Everyone knows saving is the sensible thing to do. But why is it always so tempting to spend?
According to your budget, you should have enough to get by. But somehow you always end up overspending!
If you're partial to splurging but you're trying to save – here’s how Monzo can help you keep yourself in check.
1. Set budgets with Monzo to keep your spending in check
Monzo can take the hassle out of making a budget (and sticking to it).
You can create a monthly budget in the Summary tab of your Monzo app. Just tell it how much you want to spend in each category. And as you spend, we’ll let you know how close you’re getting to each limit.
For example, you could set a monthly limit of £50 on shopping, so you can still treat yourself without totally emptying your account.
If you're looking to keep your spending under control, the envelope method could be a good way to budget. (And it's easy to do with Monzo too).
2. Trick yourself into saving money
If you don’t have the discipline to set money aside, fool yourself into saving instead.
If you use Monzo, you can stash away your spare change using round-ups. Every time you buy something over £1, we’ll round it up to the nearest pound and put the extra in your Pot. You’ll be saving money without even realising, every time you spend.
3. Keep your savings separate
If you’re attempting to save money, try not to keep it in your main account “just in case”. Chances are you’ll end up spending it.
If you're Full Monzo, use Salary Sorter to move your savings into a Pot as soon as possible. You can even lock your Pots until a certain date to stop yourself dipping into savings. So even when you’re broke at the end of the month or see something you like on ASOS, your savings will be safe.
Think about getting a savings account so you can earn interest (in other words, get paid for saving).
To keep track of your spending, stick to your budgets, and find ways to save (even if you think you're bad with money) download Monzo today.