Try using cash

Joe_Bloggs

@Littlejen
Believe it or not some banks have limits about accepting change from customers. Many won't accept properly bagged change from non-customers. Even worse is that small retailers have to pay to get change from a bank. You could always consider cutting out the middle man and dealing with a shop direct.

I was once refused coin exchange by a bank, despite a request from the chancellor to hand in coins. I accidently carpeted the floor of the bank with 1 pence pieces. They do not vacuum/sweep up well and create an impression of poor money management. I gave the rest of the coins to a charity shop. A week later I discovered the coinstar machines. This was all shortly before I got online and discovered this site.


The amount on money I make on my Egg money card is probably around £1 a week. I doubt I will make more than £5 a year on my current account paying interest as it is run very lean and has an unused overdraft facility that would rule out bank charges. Interest rates are so low on savings products (3-6% per annum ) and yet can be ridiculously high on credit products (5-30% per annum). To give 7% away in a couple of seconds is very poor moneysaving indeed.

The envelope method is a tried and tested means of money management. These amounts exist as money in envelopes but they could exist as balances in a paper note book or as figures on a spreadsheet in a computer. The common theme is that there is a will to save and then spend the money on the chosen purpose.

Where the envelope technique falls over is in one off annual payments. For example a season ticket. Perhaps a regular savings package would be the best value.
J_B.

Hellfire

i also have a "money compartment" system, except that instead of keeping all that cash in the home, i keep it in a savings account to earn a little interest and use a strict system of recording my expenses in a dedicated notebook, rather as suggested by Joe_Bloggs. ok, the interest earned is not enormous, but it's there...

crutches

i put my change away too....small silver in piggy bank for student daughter to have an evening out at home,larger coins for school trips,and pennies for our quaker meeting house extension fund.The children give me what they find on pavements too!was surprised to count £8 just in pennies. Even when i feel i can't support charities enough the pennies prove i can.

rkh001

Well done Littlejen.

At the end of last month I went to pay the mortgage and asked the assistant for some change bags. She gave me ONE! Reason: "we don't accept any more than one bag in loose change and when you bring that in, I will empty it and give it back to you".
I have to ask - is loose change not money? Maybe Martin should start a ball rolling on this too! Why should we pay 7% of our hard- earned money to supermarkets who earn more than the national debt of a small third world country??
Sorry, hijacked your thread.

I like the method of envelopes - not sure if OH would be disciplined enough. If only OH was pliable... I'd turn him into a DFW and worship the ground he walks on. Enough said...

needstoknow

i agree on the cash front, take out a set amount and make it last, paying by card can help you forget the value of money

littlejen_3

I love your comment

"safe sex - kids are expensive"

Me and my partner have been together for 5 years but we are well aware that we will not get married or have kids until our debt has gone!

GreyPilgrim

littlejen wrote:

Me and my partner have been together for 5 years but we are well aware that we will not get married or have kids until our debt has gone!

It won't be gone long when the kids come...trust me...:o

Joe_Bloggs

I have just had an unoriginal idea. This may help those who get receipts for things and have no idea how much they have spent. Get a clip board (make your own) and get some additional bulldog clips. When you get a receipt you can collate it with others from the same month for the same card or shop. The flip side is you can turn the board over and do the same again for the next month. So many people complain that they dont know where they are when they use plastic cards. By having a central place for receipts you will have a better means of estimating your spending totals. You may also get an overview of your spending habits and proof of purchase in the event of faulty goods.
J_B.

Sandyman_2

Well done Littlejen, keep up the good work.