Christmas Cash Challenge 7

How are you getting on so far? Any big savings or earnings you want to share? How did you get on last week with selling services online or working extra hours?

Anyway, this week we are going to look at saving money on the whole. Do you have savings? Would you be disciplined to pay into them regularly if not? You are probably aware of my debt story and how rubbish with money I used to be. I’m not saying I’ve got it all sussed now, but I definitely feel more confident about managing my money. I’m going to share two of my favourite ways of saving money. The first is something I picked up on the CAP (Christians Against Poverty) money management course. The premise is simple – use a budget – and use cash! With debit and credit cards it is so easy to lose track of your spending. If you have a budget, and each month withdraw the amount that is required for your general day to day expenses, you can only spend what is budgeted for. You may even like to set up a separate account for this. Handing over cash definitely makes you more aware of what you are spending as well.

My second tool is a great system called Plum. I don’t know the technical ins and outs, but basically you join, it links to your bank account and then your Plum bot/assistant sits in Facebook messenger. Each day it pops up and will tell you your account balance, and you can message back with any questions or problems. Every few days, it works out what you have coming in and going out and transfers via a direct debit (which you authorise as part of the sign up process) to your new savings account. At any time you can choose to withdraw your money too, so there is quick and easy access should that emergency arise. I’ve been using it for less than a month at the time of writing, and I’ve now got over £30 in my savings account. It is a simple, painless and automated way of building up your savings and I can’t recommend it enough. Another bonus for you is that if you sign up via my referral link, after 30 days you will get a £5 bonus added to your account!

Homework for this week is to investigate ways you can save money. Perhaps even try the cash system for a few days – are you spending less money this way? Try and investigate Plum as well – it’s compatible with most major banks (and I’m pretty sure they wouldn’t work with them if it wasn’t safe and secure).

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