For us budget Brides, money is probably the topic of conversation that is most frequently had around the dinner table. And most of those conversations revolve around how little we have!!
But, have you ever thought about whats actually going on with your money?
If you aren’t constantly asking yourself these questions, then you are probably not making the most of what you earn!
- “what am I spending my money on?”
- “what is my bank doing, that others aren’t?”
- “how much of my spending is essential?”
- “how much interest am I getting on my savings?”
First off, get yourself onto the internet. Open up your bank’s website, along with all the others you can think of (think Lloyds TSB, Santander, Halifax etc etc).
Check what bank account you have, the interest rate you get, the rewards you may receive for paying in a certain about of money each money, and the charges you incur if you accidentally go over your limit
Now check these against the bank accounts the other banks are offering. Are any of them offering better deals? If the answer is yes, then move! Pop into the bank, and they’ll do all the hard work of transferring direct debits and standing orders for you!
Some banks even give you a one-off bonus payment to thank you for joining them… put this into the savings account!
Check your statement for surplus money each month, and transfer into your savings account. You’ll be saving more, and getting interest on it!!
Right, now onto Savings Accounts
If you haven’t got one, get one!! How do you expect to save if all your savings are mixed in with your spending money?
If you’ve got one, do the same as I’ve described above with bank accounts. Compare, contrast, move.
If you get a bank account and savings account with the same company, you’ll often get a higher rate of interest
If you’re putting money away and not planning to touch it for over a year, then open an ISA and put it in there. MUCH higher rates of interest – this equals free money and no one complains about that!
Check your statement for unnecessary impulsive buys. No one expects you to never treat yourself again, but a shop-bought cup of coffee every morning? Invest in a thermos mug and bring your hot drink from home or wait till you get to work!
Other handy tips:
If you ever need any advice or assistance regarding money, savings, budgeting etc, the best person to speak to is a financial advisor at your bank. Make an appointment (they’re FREE), and they’ll talk you through everything you need to know!!
Set yourself a limit based upon your incomings and outgoings for each week. Budget your way through the week and any money you have left over goes into a money pot. I’ve got a terramundi money box, which I put all my £1 and £2 coins in at the end of each week. I’ve also got money bags from the bank for each of the silver coins which any left overs go into. If you do this consistently, and put the coins away instead of buying a coffee with your change, you’ll end up with a nice extra pile of money you’d otherwise have frittered away!
If you are one of the lucky ones that gets tips at work you have two choices: use these as part of your weekly budget, OR stick to your normal weekly budget and put the tips into a money pot. I was rather lucky to get a LOVELY £10 tip the other day and it went straight into the terramundi jar which I can’t access until I smash it!
And I’d just like to say, that I KNOW these tips are hard to do, and I KNOW its hard to stop treating yourself! Trust me, the book/movie of Confessions of a Shopaholic.. that was basically me!!!!
But I realised, that if I want certain things, I’ll have to sacrifice others! And to me, owning a house, and marrying my lovely Mr M is far more important than having another pair of shoes!