What are the best ways to manage money?
Whether you’re saving for a special occasion or just balancing the bills with your household budget, there’s a degree of confidence and comfort that comes from knowing how to manage your money – it helps you to save the spare money coming in during the good months, and to spend less when times are a little leaner.
Here are just some of the ways how to manage your money using the kinds of features you’ll find in your Arro Personal Account online dashboard or on most common online banking websites.
Check your balance
It sounds obvious, but it’s easy to ignore your account balance when you’re not feeling confident about it – so fight that demon first and see exactly how much you’ve got in your account.
Take a look at any recent transactions in and out of your account too, as well as any scheduled payments that are just coming up, so you know how your balance might change in the near future or if it’s a fair estimate of your account for the long term.
Sort out standing orders
Standing orders are a really good way to set up regular payments so you don’t forget them, and so they go out of your account at the same time each month – but it’s easy to forget about old standing orders.
Use your online dashboard to check if there are any standing orders you could cancel, such as old charity donations or subscriptions to services you no longer use.
Obviously don’t cancel anything that still matters to you – but if you’re looking to save money, any obsolete outgoings here will save you not just on this month’s spending, but in the future too.
Deal with Direct Debit
Direct Debit is like a standing order, but it gives the company you pay the right to change the amount of money the payment is for – it’s good for things that don’t always cost the same, like utility bills and phone bills.
It needs more careful management, but you should always get fair warning of how much is going to be taken, and some companies even offer a discount when you pay by Direct Debit.
Keep it clear
Whatever you have coming in and going out, try to be clear about what’s essential spending and what’s not, so you know how much you have left for luxuries or to put into your savings.
An Arro Personal Account makes a handy secondary account for this – letting you run all of your income and essentials through one account so your statement isn’t cluttered up with day-to-day transactions.
Control your credit
One way many people come unstuck is by relying too much on credit. As hard as it might be to resist when money is tight, spending even more money that you don’t have will usually only make things worse.
If you find overdrafts and credit cards too tempting, run your finances from a current account that doesn’t have those things. An Arro Personal Account still gives you a debit card for the convenience of card payments, but it doesn’t give you access to those kinds of credit facilities that can lead you into debt before you know it.
Make your move
Most importantly if you want to manage your money better, make your move sooner rather than later, and start improving your financial standing and possibly your credit score too.
You can apply for an Arro Personal Account in just three minutes with your name, date of birth, UK address and contact details, and get immediate access to the Arro Money online dashboard so you don’t have to wait to start sorting out your finances.
It’s purpose-built and easy to use, with simple filters so you can check on recent transactions, what’s gone out of your account and where it went.
What you get
An Arro Personal Account gives you an account with plenty of ways to move money around, as well as a cash card you can use at ATMs, online and for in-store purchases too.
You get a sort code and account number – so you can receive payments in the usual way – as well as access to Faster Payments and Direct Debits for payments going out.
Every Arro Personal Account also comes with a MasterCard® debit card, so you can spend from your own account balance without having to pay off a credit card bill at the end of the month.