How good are you with money?

[Re-Call]

• Direct Debits and Bills - I have all my bills coming out of this account throughout the month (phone, laptop, gym membership etc). I don't ever buy things from this account.
• General Spending - Get paid into this account. I transfer £100 from this account to my bills account at the start of every month to cover the direct debits for the month. I carry the debit card with me and use it to buy small things like lunch, drinks etc but nothing big
• Cash ISA (Savings Account) - Started depositing into it monthly, doesn't get touched besides the monthly deposit
• Credit Card - Use this to buy petrol and anything expensive throughout the month. I pay this off at the end of the month from my General Spending Account. I do this to build up good credit.

This is great advice for people as its a good system to have as it gets you thinking about what money you have for bills and making sure you have enough to cover direct debits. I too use this as I used to have a bad habit of spending money on stupid things that I didn't actually need... You know those purchases where you get it then after a few days you forget about it.. I still have slight issues where I think "OMG I NEED THAT" but like you said.... I now wait a few days before I decide if I have enough money to buy it or more importantly if I actually need it?
The credit card bit is deff 1 to do... Ive only these past few months done what you've wrote but I only pay for petrol (usually £50 a month) on my credit card and then pay it off all when its paying off each time as it really does help your credit rating.

Good advice

[Cerys]

Not too bad really, my first pay I got last month went within 2 days on Christmas presents for one person...think 300 quid was a little bit over the top really but ah well too late now
So far haven't spent any of this month's pay and im not planning to, don't have anything to spend it on really.
Don't have anything in my savings however, probably would be best to start putting some in there every month.
So overall not toooo bad..kinda

[Brad]

I had split my banking into three separate things;

• Chequing; I use this to pay for my bills; Each paycheck a lump sum gets taken out and put into this. I pay for my car loan, school loan, cell phone, and other small bills out of here.
• Savings; I use this as my personal savings. The rest of my paycheck gets put into here, and I pay my car insurance out of it. The rest will be saved for fuel, and savings.
• Cash; Each paycheck I take out a certain amount out, usually $40-$60, and with that- That's the limit of my extra spending. Things that would be included in this is Take out, coffee, etc. Once it's gone- it's gone.

Now I do have a Credit Card, but I use it only for emergencies, so I don't count it as a money source.

[-:Undertaker:-]

I'm alright, I am never skint and have savings in silver.

[karter]

now that i'm in uni i stay broke 100% of the time so whenever i get money i try to save it up and i'm quite good at that

[The Don]

I'm alright, I am never skint and have savings in silver.

Why? Where are they stored? How does one even going about buying bars of silver?

[Matthew]

I think I'm pretty good with money. I know I don't spend what I earn (I can tell by just a quick look down at the balances before my monthly payday and how they're going up) so I don't really bother doing budgeting. I used to get a little worried when my account dropped a little low, but can often do that when I haven't been able to claim expenses (mainly for fuel). Like last week I was driving nearly 180 miles a day to and from the client I was on (which despite the stupidly early mornings I was okay with as I profit about 30p for every mile I drive to and from clients (A)).

I have a company credit card but I don't think I can build a credit score with that so I think I'll do what you're doing @The Don; and get a credit card to build up some good credit history

[Shar]

A lot of my money disappears because of direct debit and oyster top ups. The rest is because I spend too much on food. Sushi doesn't come cheap

[-:Undertaker:-]

Why? Where are they stored? How does one even going about buying bars of silver?

Because silver can't be printed and devalued by a government, so it never loses value (which is ideal for savings). It's real money.

I store them in hidden places wrapped up (in case of a break in), and you can buy bars/mini bars or coins here: http://www.bullionrock.com/. I mainly have the pure silver coins (Britannias, US Eagles and others) but have one or two small bars. Depends how much you're saving away. Myself atm: about 1,000 GBP.

[dbgtz]

I spend everything I can. I have a 2k 0% overdraft which I'm 1.8k into and have to budget until January.


~~from phone

That's pretty bad and you should probably learn to live on less