Zeroing your money
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datlex
Posts: 2,239 Forumite
I came across an interesting concept on YouTube this weekend called zeroing your money. You do it every day for each type of spending account.
Basically it is ending any money with a zero. e.g. £673 becomes £670
So if you have £232 in cash you zero it to £230. You do this by putting the £2 aside.
If you have £558 in your bank account you zero put aside £8. So you have £550.
If you need the money later in the month it is still available. If you get to pay day and haven't used it all you have savings.
Basically it is ending any money with a zero. e.g. £673 becomes £670
So if you have £232 in cash you zero it to £230. You do this by putting the £2 aside.
If you have £558 in your bank account you zero put aside £8. So you have £550.
If you need the money later in the month it is still available. If you get to pay day and haven't used it all you have savings.
Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
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We do something similar in one of the challenges on here. Have a look for the virtual sealed pot thread
Virtual Sealed Pot No.070 -
Not too sure how the sealed pot thread is similar given that you can't touch the money in that for a set time. Though anything that means less money (after bills and other necessities) available to spend immediately is good.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0
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