you free text messages on your mobile phone letting you know when you’re low on funds. Some will also let you set alerts for when your salary has been paid in or if you don’t have enough money to pay a standing order. Check with your bank as to what they offer.

Consolidate your accounts - if you want to see your current, savings accounts and credit card accounts all in one place(known as account aggregation) then there are apps that do this. They’ll also analyse your spending, so you can see where to cut back. There’s no need to pore over bank statements trying to work out where your money goes – it’s all there.

Saving

We all know about standing orders, but how many of us use them to squirrel away money each month. It’s the quickest way to save – set up a standing order to pay a regular amount into your savings account every month – whether with the same bank or another, immediately after payday. That way you won’t even notice it’s gone. Regular or fixed term savings accounts often pay more interest than current or easy access accounts.

As a member of the armed forces you can also save directly into one of three JoiningForces credit unions direct from your payroll – see Credit union savings.

Spending

Cashback and voucher codes are now a way of life and great ways to save money while spending. To make it even easier, you an install plug-ins to your internet browser, which will let you know when it’s possible to make savings while you’re shopping. Both Quidco and TopCashback offer these plug-ins while Pouch works for vouchers and discount codes.

Another useful money management tool is Onedox –  a household admin assistant. You can connect your gas, electricity, TV, internet, landline and mobile phone services and enter your car/vehicle details to get MOT and road tax reminders. Onedox analyses your tariffs and packages and identifies the key information like contract end dates. All of this information is presented to you clearly on your household Dashboard.

So if you feel comfortable using smart technology, search online for a variety of helpful apps, but ensure you read the reviews and security features too. And always keep your device's security up to date.

More information

Are you open to open banking?
App-based banking – Moneysavingexpert 

 

Back to news