Thursday, 2 July 2015

Let's Talk About Cash Baby

It became very clear when I was at University that I? Was a bit of a liability around money. I enjoyed one or two (OK seven) credit cards at a rating of 1000% a month interest. I never quite got my head around the fact that buying a nice handbag for £50 and paying it off over three years is a bit counter productive. I got myself in a bit of a pickle and it is something I would never want my two kiddos to get into. I wasted a lot of money and brought a lot of (now out of fashion) handbags. So here are a few tips for making the most of your money that I will pass on to my pair:

Save Then Splurge
There is nothing more satisfying than saving for something and going out to the shops and buying it. It is the dream. As soon as my two were born I opened accounts for them where little bits of money here and there has been going in. I will encourage them to open a current account like this one from TSB and then save in another each month to buy the things they really want.

Mmmmmm. Bags...

Separate Your Money
My issue was spending EVERYTHING on the day I got paid and then panicking as my direct debits came out. Now I have a few different accounts. One like a current account for everyday bits and bobs (for example a new Mum coat from Matalan), one for the kiddos (for example ANOTHER pair of overpriced school shoes) and one for 'us' (for example romantic things like a shed. Oh).

Direct Debit Day
It is a hell of a lot easier to get all your bills paid on the first day of the month. Or payday. So you get them out of the way. Then you don't have to worry if you have paid your Broadband in the third week of the month.

Happy to be up town. Shopping!

Get Organised!
God this is SO GEEKY but I have a spreadsheet now. In fact? I have a few. With incomings, outgoings, savings and all sorts. We are just about to redo our house up and that spreadsheet? It's ridiculous. But when you know where you stand it is a lot easier not to get in a mess with your money.

Lovely Nice Handbags. Age Badly
Finally? I shall ensure that my two know impulse buying of lovely pretty things may be joyous at the time but a decade later? They look so out of fashion even your Nan would turn her nose up at owning one!

This post was written in collaboration with TSB

2 comments:

  1. Seven credit cards yikes! I was pretty bad at uni too and I will never have credit on a credit card ever again. It took me a long time to clear that debt. Like you I have spreadsheets now, and diffeent accounts for day to day and savings.

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    Replies
    1. Oh god I was an utter nightmare!!!!! I really was! x

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