"Most only have £500 of savings ",says Lloyds boss ,really ?
- Thread starter moon man
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They very much are. They might earn alright money but it leaves their wallets before its hit their accounts almost. If your financial obligations mean that a month or two without money or an unexpectedly large bill lead you to go into debt then you have no money.
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It only takes one big off-set bill to fall into debt, it's very very easy to do so.
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It only takes one big off-set bill to fall into debt, it's very very easy to do so.
Considering the increasing cost to fuel, energy and basically everything else, a lot of people who are just about floating at the moment will be underwater in 6 months time.
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or as you say an increase of multiple bills. Every penny been used up.
That's an interesting looking app, are there any security concerns with using it?
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No more so than using the open banking protocol/API. They don't store your passwords or anything - you log onto your online banking give permission to access the online banking API which all banks in UK provide or at least the majority seem to. You do have to re-authenticate every 3 months. But it connects to the API rather than directly via your account details. My cyber security friend had a quick look and had no concerns.
It ping you whenever a transaction occurs and you can quickly check which account it was and associate it with a budget element/category. I'm using their project function to manage the budget of an extension. The dashboards are great too. You can also download it to excel if you can't resist needing to do that.
I can't tell the payment model for it? I use MS Money at the moment, but it keeps crashing and corrupting the file. I don't think it's being developed any more. I just want something fairly simple, I add my bills, their dates and regularity as well as my income and I want to see a graph of my future state.
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This does it automatically. You set up your categories and it learns from your regular payments and predicts when payments will likely go out. I.e. if you usually go to a coffee shop in the morning it'll add it as a regular budget element and does some predictive budgeting based on your behaviours across all your account. You can of course tweak it to suit your needs. I use the spending analysis tool a lot and compare where I've spend more or less than the previous months to understand my spending habits and understanding any mitigating circumstances.
i pay £9.99 a year. It's a bargain imo.
Most of the people I know have no money at all, let alone 500 saved. They are living month to month with the wage they get.
A lot of people on here seem to have good jobs and earn a decent wage, I can tell you now the majority out there are no where near in that position.
I went to the pub with my mate the other day and he couldn't even afford one round with two of us, when you only earn barely 20k a year now do you expect to have 500 savings in the bank?
It's ok, I managed 10 rounds before we went home to cheer him up lol
A lot of people on here seem to have good jobs and earn a decent wage, I can tell you now the majority out there are no where near in that position.
I went to the pub with my mate the other day and he couldn't even afford one round with two of us, when you only earn barely 20k a year now do you expect to have 500 savings in the bank?
It's ok, I managed 10 rounds before we went home to cheer him up lol
I'm not sure how some people are still making it (if they are) I know some colleagues/acquaintances were close to the wall, after cutting down to essentials, with the increasing rent/mortgage costs before all this latest cost of living - I can only guess some are going into serious debt hoping prices come back down more towards 2019 levels or earlier in the longer run.
One of my colleagues for instance her family put together the money to replace her car recently when her old one died as she couldn't afford to replace it.
Probably hitting the credit cards. It won't end well, because this situation isn't going away any time soon.
Soldato
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Your mate cannot afford one round yet he is going to the pub?
Its not about low wages, its about lack of proper management of personal finances.
With low wages you need to make sacrifices, like not buying takeaways, like not going to the pub, like not buying a car. Etc.
Soldato
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Sure but it sounds like he went there on the basis of seeing his mate but couldn't afford to get a round (i.e. more than one drink) in? Pubs are also social places where you go to meet a friend even if you don't drink at all. And don't underestimate the value of one drink with a good friend if you're stressed out
Maybe his mate just wanted the 10 free pints...
Investing here isn't as "cheap" or accessible as it is in the UK, so I just have normal savings.
I have about 10 months net wages saved, which is comforting. I've always either been heavily in debt, or just about balancing the books, until around 4 years ago - so it's still a new feeling.
We're looking for a new apartment - our current one is too small to the point of being considered legally overcrowded, but the rent is very affordable (€350 PCM) so whilst we're here I'm managing to save some decent chunks whilst still living comfortably.
Groceries and energy prices here are rising just as they are in the UK. I don't have a car here and public transport is €365 for an annual pass, so that's a lot of money I am not spending at the moment (in the UK I was spending £300-£500 a month; mostly on fuel)
My main concern is job security, but there isn't a lot that I can do about that until that situation presents itself (or doesn't!)
I have about 10 months net wages saved, which is comforting. I've always either been heavily in debt, or just about balancing the books, until around 4 years ago - so it's still a new feeling.
We're looking for a new apartment - our current one is too small to the point of being considered legally overcrowded, but the rent is very affordable (€350 PCM) so whilst we're here I'm managing to save some decent chunks whilst still living comfortably.
Groceries and energy prices here are rising just as they are in the UK. I don't have a car here and public transport is €365 for an annual pass, so that's a lot of money I am not spending at the moment (in the UK I was spending £300-£500 a month; mostly on fuel)
My main concern is job security, but there isn't a lot that I can do about that until that situation presents itself (or doesn't!)
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