Checking your online banking in 1-2-3

We believe in keeping things simple and split up what you need to think about in online banking as in-money and out-money. Salary or other income is in-money. Everything else is out.  

-Here it is important to remember that credit cards are also spending money. Many people forget that credit is also a loan that must be repaid in the same way as all other invoices, points out Anita Sørhus, senior advisor at Kraft Bank.  

Close-up of advisor Anita Sørhus.
Senior Adviser Anita Sørhus.

Tip 1: Keep it simple

2 accounts is what you need. An in-account, often called a salary account, and an out-account, called a loan and bill account. Every month you receive a salary (or other form of income), you transfer an amount to your out-account to cover all loans, invoices and fixed deductions you have. Use AvtaleGiro and e-invoice for everything you can, so you don't forget anything. The rest of what you have in your in-account can be spent on food or other everyday purchases. But remember: if you use a credit card for most of your purchases, you may not have that much money left in your current account. You need that money to pay your credit card bill. 

This set-up allows you to use your bank account as a bookkeeping system. You will have a full overview of your fixed expenses and it will gradually become easier for you to calculate how much money you need to put in there.   

And you, put more money in your current account than you need. That way, you can build up a reserve in case you have an unexpected bill. 

Psst: This is often where the problems start for our customers. Without a reserve, you become vulnerable to unforeseen events such as larger invoices, interest rate hikes and drops in income. 

To make it even easier for yourself, you can set up a fixed deduction from your in-account to your out-account the day after you receive money, so that it will take care of itself. This is also a good idea for savings.  

Tip 2: Look at savings as an expense

It's easy to say that all the money you have left over at the end of the month should go into savings, but let's be honest, not many people can do that. If you want to save, set up a fixed deduction the day after payday, and the money will disappear into your savings account along with the money that disappears into your spending account. Out of sight, out of mind.  

Psst: Do you have a lot of unsecured debt such as unpaid credit cards and consumer loans? Pay down extra on these before you start saving, so you get more bang for your buck. Save when you have got rid of expensive debts. 


Tip 3: Visit your online bank often

At least once or twice per month. Make sure that the bills you have had due have been paid and that you have enough funds left to pay what is due for the rest of the month. This will give you a better idea of how much money you have and how much you have left to spend. Most online banks have a feature that shows you what you have due against how much money you have left in your account.  

Psst: Do you shop a lot on Klarna or other payment services? Enter the invoice in your online bank so that you can keep track of what is due. It's easy to forget invoices that are in an app. In the long run, unpaid invoices can lead to payment remarks, which can have major consequences for your finances.

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Financial advice

This article is part of the Financial advice category, a collection of articles that deal with topics related to personal finances, such as family, children, lifestyle, work, home and housing, car and motor, cottage and leisure, life changes, savings and investment. Read more about Financial advice

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