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Are you a finance obsessive?

Are you a finance obsessive?

Category: Banking

Updated: 10/05/2016
First Published: 10/05/2016

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Many of us worry about how much money we have left in the bank, so keeping a close eye on in-goings and out-goings is a great way to ensure that things stay within budget. But now that mobile and online banking has become more familiar and widespread, it seems that some of us have turned into 'finance obsessives' and are checking our bank balances in every spare moment.

Banking on the go

According to research by Clydesdale and Yorkshire Bank, 26% of respondents ease their money worries by checking their bank balance after every single transaction, which is certainly taking budgeting to a new level. In addition, more and more people are using their free moments to keep tabs on what's happening with their money: the survey found that 37% of those questioned find themselves logging into their bank account while in bed and a particularly concerned 19% check their balance while perched on the toilet. Sunshine and good weather is also not enough to deter thoughts from money, with another 17% admitting that they have used online banking while soaking up the rays in their garden.

Obsessively checking how much money is still left may sound strange, but it's understandable if money tends to become short at the end of the month. A survey carried out by Clydesdale and Yorkshire Bank in 2015, for instance, found that 23% of respondents tend to run out of money around three weeks after payday. It also seems that many people find managing their money difficult - 21% of those asked said that they wished managing their money was easier and less of a hassle - so it's perhaps not surprising that some resort to frantically checking their account on a regular basis in order to provide themselves with a little reassurance.

And with online and mobile banking, this process is so much easier than before. This new method of banking means that your account is at your fingertips, and it only takes a couple of minutes to log in and assess the damage the latest shopping spree has done. So, if you'd like to become a more proactive manager of your money, it may be time to get onto the online banking bandwagon.

Get online

Not all banks have accounts that can be managed online or by smartphone, so if your provider doesn't have the facility, it's time to go in search of a new account. Check out our bank account best buys to see if there is an account that fits your needs, and once it's all set up, you can start to manage your account at a time that suits you - whether you're on the train, relaxing in the garden or in the bathroom!

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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