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A new bank account?
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emylou
Posts: 445 Forumite

My bf currently banks with Halifax and always has done. When I met him he paid for his account and got monthly statements, Green Flag car cover etc and things he wasn't using. He changed to a basic account but now gets statements every 3 months, he is unable to access his online account because they keep telling him he entered the password wrong and it's been locked? He wants to set up an ISA/savings account but also has to repair his old car (which he is still paying for on finance!) And then he wants to take his Class 1 driving test so he can get a better paid job. He gets paid weekly and has to sort his budget out as obviously some weeks he "runs out" of money as soon as he is paid! Any ideas, advice re staying with Halifax/moving accounts and how to budget? (I'm still learning myself!!)
Married my wonderful husband February 2013!:happyhear
I want to wear my beautiful wedding dress everyday- it would make shopping so much more fun, I mean, people go shopping in their pyjamas these days.......
Must STOP spending!!! 

Proud to be dealing with my debts!
0
Comments
-
Try,
HSBC
Barclays
TSB - they own Halifax btw.
(Stay away from santander)• HSBC (Main A/C)
• Halifax Back up A/C
• Lloyds (Spending) A/C
• RBS Back up A/C
• Barclays Old A/C
• Nationwide Old A/C0 -
1. Sort out the online access 0845 602 0000.
2. Focus on a "save before you spend" approach to finance. There will always be a car that needed repairing, a washing machine that needs replacing or a bargain you simply have to have. This is the same wherever you bank. While an overdraft facility can help you sort them out there and then, so can a savings account. And you don't pay for a savings account.
3. Analyse every bit of expenditure and decide whether it's essential, sensible or wasteful. A statement of affairs (SOA) from www.makesenseofcards.co.uk can help with this. £40pm for a mobile contract is (imo) a wasteful luxury. £10pm for a sim only or PAYG deal isn't. Sky v Freeview. Gym v walking more instead of using the car. £4 for lunch v a sandwich made at home. A Starbucks v tapwater for drink. Some people will do this analysis by writing down every bit of spending.
4. Make payday look something like this:
£300 a week earned. £100 set aside for essential bill. £100 set aside for savings. Spend the rest.
Of the £100 set aside for savings, a quarter should go in to a "never touch it" contingency fund (to cover against redundancy or illness); a quarter in to a "repairs and replacement fund" for when the exhaust falls off the car, the telly packs in or whatever; a quarter in to the "known bills fund" for insurance renewals etc; the final quarter should go in to an "occasional treats" fund such as paying for a holiday, weekend away, paying for a football season ticket, a day out at Alton Towers or whatever nice things you like to do. Note my numbers and ratios are examples only - you know how much you have coming in and going out better than I do.
5. Consider posting the SOA on the Debt-free Wannabe board. This opens it up to independent scrutiny and can help you highlight waste and frivolity. Thia isn't to say you should never be frivolous with your money, but too many people live for now and ignore tomorrow. You want to be able to get the balance right so that you enjoy now but you are prepared for tomorrow.
Change banks by all means. But the issue to get on top of is "where does the money go and how can I use it better?". Crack that and life will be easier, regardless of who you bank with.
Think:
- contingency fund (3 to 6 months net pay that you can fall back on in the case of illness or redundancy)
- repair / replacement fund (when the hoover dies)
- nice treats fund (holidays etc)
- known bills fund (annual car insruance, service, MOT, breakdown cover, home insurance)
A couple of things not covered here are medium term (replacement car, saving for house deposit etc) and long term (retirement planning). These should not be forgotten.0 -
Try,
HSBC
Barclays
TSB - they own Halifax btw.
(Stay away from santander)
Why should he stay away from Santander?? :SMarried my wonderful husband February 2013!:happyhearI want to wear my beautiful wedding dress everyday- it would make shopping so much more fun, I mean, people go shopping in their pyjamas these days.......Must STOP spending!!!Proud to be dealing with my debts!0 -
opinions4u wrote: »1. Sort out the online access 0845 602 0000.
2. Focus on a "save before you spend" approach to finance. There will always be a car that needed repairing, a washing machine that needs replacing or a bargain you simply have to have. This is the same wherever you bank. While an overdraft facility can help you sort them out there and then, so can a savings account. And you don't pay for a savings account.
3. Analyse every bit of expenditure and decide whether it's essential, sensible or wasteful. A statement of affairs (SOA) from www.makesenseofcards.co.uk can help with this. £40pm for a mobile contract is (imo) a wasteful luxury. £10pm for a sim only or PAYG deal isn't. Sky v Freeview. Gym v walking more instead of using the car. £4 for lunch v a sandwich made at home. A Starbucks v tapwater for drink. Some people will do this analysis by writing down every bit of spending.
4. Make payday look something like this:
£300 a week earned. £100 set aside for essential bill. £100 set aside for savings. Spend the rest.
Of the £100 set aside for savings, a quarter should go in to a "never touch it" contingency fund (to cover against redundancy or illness); a quarter in to a "repairs and replacement fund" for when the exhaust falls off the car, the telly packs in or whatever; a quarter in to the "known bills fund" for insurance renewals etc; the final quarter should go in to an "occasional treats" fund such as paying for a holiday, weekend away, paying for a football season ticket, a day out at Alton Towers or whatever nice things you like to do. Note my numbers and ratios are examples only - you know how much you have coming in and going out better than I do.
5. Consider posting the SOA on the Debt-free Wannabe board. This opens it up to independent scrutiny and can help you highlight waste and frivolity. Thia isn't to say you should never be frivolous with your money, but too many people live for now and ignore tomorrow. You want to be able to get the balance right so that you enjoy now but you are prepared for tomorrow.
Change banks by all means. But the issue to get on top of is "where does the money go and how can I use it better?". Crack that and life will be easier, regardless of who you bank with.
Think:
- contingency fund (3 to 6 months net pay that you can fall back on in the case of illness or redundancy)
- repair / replacement fund (when the hoover dies)
- nice treats fund (holidays etc)
- known bills fund (annual car insruance, service, MOT, breakdown cover, home insurance)
A couple of things not covered here are medium term (replacement car, saving for house deposit etc) and long term (retirement planning). These should not be forgotten.
Great points- thanks very much for replying!Married my wonderful husband February 2013!:happyhearI want to wear my beautiful wedding dress everyday- it would make shopping so much more fun, I mean, people go shopping in their pyjamas these days.......Must STOP spending!!!Proud to be dealing with my debts!0
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