Do you find features like Save the Change/pennies useful?

YorkshireBoy

Thrugelmir wrote: »

Remember when I bought my first that interest rates rose 4% in 4 months. To budget , the monthly shop was done with a calculator walking round Sainsburys. No credit cards. Just hard cash. No cash no spend. Discipline is key.

Been there, done that! In the days before ATM cards really took off our Yorkshire Bank branch stayed open until 6pm on a Thursday night. If you didn't get away from work early enough to get your cash for the week ahead that was that!

Peelerfart

Thrugelmir wrote: »

To budget , the monthly shop was done with a calculator walking round Sainsburys. No credit cards. Just hard cash. No cash no spend. Discipline is key.

Sainsburys! Rich git :-)

It were grim up north

AnotherJoe

YorkshireBoy wrote: »

Many of these people could save (as in actually save) a whole lot more by not making such multiple smaller transactions...which in a great many cases will be a £3 sandwich here and a £2.50 coffee there.

Exactly. Its quite possible they will lie to themselves thinking along the lines "if i buy that latte at £3.49 I'll save 51p in my savings account" rather than "why dont i save £4 in my savings account instead of having that latte".

MisterMotivated

Seems like a total waste of time to me, and rather counter-intuitive given that in order to 'save' money, you have to spend money.

Plus

AnotherJoe wrote: »

Exactly. Its quite possible they will lie to themselves thinking along the lines "if i buy that latte at £3.49 I'll save 51p in my savings account" rather than "why dont i save £4 in my savings account instead of having that latte".

Indeed, and I think they're actually encouraging this kind of transactions. Especially with contactless, it's so easy to lose track of what you're spending. Meanwhile having to take yet another tenner out of the bank gives you pause for thought, as does making 57p last until the end of the week.

(if you're trying to control your spending, only taking out one tenner at a time is a good way to limit it)

trailingspouse

About the same as putting pennies in a jar - except you can make a jar full of pennies into a very useful door stop...
I remember my father (a bank manager back in the day) getting very frustrated with my aunt, who had a jar full of pennies and was very proud of it. He tried to point out that if she'd kept the pennies in her purse and used them as normal, she wouldn't have just had to withdraw cash from her bank account. She simply couldn't understand what he meant.

Cactus_Jack

I like to use it on my Revolut account. It rounds up the spare change and automatically converts it to Cryptocurrency. In my case, XRP. This may (or may not) rise in value in the future - if it does then my rounding up will have paid off.

Alexland

Cactus_Jack wrote: »

It rounds up the spare change and automatically converts it to Cryptocurrency.

This is double-nonsense. Is there an app that will take my pennies and hide them in the sofa? At least then I would hope to see them again!

Alex

Herbalus

Actually that’s a brilliant idea! An app that gambles with the spare change to round the purchase up to the next whole pound.

That would make me cut my spending right down completely. I’d save a fortune.

AnotherJoe

Cactus_Jack wrote: »

I like to use it on my Revolut account. It rounds up the spare change and automatically converts it to Cryptocurrency. In my case, XRP. This may (or may not) rise in value in the future - if it does then my rounding up will have paid off.

Or if not, you'll on average have paid 50p more for every shop you do.