To ask how much do you have in your bank account on payday?

[coffeeforone]

And has this position changed since 10 years ago?

10 years ago age 25 - I had an overdraft facility the size of my monthly salary (£1200) that would be maxed out by payday and I would be happy to go back to zero each month. I'd be very excited if I had hundreds on pay day. I didn't care about being overdrawn and would max out my overdraft even to buy things like clothes etc.

Today age 35 - I have money left before payday, i'd panic more if I ever risk going overdrawn, and my bank balance on payday is at least the amount of my pay. (If I think I'm going to go overdrawn I wouldn't buy a new pair of shoes - 10 years ago I wouldn't hesitate)

Have times changed in that people are more likely to not go overdrawn, or is it just my financial position and attitude to money has got better?

About 2 times salary. A lot more in savings. But I'm a bit older!

When I was 25 I didn't have much of an overdraft but I had credit cards that carried debt month to month. Didn't get that sorted until I was around 30 despite being on a good salary. Attitude to money has definitely changed!

Veiled brag

OP, there are people living in austerity, and you come on here to brag that you have as much as your wage in your account whenever you're paid?

I think you need to think before you post love

I still have a £1k interest-free overdraft from student days, more than 10 years ago. I've told them time and time again I'm not a student so have given up and now just have the money to pay it off gaining interest in savings instead 🤷🏻‍♀️

I was never out of my overdraft until I was 26 and qualified . Never been in it since . Age is a great educator .

I always make sure I have £300 in the day before pay day. Anything more than that goes into a mix of savings/mortgage overpayments. (I also have standing orders for fixed amounts straight after pay day). I've always tried to avoid using my overdraft though. The only time I had one was after abusive ex left, but I battled my way out of it as swiftly as I could.

My wages go in its Between £2500-3000 depending on OT into our joint account (aim to have 800-1000 a few days before) most of our bills come out & then my DH transfers £1500 about 2 weeks later, covers for any other bills, food, kids clubs . I normally transfer out £250 each month to my own acc. Been good & never opted for an over draft on this acc , used to have one on my acc. Paying off my CC. In the last 10 years I earn less money now I’m PT & with DC, DH is self employed. I’m definitely better with money budgeting now! 😁

I've slowly built up a £1500 buffer which is approx a months worth of outgoings. Anything over this on the last day of the month goes against the mortgage, even if it's only a few pounds. I'm desperate to get it paid off before DS goes to University in 5 years. I'm paid monthly but DH is paid weekly. I always budget for a 4 week month so any months with 5 Fridays are an added bonus. I no longer worry about bills or what I would do if the washing machine broke but it's taken many years to get to this point.

I always leave a 2k buffer in my current account. The day before payday I transfer everything left in my account down to 2K to savings. I'll already have transferred our budgeted savings earlier in the month, so the leftover is usually around 100 that we've not spent on nice stuff.

10 years ago I was 19 at the beginning of my second term at Uni. It was rare that I ever had more than £100 in my account. I felt rich if I had £500.

I've almost never been overdrawn and I don't keep money in my current account. I move it all to savings bar my biggest bill (council tax, £103) and set up alerts for when it drops below that, and top it back up to that from the savings when needed. I use my credit card for nearly everything and I transfer the money to pay that in full into the current account just as it's due to be paid. It's usually about £1,500 so I guess that's the most I ever have in my account.

My linked saver pays 1.4% so there's no point leaving money in the current account.

I think people would be mad to go overdrawn now banks are charging 40%
40% overdraft fee where have you got that from ? mine is £6 a month

Pay day for my husband we have £2100. After we have paid the bills and put money aside for petrol and food left is about £400. Then we have my weekly wage of £250 which then goes for spending money for the week.

About - (minus) £700
My account has rarely been in the black since 1999. And when it has, it's only been a small amount for a short time.

@needanewnamechange

Check with your bank, the way they charge is changing, it's been forced by the FCA.

See point 4:. www.moneysavingexpert.com/banking/cut-overdraft-costs/

A couple of pence maybe? That's not because I am skint, but as soon as I get any money it all goes into my saving's accounts, I have 3.

Many moons ago I was in serious debt but I turned my life around financially and it is the best feeling ever!

The minute I get paid, every penny goes into the savings, then on a day to day basis I transfer exactly what I need for that day. That is how I dug myself out of a massive hole and although my mindset has completely changed regards to money and I don't really need to do it, I still use that method.

I do have a tiny overdraft but have never used it. It is there to prove to myself just how much things have turned around for me.

I keep a 1k buffer in my current account. So it always has that, the night before payday I transfer anything leftover to my savings account. So there’s always at least 1k I suppose...

I also get paid every fortnight not monthly. So every second week I get approx 1k ( I work part time)

Well increased responsibility (dc, bigger house etc) requires us to be more financially responsible as we get older but also if I remember rightly when I used to live in my overdraft as you did I used to get charged a tiny percentage and even then that was over a certain amount. These days the charges for even an agreed overdraft are huge. I deliberately don't even have one. If I don't have enough actual money a bill will bounce/card payment will be refused, however I'm down to pennies by pay day (lone parent/low income/DC that want to do everything)

I’ve never used my overdraft, I dislike debt and avoid it at all costs bar the mortgage. We save for things we want.

I’ve seen plenty of people end up in financial trouble over overdrafts and it’s simply not worth it.

I used to be the same as you in my 20s and 30s OP. I earned then more than double what I do now, but I lived constantly in my £2.5k overdraft and at one point owed around £25k on credit cards. Spent hundreds on clothes, holidays and fancy meals out every month. Now despite earning far less I pretty much hardly ever dip into my overdraft, have a decent pot of savings and a small amount of credit card / loan debt on very low interest that I'm paying off methodically. I don't tend to have much left on payday but whatever is left goes in my savings or pays extra off my debt. I think I'm just more sensible now, plus I hardly ever go 'out' these days so the pressure for new clothes etc just isn't there. I'm late 40s. I am mortgaged til I'm 67 though so once debt is paid off in a couple of years I'll start paying extra off that 😭.

This payday, age 24 I had £4900 as I keep savings in there too. Paid off my uni overdraft (2k) in 2018 when earning £18k, paid off my 1k loan in 2018 too. Recently got a raise.

Before salary went in I had around 2k

Between £1 and £100, no overdraft facility. I take savings out at the start of the month and leave just enough in my current account for daily spends. I don't generally spend what I don't have but if I needed someting at the end of the month I have a couple of empty credit cards.

£2k pay
No overdraft
Just over £9k in savings

Pay day servers £k. Day before payday not much but we have for the last year has our rent come out just before payday which means our balance never gets below a £1200 or so and get paid interest.

Do use the overdraft on our other account most months but only the free £250 to max the 5% interest on the current account.

Was gutted the over month when my overdraft charges came in at 32p.

Every month we end the month -£2500 overdrawn and then it sets back to zero when we get paid and then we have little bits of money coming in throughout the month so it goes up and then down! We are crap with money though and now trying to sort it out. We are mid / late 30s. Some people are just rubbish with money.