JANUARY MONEY CHALLENGE!

I know that first direct always tank highest in customer service pills, year in year out. And they give you £100 for switching but I don't think you get it for a few months. You just have to pay in more than £1000 a month.
There's no reason why you can't keep your current account open, and open another one and switch all your bills and salary to it leaving the other one just for clearing off your overdraft (I don't think you can close an active overdraft account anyway until it's cleared) x
 
pixie-gem said:
I know that first direct always tank highest in customer service pills, year in year out. And they give you £100 for switching but I don't think you get it for a few months. You just have to pay in more than £1000 a month.
There's no reason why you can't keep your current account open, and open another one and switch all your bills and salary to it leaving the other one just for clearing off your overdraft (I don't think you can close an active overdraft account anyway until it's cleared) x
Click to expand...


That`s what I meant! Just didn`t word it very well!
If you don`t want to open another account, you could always withdraw
your money when you get paid. Then divide everything over the month
assuming you are paid monthly. My brother does this, he has envelopes
for food, petrol etc.
You can leave in the account e.g £50 per month. You can do this each month
until the overdraft is cleared. This way you can see each month that you bank
balance is getting healthier.
 
sparty said:
I have been toying with the idea of switching my current account but I'm a bit wary since I am overdrawn. I guess I could pay it back bit by bit if I did that rather than drowning in it all the time and not knowing if I am making progress or not.

Definitely worth thinking about - plus some banks give you some cash back for switching which would be a start of paying it back I suppose. Think I'll have a browse tomorrow and compare some accounts.
Click to expand...

I'm also looking into changing/opening accounts but have the overdraft issue, have made an appointment at the bank to discuss.

Good points/ideas on here though
 
these last few posts have definitely given me food for thought - thanks guys for the advice. I will def have a shop around and see what is out there. I'm now in two minds as to whether i should focus on paying the overdraft off instead of the credit card!

*sigh* how did I ever get in this mess?!
 
sparty said:
these last few posts have definitely given me food for thought - thanks guys for the advice. I will def have a shop around and see what is out there. I'm now in two minds as to whether i should focus on paying the overdraft off instead of the credit card!

*sigh* how did I ever get in this mess?!
Click to expand...

Try not to dwell hun, you are doing everything in your power to change the situation and that deserves a lot of kudos, a lot of people tend to bury their head in the sand, which is not helpful (i did it donkey's years ago and it is not a good place to be at mentally)
You'll get there and also won't go back because it's taken so much hard work to get out of it x
 
sparty said:
these last few posts have definitely given me food for thought - thanks guys for the advice. I will def have a shop around and see what is out there. I'm now in two minds as to whether i should focus on paying the overdraft off instead of the credit card!

*sigh* how did I ever get in this mess?!
Click to expand...



It might be worth finding out interest rates on both.
That way you will be in a position to make a decision.
I was in a similar position a few years ago.
At the time, it was best to deal with the credit card first
as the interest rate was higher.

Hope it helps
 
well I have looked on the martin money tips website and think i have found the one for me. My boss was talking me through the process of switching banks and advised that i let my next pay go through and then switch just to make sure there is no problem with my wages being paid.

I have been with the same bank for years. I know that they sort out all your direct debits for you but just to check - Do they just sort out your outgoing direct debits and you sort out your wages with your employer? They dont change any of that I assume for data protection reasons but I have my wages and bf's wages both going in to my account and I wouldnt want to disrupt his wages by switching?!

Any ideas?
 
They will do all your bills, not sure about standing orders, but you need to change details with your boss. BF can change the account number to your new one his end also if you wanted that x
 
Well its my Jan payday today and I realised when i went to get my money for this week out of the bank that I still had last weeks petrol money and most of last weeks spend money in my purse! How good is that for the end of Jan period! Well chuffed! So am putting the fuel money aside for times when we need more fuel than usual, the spend I am keeping to hand as I have got 2 nights out coming up so it will help with that :)

Also found out my new job salary today and I will be getting about 50 quid a month more for about 30 hours a month less, with the option to earn more with overtime (which I don't get at current job. I won't be getting all the holidays but at the moment its monthly funds I need to get coming in to get organised financially etc and will still get some holiday obviously!

Am feeling positive though there are still lots of things to work on!
 
Emsie that is all fantastic!! Well done you and your new job sounds brilliant!!

Once my wages goes in next week I'm going to move bank accounts to make better use of my wages compared to bills and actually see some sort of progress with that.

I have paid off all my council tax to the end of the year (april) so that is one less bill to worry about. Next to tackle is service and maintenance til the end of March (£200) and then I will be able to focus all efforts in credit card, overdraft and savings til march.

Anyone started a feb thread yet?
 
No unfortunately you don't get a discount. But I pay mine spread out over the year instead of three lump sums. It's easier for me to manage that way rather than having to save for it.

Think I'll try and get them to split the payments for me by direct debit next year (which you can do if you pay the first instalment and let them know by 16 April that you want to split the rest of the balance.
 
Ah well you might get a discount if you do the whole lot up front. When you get your letter through telling you when your instalments are due it might say on there.

Should do really as it's so much money!
 
I had a look at my local council`s website.
There was nothing there about discount for pre-payment.
Just lone occupancy discount.
Empty houses benefits. Stuff like that.
Looks like my local council don`t do it.
You would think that they would encourage people to pay up in advance.
It would be to the council`s benefit as well
as giving the customer a discount
 
I know I haven't posted much in this thread, but I'm very happy with how my month has gone in terms of spending/saving.

Admittedly, I haven't left the house much at weekends, other than to visit friends etc so no spends on alcohol or food out. I feel like I've spent a bit more on food shopping than normal, but I've been really trying to up my superfree and make sure I have variety, so I'm ok with that.

My monthly petrol fund has £20 left in it, and I won't need to top up again before pay day so that's is good. I do like to overestimate that though can't have no money left for fuel!

All in all, a good month, and no overspends :)
 
Doing really well on the savings front so far!!
Saved £200 this month!!
Can`t see me needing to dip into it.
I`ve put the housekeeping by already
for this week. I usually shop on Wednesdays.

We have a few days away next month and
I`ve accounted for our spending money already.
So our savings would have been higher.
Even so, I`m still pleased!!

It`s made me realise just how much money we`ve
been wasting!!

I`m all set for next month's challenge,
assuming there is one!!:D
 
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