Terrible with cash - need help

Stuart_W

One thing that I've successfully recommended in the past to a friend who finds they end up spending any cash they've got was to open a credit union account. The simple reason being is that they were making lots of impluse buys - alcohol, sweets/junk food, lottery etc - which soon added up. My local credit union provide a paypoint paying in card - which really helped as most places where cash was being needlessly spent were, most of the time, paypoint outlets. Whilst the cash was still instant access with the credit union, it could only be accessed by post, and this was enough of a removal of immediate impluse to work. My credit union also provide a "lock away until christmas" account which prevents withdrawals being possible during the year and you get a cheque or bank transfer at the end of November for all you deposits during the year. Certainly a good one for anyone giving up the lottery or cigarettes, as you can go to the same place, hand over the same amount of money as you used to, and end up with a big cheque to pay for christmas (instead of just hoping you might in the case of the lottery).

Depends on the circumstances as to whether this is worth considering. Not all credit unions offer a paypoint card.