We know how difficult it is to be on top of your money all the time, that’s why we created the ‘advice’ section in the OpenMoney app. The advice section is there to help you make the most of your money in your current situation, whether that’s by reducing your debt, making the most out of your savings or curbing some of your expensive habits. Below you’ll discover the kind of advice we give and how we do it!
In the OpenMoney app, we have a range of different advice we give to users to help them manage their money better. Here are a few of our tips:
‘Build a cash safety net’
We always recommend having at least three months of cash savings in case of an emergency. Our app will pick up whether you have these savings and if you don’t, we can help you get there by setting a savings goal and giving you tips on how to save.
‘Earn interest on your spare cash’
The app can spot if you have spare cash leftover at the end of each month. If you do, we’ll recommend you start saving your money in a savings account to earn interest and make your money work harder.
‘Avoid fees by clearing your credit card debt’
If you have persistent credit card debt, our app will tell you how much it’s costing you in fees. We’ll also give you some handy tips on how to clear it.
There’s plenty more advice we give including how to save money on your energy by switching providers and how to reduce spending on expensive shopping habits! If you want to see what advice we give first-hand, download our app on iOS or Android.
Each piece of advice has a different algorithm behind it, that was created by our team of financial experts! The algorithm reads the data from your current account, credit cards, savings accounts and more, to calculate whether you qualify for a piece of advice. If you do, it pops up in the app!
Where to find the advice section in the app
Once you have connected your current accounts, savings accounts and credit cards to the app, we do some clever calculations in the background to see where you could be managing your money better. The advice we have for you will then be shown in the ‘advice’ section of the app.
In the advice section you’ll be able to see the advice we think is relevant to you as well as where you biggest spends are over the past few months – you may want to approach this with caution!
We’re always trying to improve the advice section of our app, so if you have an idea for a piece of advice, why not let us know over on Twitter?