Checking account statements

Rachel123abc

One of my friends got a mortgage recently and told me that her mortgage adviser went through three months of bank statements with her, to see where she could save money. Together they highlighted all spending in either red, amber or green. Red was when money was spent uneccessarily, amber was where there was an opportunity to spend less, and green was where money had to be spent (e.g. on rent, bills, etc).

I thought this was a great idea.

agrinnall

Looking at the other posts you've made since signing up today I can hardly wait for the spam to start to arrive.

Kim_13

I don't see how amber would work. How would they know from a bank statement whether someone bought unnecessary items at the supermarket or failed to get the best deals on the things they did buy?

jonesMUFCforever

Kim_13 wrote: »

I don't see how amber would work. How would they know from a bank statement whether someone bought unnecessary items at the supermarket or failed to get the best deals on the things they did buy?

I don't think it works to that extent.
If you need to save money it is a way of prioritising what you pay.

If say you are struggling financially and you have the full sky tv package or an expensive mobile contract it would show where to make potential savings.

Ben8282

Well yes, if you need somebody to tell you how to spend your money. But hardly appropriate unless you have asked for debt advice. I suppose you have to listen politely and give appropriate signs of agreement or you get your mortgage declined.