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anyone have a think bank account? ThinkMoney
Comments
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Hi - I’ve been with ThinkMoney for 3 years - I joined when I was diagnosed with Breast Cancer: I’d always been rubbish at managing my money, and the fall out of that diagnosis, associated treatments etc meant that I needed to do whatever I could to get and stay on track. My husband and I were regularly paying in excess of £100 bank charges each month with Santander, so the £20 monthly charge was still a good deal. To start with I was really happy, the system worked incredibly well, and ThinkMoney was a subsidiary of RBS. When ThinkMoney divested from RBS (sometime in the last year I think) things have rapidly gone down hill. There Have been occasions when they haven’t actually budgeted correctly for my bills and I’ve had to scrabble around to get money to put into the account. They’ve also not transferred the remainder of my salary into my card account a couple of times now - we managed ok thanks to my matched betting account, but I can imagine others were left in serious difficulty as a result. I suppose this is the risk you take when you let someone else take control of your money. When it worked I was happy to pay the account fee - whether I was lazy or not, it was a useful managed service in a time of crisis. But the issues they have now have convinced me to take control of my money again. I’m now switching to Co-Op and probably 1 other bank so that I can set up a similar system myself. The annoying thing is that ThinkMoney aren’t joined up to the switching service (shocking!!) so I won’t get the switching incentive from Co-Op and more importantly, I’ll have to manage all those switches manually myself.
I’d urge you to think carefully about whether you could set up a similar system yourself with 2 banks before shelling out the monthly fee on ThinkMoney which right now is not fit for purpose.0 -
The best approach is ALWAYS to learn to budget, and manage your money yourself, there is no question about this. It really isn't difficult once you get out of the mindset of "I'm terrible with money" - too many people wear this one as some sort of badge of honour, and it really REALLY shouldn't be. I know this, because I've been there myself - it['s something that I'm deeply ashamed of now, looking back - what a ridiculous thing to have done - and it was an excuse, nothing more, it was easier than saying "I don;t know how to do this" and getting help...🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0
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