Beginers Budgeting

Danstar_2

Meyd_IX wrote: »

Hi :DNeeded some help/advice thought I'd come to the best :j
I'm 14 and need help with saving money I have two money jars and a lockable box but I can't help my self opening them and buying sweets or chlothes or something.
Can you guys give me any advice it'll be REALLY helpful

~Meyd

All credit to you for thinking this, when I was 14 - only 6 years ago, money went into my bank every week and was spent that week. Only birthday money went into a savings account and other 'gift amounts'. It was just a phone call away having it transferred into my current account but that sort of obstacle might be all you need.


With internet banking you might find it easy to put money into a savings account from your current account but just as easy (if not more so as you want to spend it!!) to move savings into current account.


Go into a local bank, maybe the one your parents are with and open a current account and a savings account. Unless you're putting lots of money into interest wont be a big deal just the lack of immediacy might be all you need.


I've been with Natwest for I don't know how long and I think they're pretty good. Plus you can design your own debit card and no online banking as you're u-16.

http://www.natwest.com/personal/current-accounts/g1/young-people.ashx

And for saving, you can also set up a regular transfer to put money from your current account into your savings say £5 a month (it all adds up!) Plus I don't think you get a cash card with it so you have to withdraw in branch or over the phone so you don't find it too easy to take it all out and gorge on sweets one night dudette.

http://www.natwest.com/personal/savings/g1/instant-access/savings-direct.ashx#tabs=section1