How good are you with money?

[The Don]

Just wondering how good everyone here is with their money and how they manage their monthly spending. I've been saving up quite a lot recently and have finally put some money into my once empty savings account. Think I have the most money i've ever saved at the moment, although with Christmas coming a huge chunk of that will quickly disappear. I used to always impulse buy things without considering whether I actually needed it whereas now I wait for a few days before I purchase something big. I copied a system I saw on /r/personalfinance which I think helps out loads.

• 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.

Before I just had one account but with direct debits coming out at different times it made sense to split my accounts up so that I always know how much money I can afford to spend so that I don't miss any payments.

Do you have any money saved up? Have you got a savings account? How good are you at managing your money?

[Richie]

I don't think I'd be as terrible as I am if i didn't order takeaways or bet all the time lol but yeah pretty bad atm.

Doing pretty good atm saving up to pay off my overdraft, I feel I need to put all the money in my post office then just take all of it out at once to pay off my bank lol otherwise im gonna just spend it on stupid stuff, but ye if anyone is terrible at saving money id defo suggest throwing money into a separate account like a post office or something.

[Matt]

I'd like to think I'm good at saving my money I don't really like spending it as my interest in things dies down pretty quick. I have a saving account and an account linked to my card. I get paid on my card then move it into my savings. I'm hoping to change the type of saving account to a reward account that increases my interest. I always keep $100 on my card for food emergencies and unexpected McDonald stops.

[Empired]

I'm normally pretty good at saving money. I like to spend at Christmas and birthdays but other than that money normally stays in my bank. I used to be absolutely fantastic at not spending money but that's because I was so socially anxious I was unable to go into shops lol ! Now I can go into them without panicking, money doesn't stay with me as easily as it used to.

[scottish]

I'm good with managing it, I always know how much I have etc.

Although I only use one account, and don't use credit cards. I prefer taking cash out so I know how much money I have on me instead of constantly using card, so if I get petrol etc then just use cash. Then just go to bank and take another £300 out anytime I get <£100

[dbgtz]

I'm fairly good with money. I do sometimes overspend, but I will just cut my budget over x weeks to cover this so I get back to what I had planned. I check my bank every other day or so to make sure I haven't gone into the red. Saying this, I don't actually have huge amounts in either of my bank accounts (one sits at a few hundred from my student loan and the other at £1.07 or something), but I have a good chunk of money invested in multiple, urr, ventures I suppose of which when I get a ROI, will just see most of it either sit on a bank or be reinvested in some shape or form.

[Sharon]

I'm not that bad I guess. I do spend a lot but only because I know I will be able to replace what I spend weekly anyway. I'm in the mindset that u do only live once so why bother trying to scrimp and save when I can make myself happy with material items. I love to shop and get my nails done idc I'm not in a money situation atm so just keep spending as far as I'm concerned lol

[iSherlock]

I'm regularly good with money, I know how to save most of the time and plan before buying stuff.

I also use apps like spendful and mint, make use of a saving account from a trustworthy bank and don't laught but I tend to store emergency money (mostly coins and 100 MXN bills) on a very private place (like... under my bed).

BUUUT, when I visit Home Depot and Office Depot my money just flies away lol, no kidding, I just buy whatever I find cute and somehow usable. I end up regretting it most of the times I do it tho.

[Drewar]

I'm absolutely awful at spending money. I have to get this under control ASAP.

[Kyle]

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