If you have a main current account and want to save money regularly without touching it, investigate the regular savings accounts with your bank. These accounts usually offer a higher rate of interest with anything from 2.5% to 5% and are linked to your current account in order to keep your custom.
Most have set terms and conditions, for example, the amount you can save per month, usually last for a year and limit the amount of withdrawals you can make so you can benefit from the interest.
If you are currently saving in a low interest account it might be worth investigating.
We are a 2 income family of 6. My husband works full time while I work 3 days per week. Our finances were amalgamated when we moved in together. ..
Our bank accounts are set up as follows:
- 1 joint account - both pay cheques go in here.
- 1 separate personal account each.
- 1 high interest online savings account for emergency money.
- 1 online account which is a sinking fund for direct debited bills.
- 1 redraw facility where we park our savings to decrease the interest charged on our mortgage.
Hubby is paid monthly, so just before his payday I work out our expenses for the month. The non-negotiables each month are the mortgage, caravan loan, sinking fund money, grocery money, and fuel money. We also get a small amount of spending money each. Then I check our calendar to see what's happening this month, and the next few months, to ensure we'll have money for anything that's coming up - birthdays, appointments etc.
In January, I worked out how much our bills come to annually and divided that by 12. This amount is put into our bills account each month. I have set all bills to direct debit. I love not having to worry about them!
I've based our finances on the ideas of my 2 favourite finance gurus. @barefoot_investor@sugarmammatv. This is what works for us. Everybody is different.
Next up, here's how to track your budget with the DBS/POSB Financial GPS!
👉🏻 Swipe for deets 😉
4 324:21 AM Feb 10, 2019
Check your bank accounts regularly! I look at all of my accounts on a daily / weekly / monthly basis. This is a bank account I rarely use. I never use my bank card. Yet I have a subscription going out for 11.99 for a dating and escort service. Managed to get it cancelled and refunded through their online chat service, but these things can easily go unnoticed. #tipoftheday#weekendvibes#money#budget#bankaccounts#personalfinance
🍃 These are our bank accounts with our sinking funds in them. I transfer money into them every fortnight. 🍃 We also have a Save & Holiday account that I transfer into weekly. After July that account will be strictly for savings. We don’t have any plans for our annual family holiday next year as we are focused on using this next year to really save. 🍃 Given that we can have 6.5k a year for holidays we want that into our savings. 🍃 There is always an opportunity to do a small getaway in September next year if we are happy with our savings. 🍃 #sinkingfunds#finance#money#envelopesystem#bankaccounts#budget
When you’re having trouble getting to the finish line just think about all those things on your vision board that you’ll implement when you reach your goals.. Some want cars, some want realestate, others want big #bankaccounts , some want just someone to love them unconditionally . ❤️You know what I want , right? If you really know me say I.T below. 👇🏾 What will you spend your coins on when you smash your goals? #rollsroyce#rollsroycewraith#bosslife#bossesbelike#bossbrunch
36 5704:03 AM Apr 16, 2018
I grew up in a 6+ person household on a VERY restricted income. Although we never went without the necessities, these financial limitations really shaped the way that I view + approach my personal finances. As an adult, I would describe my relationship with money as “protective”. I save, save, save, and have a hard time justifying large purchases ($75+) of any one item. Despite the fact that I may “deserve” a splurge session, I dread spending lots of money on things not deemed “essential”. Some may consider this as being “cheap” others may say “frugal”, I just view it as “I’m terrified of living broke again”. There are pros + cons to this relationship, and every day I’m working on striking a balance. . . . .
We all have a relationship with money that is unique to our life experiences. It is important to know what this looks like, because it plays a critical role in our well-being. I challenge you to unpack your past and figure out what your relationship is. If you already know or have an idea, please share it in the comments BELOW.
40 2562:07 AM Feb 13, 2018
Well. While the internet, phones, and medical records system is all down at work I figured I would write out our April budget! Some things we do a little different: 1. We still add to our EF every month 2. We have a sinking fund for car/house maintenance. Once it gets to $1000 we will stop adding to it until we need to replace used funds. 3. We are contributing $50/month to our gifts fun but this will go up to $100/month come June as we want to be prepared for the holidays! We also started our sinking funds for our backyard and water softener and will fully cash flow the cost when the time comes! We just wanted a little bit of a head start COOL THING: in January we had TWELVE credit cards under the “debt” category. Now we have 5! Can’t wait until that category is gone and we can move on to the cars/student loans!! 👌🏼
82 5536:32 PM Mar 25, 2018
Is this how your bank balance feels like in January?
The Hacker Was So Disappointed in My Bank Account He Started a Go Fund Me ... .