Hope this helps someone

Slayerx

I've only been here a short period of time but I already feel like I owe something back to the community so I wanted to write a little guide to help people try get on top of there finances.

I can't promise this will help you but it helped me at least manage my finances better.

-Get internet banking

This I found to be the most helpful thing, it allowed me to move money when needed and I could keep track of my balance at all times and see when bills came out.

-List DD and SO

I made a list of all my DD and SO on my PC so I could see how much they were a month and I listed the date they left so I could make sure money was always there at least a few days prior to them leaving the account.

-Mobile phone

I'm with O2 so today I registered for internet access so I can keep a close eye on my monthly bill to ensure I'm not over spending and I think it will help me keep my bills within the tariff I have.

-Set goals

This is what I guess motivates me the most setting mini goals, achieving them feels great no matter how small the goal. A good example is my CC which is interest free until Oct this year my goal is to make an overpayment every month until Oct so I'm paying double the minimum payment each month.

That's all I can really offer right now most of them may seem common sense but I can see how they can be overlooked by people who are in a similar postion to me.

So start helping yourself and make use of thoses hours spent surfing the net

Shawn.

craigp_2

Have to agree with the internet banking it's made life so much easier for looking after my finances.

Some good advice there Shawn :T

Locana

Internet banking is great, it has also allowed me to set up a basic current account alongside my normal curret acc, solely for direct debits. When I get paid on the 20th, I transfer the money straight over into this account, and do not worry about any bills until the next pay day. This way I have not incurred any charges, ever!!!

Bestthingsinlifearefree

Hi SalyerX,

What I think is special about this site. Is that when you need help,support or advice. If you post people will assist you and in return that makes you want to help others where you can when they post because you know when you need advice etc and need to post the MSE's will not let you down and so the positive cycle of posting continues.

It is an amazing site. Strangers trying to help each other for no other reason than a bit of human kindness.

Locana

You are right. If everyone knew that they were not alone in dealing with what they are going through, the world would be a much better place.

QueenB.

Agree with the interent banking, only problem is that mine seems a bit slow so sometimes money has gone out, which i can tell by the balance but it doesn't always turn up on screen statement for a few days, can get confusing and have sometimes been mislead but all in all i prefer it to OH account which we can only check by leaving the house.

Internet banking has less limits that way, available day or night and also really does give you greater control of your money and bills etc.

stripeyfox

Have to agree - internet banking is a big help; but I use it in conjunction with Microsoft Money and download all my transactions. By assigning a category for each transaction, I can get a month by month report of where my money is going. It became clear most of my money was being sqandered in "Miscellaneous Cash Withdrawals" amounting to £ 300 - £ 400 per month. I have cut this down by using debit cards wherever possible and setting up monthly accounts with my butcher etc so I can see exactly how much I'm spending. Not been charged by a bank for years now and MS Money spotted a "dodgy" transaction which HSBC had put through twice which I probably would not have spotted myself!

THE_LONE_RANGER_4

internet banking makes you watch your account very good to have

climbgirl

Slayerx wrote:

-Get internet banking

This I found to be the most helpful thing, it allowed me to move money when needed and I could keep track of my balance at all times and see when bills came out.

A good example is my CC which is interest free until Oct this year my goal is to make an overpayment every month until Oct so I'm paying double the minimum payment each month.

Totally agree about the internet banking - I wouldn't touch an account which didn't offer internet banking, I rely on it completely!

One thing though - if your credit card is 0% until October, why make overpayments on it? You'd be better off putting the overpayments into a high interest savings account (Cahoot or ING or the like) and putting the money on the card when the 0% period ends - plus the interest you've earnt on it.

Slayerx

climbgirl wrote:

Totally agree about the internet banking - I wouldn't touch an account which didn't offer internet banking, I rely on it completely!

One thing though - if your credit card is 0% until October, why make overpayments on it? You'd be better off putting the overpayments into a high interest savings account (Cahoot or ING or the like) and putting the money on the card when the 0% period ends - plus the interest you've earnt on it.

Hadn't thought of it like that, would it be worth it as the overpayment is only around £25-£30 extra a month, I do have an ISA I could possibly use instead.

Tondella

A great posting! Thanks!

I'd just add, rather than try and keep an eye on when your direct debits and standing orders are going out I have two accounts, my current account and a second account which i pay by standing order at the start of the month so that there is enough money for all the regular bills. All the direct debits are set up from this second account. It's as though all your bills are paid at the start of the month.

2) file all your paper statements in a big ring binder, that way they are in order and you can find them in a flash.

3) use the snowball calculator https://www.whatsthecost.com to work out what payments you should be prioritising

4) if you have the option to, then set up a direct debit payment for as many bills as possible. for credit cards you can set up to pay only the minimum amount; if you want to overpay you can make an additional payment manually but at least you will never be charged for missing a payment

5) if you know you are going to go overdrawn phone up the bank and let them know asap, they might forgo the £25 overdrawn fee that they charge