mine depends on how much work I do in a month. I work part time (2 jobs) as I'm a student so over the summer I work essentially full time hours but then during term times I drop hours which would naturally happen anyway as summer is the busiest time in my job. Hence the strict budgeting.I’d be interested to know what everyone on this thread’s disposable income would be I.e after everything has been paid and savings accounted for? I think I have a decent disposable income yet I’m always broke
Can you do virtual envelopes? I do that - I can split the money in my current and savings accounts into different buckets, so I use those as my virtual envelopes for my disposable income and for my longer term savings. I use my credit card to pay for everything up front because I get points for using it and pay off each time I use it using my virtual envelopes.Love the envelope idea, but I hate having too much cash on me. I would probably end up losing an envelope at some point
I think Monzo lets you set up different pots for money so it’s like the envelope method but with no physical cash!That’s a shame about shoppix! Sounds like easy money.
Not necessarily budgeting but it is money related. I’ve started the ball rolling with getting my kids junior isa’s changed junior s&s isa’s. I figured the money will likely grow more being invested rather than sitting waiting for a very small amount of interest. We can’t afford to put large amounts away for them every month so hopefully this will give them a little bit extra on top of what we put in. Ive gone with a fairly risky investment fund, but not the riskiest. I figured over the next 10+ years a loss is unlikely. But I can also change the risk level at any time. Would recommend Wealthify, it’s easy to use and they do all sorts of savings accounts and also a pension.
Love the envelope idea, but I hate having too much cash on me. I would probably end up losing an envelope at some point
I have Monzo but it takes 24hrs to withdraw from the pot and sometimes you decide on things last minute so it’s a touch limiting only doing this. I don’t think I’ve ever withdrawn my wages in cash but I reckon physically seeing the money would certainly keep me accountable. All too easy to tap away here and there! XI think Monzo lets you set up different pots for money so it’s like the envelope method but with no physical cash!
I have a LISA too and apart from topping it up with the max amount for the first year. I now only put in £2 a week into it. I'm not really in a place to be buying my first home either. You can make a withdrawal but you lose the bonus of around 25% For benefits you're allowed up to 16k in savings, but anything over £6k is supposed to result in a reduction in the amount you get paid.Im looking into opening an s&s LISA to save a little nest egg for when I’m 60. Only thing is I was just reading up and apparently you can be forced to cash in early if you go bankrupt or lose your job but have too much in savings for benefits. This stuff won’t affect me now but who knows what the future holds, I’m just wondering if they’re still a decent option for saving? Seems a little unfair to have to pay to use the money early if you fall on hard times. I guess this is where a pension beats the LISA.
I wouldn’t be against using it for a house deposit, but it seems unlikely i’d be able to save anything close to the amount id need anytime soon so I’m thinking longer term.
My youngest sister was given £250 from the gov child trust scheme when she was born. My parents opened an account with Asda and literally just left it and made no further deposits. She turned 18 this year and it had grown to 3.1k by just having the profits reinvested back into it. So every little does help.That’s a shame about shoppix! Sounds like easy money.
Not necessarily budgeting but it is money related. I’ve started the ball rolling with getting my kids junior isa’s changed junior s&s isa’s. I figured the money will likely grow more being invested rather than sitting waiting for a very small amount of interest. We can’t afford to put large amounts away for them every month so hopefully this will give them a little bit extra on top of what we put in. Ive gone with a fairly risky investment fund, but not the riskiest. I figured over the next 10+ years a loss is unlikely. But I can also change the risk level at any time. Would recommend Wealthify, it’s easy to use and they do all sorts of savings accounts and also a pension.
Love the envelope idea, but I hate having too much cash on me. I would probably end up losing an envelope at some point
That’s amazing! I wish I’d thought to change my kids isa’s into s&s ones sooner but they’ve still got at least 10 years before they can access them so better late than never. Hopefully they’ll have a decent chunk of cash to help them with driving lessons or uni living expenses or what ever.My youngest sister was given £250 from the gov child trust scheme when she was born. My parents opened an account with Asda and literally just left it and made no further deposits. She turned 18 this year and it had grown to 3.1k by just having the profits reinvested back into it. So every little does help.
My other sister also had a family bond from my grandmother which she only received when she turned 21, there was also the option for 25 too.
Wished they’d had stuff like this when I was born, I was a 95 baby and so this wasn’t in place and my mum didn’t have the money to set up a savings account for me.My youngest sister was given £250 from the gov child trust scheme when she was born. My parents opened an account with Asda and literally just left it and made no further deposits. She turned 18 this year and it had grown to 3.1k by just having the profits reinvested back into it. So every little does help.
My other sister also had a family bond from my grandmother which she only received when she turned 21, there was also the option for 25 too.
It might be worth getting in touch with Monzo as mine withdraws from pots instantly so there might be an issue their end with your account that they can fixI have Monzo but it takes 24hrs to withdraw from the pot and sometimes you decide on things last minute so it’s a touch limiting only doing this. I don’t think I’ve ever withdrawn my wages in cash but I reckon physically seeing the money would certainly keep me accountable. All too easy to tap away here and there! X
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