Who else is terrible with money? I've found the answer

[HoldingOutForAutumn]

I am terrible at budgeting. I have very high outgoings, with various bills going out all through the month, and various money (wages, tax credits etc) going in at different rates and no savings - so it’s all really hard to keep track of. This means I’m late to pay sometimes, and I’m massively stressed and overwhelmed at managing my finances.

I have recently found an app called squirrel, and it’s a dream come true for bad budgeters! Basically you give them your salary each month (it’s backed by the FSA, endorsed by Barclays, Which etc. - very safe). The money you need for different bills is paid into your account the day before they're individually due, so no chance to spend! You can set various saving goals, and they go straight into savings when your bills are covered. Any money you have left is divided by 5 and paid to you on a weekly basis. On months with 4 Monday's, your extra week is put into your savings. No more being skint by payday, or fretting about when bills are due and having enough money to cover it.

I have ADHD, and it’s an absolute godsend! Obviously not needed by everyone, but if you struggle with budgeting, it is amazing. I’m looking at money in a completely different way. If I switch broadband package, I can save an extra x by Christmas etc.

I was going to post a thread about it anyway as I’m absolutely fanatical about it - sure my friends think I work for them But also just saw that if you use my referral code, we both get £15 each in our savings.

https://ref.squirrel.me/20694/Samantha/ia

Even if you don’t want to follow that link, check the app out. I honestly thought I’d stand no chance of ever buying a house one day, with shit credit and no ability to save. This might actually give me that opportunity

@BarbaraofSevillle I dream of being organised enough to arrange all that, honestly. In a dream world I would be. But for people that aren't, it's good.

You get a month free, and if you use my code then that's another month and a half paid for, so you have time to see if it works for you before you pay anything for it.

I have an excel sheet. Does a similar sort of thing.

Bookmarking!

I don't understand. Surely you can just set up important outgoings by direct debits that fit in with pay day. How is an app more effective than this?

It's £10 a month! If you're on a low income and counting pennies etc., that's not an insignificant amount to be paying to a bank to essentially set up a load of standing orders and direct debits for you. £120 a year - people will switch energy supplier to save that much!

Surely, all you need is the numbers breakdown and then just spend an hour or so setting the whole thing up on your account yourself?

And they don't pay interest on your savings!

I grew up with not very much money so I am cautious about spending anyway which probably saves me TBH. Not to say I haven't got into trouble before. But I'm cautious about getting into debt and I'm quite good at avoiding spending altogether when I have to.

It does sound brilliant in principle but makes me nervous.

Mina paws because it prevents you running out of money before the end of the month. It's as iv you were paid your salary weekly I suppose

Definitely interesting.

tenner a month? no surprise, sadly.

and open banking on shonky phones after the tsb catastrophe? rather you than me.

businesses that use referral bonuses are also a worry.

For whoever was saying about being self employed and differing monthly income amounts, YNAB works really well for that - it's a bit of a different way of budgeting but works really well once you get your head around it.

It is a paid for subscription but If you google 3 months free trial you can see how it works for you before committing.