Online services can tell you when bills are due and even if your account is at the risk of running into the red
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Their data can tell us a lot about how we manage our finances, and about human nature. A bit like Mystic Meg, some banking apps can now tell us in advance when regular payments and bills are due to hit, and when our funds might be running too low to meet them. The data can prompt us to do some current account housekeeping too, to keep things from tipping into the red.
“An important part of managing the more every day expenses is to review your finances regularly and take practical steps, like ensuring direct debits are coming out of your account when you know you will have the funds to cover them, directly after you have been paid for example,” says Dawn Bailey, Bank of Ireland’s head of financial wellbeing.
“In the case of larger, regular expenses like mortgage payments, usually customers plan for mortgage payments to be scheduled in line with their salary being paid into their bank account, so payday would be the norm,” says the bank. It can be helpful to switch all direct debits to this time of the month.
They include things like a heads-up when there is a spike on regular spending, low balance warnings or spending that doesn’t match your normal behaviour. The app has more than 800,000 logins every day. There were some 55.6 million Revolut card payments in June, up 15 per cent on June 2023, according to Revolut which has 2.8 million customers in Ireland..
“The May sunshine sparked a significant increase in consumer spending in sports clubs, which jumped 22 per cent month on month,” according to Revolut.
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