Monday, July 2, 2012

Let Your Bank Account Do The Hard Work

Let Your Bank Account Do The Hard Work:
Enjoy this guest post that was sent in from one of my readers.

Let Your Bank Account Do The Hard Work

We may only just be into the New Year, but it appears many people are already struggling to manage their money.  According to a story reported in The Telegraph, a study by myvouchercodes revealed that 53% of people in full-time work said that all of their income had already been swallowed up before the mid-point of the month – largely in part to their last pay cheque going towards the Christmas spend and the January sales.
Furthermore, a fifth of people surveyed said they have less than £100 spending money to last them until payday at the end of January, once they’ve covered bills and other monthly costs.  However, it’s never too late to take a new approach towards budgeting.  Indeed, the start of a new year can be the ideal time to make money management your priority – and what’s more, it could all start with the right bank account.
Let’s look at how a budgeting bank account could help you get a handle on your finances for the year ahead.
Managing Your Money
Budgeting for all your important costs every month won’t always be as straightforward as you’d like it to be.  Many households are having to keep a tight rein on the family finances – with rising living costs in the past year overtaking wage increases – and making sure every penny is accounted for.  Budgeting can be tough with everything from the rent/mortgage and heating bills to pay, to clothes for the kids, car insurance premiums and all those other important monthly costs.  However, along with some commitment and planning, some bank accounts could help people to budget for all their essential monthly costs – and not worry they’re overspending and risking debt problems.
Some accounts (an example) can split your money into two separate accounts:  one for all your important outgoings, such as bills, Council Tax and priority payments, and another for your ‘spending’ money. This means you could safely spend without worrying you’re eating into the money you really need – so you should never be out of pocket when it comes to covering your important financial commitments.
Avoiding “Hidden” Charges
Some people may be worried about facing extra fees and charges with their bank account from month to month – which could be a real problem for people making ends meet on tight budgets.  Some basic bank accounts don’t come with fees for things such as bounced payments, unauthorised overdrafts or other services, as many current accounts do.  Although in most cases you’ll pay a fixed monthly fee, you can be confident that this is all you’ll have to pay for managing your money and maintaining the account. Checking out comparison websites, getting in touch with providers and talking to friends & family could point you in the direction of a suitable bank account.

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