pay slip

miseter

does anyone ever look at their pay slip and see what the total amount of money they have been payed. i look at it every thursday and wonder where all the money is as i have only saved a few pounds..

amosworks

Have you heard of the "pay yourself first" strategy? Take your savings off the top of each pay cheque and put it away tightly and the other (less important) people can then take their share (cc's, bills, loans) etc.

If you work for 7 hours each day, why not make sure that the first hour of each day that you work is for YOU and not anybody else. The next few hours are for bills and living expenses etc and the rest is for your debts. Work out your hourly rate, then multiply that by the avg. number of days you work, and transfer that amount to your savings account by S/O before you get to see the rest of the money

miseter

thanks for the help amosworks

benedictadams

amosworks wrote:

Have you heard of the "pay yourself first" strategy? Take your savings off the top of each pay cheque and put it away tightly and the other (less important) people can then take their share (cc's, bills, loans) etc.

If you work for 7 hours each day, why not make sure that the first hour of each day that you work is for YOU and not anybody else. The next few hours are for bills and living expenses etc and the rest is for your debts. Work out your hourly rate, then multiply that by the avg. number of days you work, and transfer that amount to your savings account by S/O before you get to see the rest of the money

I have never heard of that, although this month i have started saving properly and it is just over the one hour a day rate which is good

And its payday on Friday :j (the only problem with being paid on a certain date every month is that when it falls on a weekend i get paid on the Friday which means the next month can be long in terms of money, and for some strange reason Clydesdale bank make the pay available on the weekend before a Monday payday )

Alleycat

benedictadams wrote:

And its payday on Friday :j (the only problem with being paid on a certain date every month is that when it falls on a weekend i get paid on the Friday which means the next month can be long in terms of money, and for some strange reason Clydesdale bank make the pay available on the weekend before a Monday payday )

We find that as well and it gets really complicated sometimes as I get paid 4 weekly, child benefit and tax credits are 4 weekly and OH gets paid monthly! Our rent is due 4 weekly and everything else is calendar monthly. It just takes strict budgetting with a well planned spreadsheet and a lot of self control not to start spending the next month's money before the month is out!

amosworks

benedictadams wrote:

I have never heard of that, although this month i have started saving properly and it is just over the one hour a day rate which is good

And its payday on Friday :j (the only problem with being paid on a certain date every month is that when it falls on a weekend i get paid on the Friday which means the next month can be long in terms of money, and for some strange reason Clydesdale bank make the pay available on the weekend before a Monday payday )

That method comes from David Bach's "The Automatic Millionaire", it's quite informative in changing the way you think about time and money and automating your lifestyle so you start saving and paying debt automatically. His belief is when it's automatic, it works. People are generally lazy and forgetful (and I've seen on here some people getting in to trouble because they pay debts manually and sometimes miss payments). Whereas if your savings are also automatic, you don't need any effort to save money, it just happens and you effectively get richer without trying. Hence "The Automatic Millionaire"

I'm glad that you're saving > 1hrs worth of your time each day for yourself, although I must say your banking system does slightly confuse me. If they give you money before you get it, do you also get interest on that?

Good luck to your first million!

sweet_chicken

well since ive had my promotion and my wage has gone up, what i now do is take the excess and put it straight into my savings. so basically im still living on my old wage. mind u, there has been months where i couldnt do this as extra bills etc but its quite a good system for me...

benedictadams

amosworks wrote:

That method comes from David Bach's "The Automatic Millionaire", it's quite informative in changing the way you think about time and money and automating your lifestyle so you start saving and paying debt automatically. His belief is when it's automatic, it works. People are generally lazy and forgetful (and I've seen on here some people getting in to trouble because they pay debts manually and sometimes miss payments). Whereas if your savings are also automatic, you don't need any effort to save money, it just happens and you effectively get richer without trying. Hence "The Automatic Millionaire"

I'm glad that you're saving > 1hrs worth of your time each day for yourself, although I must say your banking system does slightly confuse me. If they give you money before you get it, do you also get interest on that?

Good luck to your first million!

It confused me the first time Clydesdale did it, asked the telephone banking woman why did it but she coudn't really give me an answer, they are the only bank to have ever done it that way (I have been with Natwest, HSBC, Royal Bank of Scotland and Co-Op )

The interest rate on the account is so poor that another couple of days interest isn't gonna make a difference.

I have looked into getting a better rate of interest but the amount i could pay in each month is under the £1000 pounds which they want for the best interest accounts.

Does anyone know a high interest instant access account where there is no minumum payment into the account?

bosslady_2

Try Alliance and Leicester Premier Direct current account (recommended on here!). It only needs £500 paid in per month and you get 5%. Also if you use the refer a friend board you get some extra cash too (£45 i think).

benedictadams

Thanks bosslady

I will phone up Clydesdal today and see if they will increase my interest

If not then hello Alliance and Leicester

Chortle_2

re the A&L account... The refer a friend scheme gives you, and whoever 'refers' you £50 each. There is a big thread on the refers board, where people are offering to send you £45 of their £50, if you let them refer you (they still make a fiver, you get a total of £95, everyone is happy!). If you also go through Quidco to open the account, you get an additional £50 cashback, so it is possible to get a free £145 for opening an account

I wouldn't write off the accounts that need over a £1000 deposit though, as there is nothing to say that you have to deposit that amount via your payslip or whatever, you can deposit £500, withdraw it in cash, and deposit it again to meet the £1000 requirements. In theory, you could just deposit the same £50 20 times, and you'd have met the requirements. You'd just have to remember to do it every month!