How do you manage your finance?
- Thread starter Matty
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I personally use a rule that states that I can not go below a certain amount of money in my bank to save. For example if I have 8436 in my bank, I won't go below 8.4k until I reach 8.5k, then wont go below 8.5k. So basically every £100 added to my bank, I won't go below that. (Unless it's for bills etc).
Quite a weird method, but works for me.
Quite a weird method, but works for me.
That's awesome! Do you have a savings account open, or do you keep everything in your primary debit account?
I have a savings account open with a fixed 5.5% APY flexible long-term investment fund with my bank. I have around £100 in my current account, I take money out when I need it from my investments
A 5.5% AER is incredibly good - I'm assuming there are some sort of inconvenience terms i.e., withdrawal once every month?
Yep. Maximum £250 into it every month :'(. Had it for a while now though and plan on having it until I retire
That isn't too bad to be fair. Even to use as a secondary savings account. £3000 p/yr with a 5.5% AER, not bad.
Would you be comfortable sharing who you have the SIF open with?
Sure. It's Lloyds Bank "Monthly saver". And my bad, just checked it's actually 5.25%
Ahhh, I see. You can only have a maximum of £3,000 as it gets changed to a Standard Saver per year. Still not too bad though.
Didn't even know that! I don't have 3k in it yet, but definitely better than keeping it in my current account.
In that case, would probably swap when it hits 3k to a bigger saver
Yeah aha, so to my understanding you can dep. £250 p/mo (£3000 p/yr). After 12 months, it gets put into a Standard Saver account (which has an AER of like 1.90% I believe) & you can then open another Monthly Saver.
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Ohh that's quite good despite the limitations of it.
Yeah, I mean for an account with a 5.25% AER, it's not terrible at all. I'm surprised I haven't come across it before.
I'm UK based unfortunately so I have little knowledge of Ally Bank. By the looks of things, Marcus Bank is supported by GMS which definitely makes it sound safer and more secure (especially with an FDIC insurance of up to $250,000 USD).
I'm sure someone else on the forum may have had experience with either one though.
I take highest advantage of my benefits from my employer, so it depends.
My previous employer put in 50% of my pay into a separate account for me, so I would be set. If its just cash flow, I typically have a spreadsheet of my upcoming expenses wethers its for my business or just personal use.
My previous employer put in 50% of my pay into a separate account for me, so I would be set. If its just cash flow, I typically have a spreadsheet of my upcoming expenses wethers its for my business or just personal use.
Make a budget.
Put some aside for bills/regular expenses
Put some aside for emergency fund
Put some aside to invest
Put some aside for leisure/personal use
There are a lot of good apps out there to track your spending. There are also a lot of good apps out there to help you save and allocate money. Stay away from personal loans, gambling and unnecessary spending. Remind yourself how much you had to work when you want to buy something.
Put some aside for bills/regular expenses
Put some aside for emergency fund
Put some aside to invest
Put some aside for leisure/personal use
There are a lot of good apps out there to track your spending. There are also a lot of good apps out there to help you save and allocate money. Stay away from personal loans, gambling and unnecessary spending. Remind yourself how much you had to work when you want to buy something.
Managing personal finances requires consistency, planning, and discipline. I start by tracking all income and expenses to understand where my money goes each month. Creating a realistic budget helps me prioritize essentials, savings, and long-term goals. I also set aside an emergency fund to handle unexpected costs without disrupting my finances. Investing a portion of my income is important for future growth. When I need a break, I enjoy reading gaming content such as Starburst slot game review, which provides insights into one of the most popular online slot games. Staying informed and making thoughtful financial decisions helps maintain stability and confidence.
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