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I've recently cleared my overdraft and I want to learn to live within my means and also start an emergency fund. I will admit that living within my means is something I find very difficult. Any help would be appreciated.
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881Travenner
Well done! You can now start to work for yourself instead of the bank.
I would suggest that you work out how much you paid off over the last year and add the interest that was charged during that period. That is the 'saving' that you achieved over that year.
Divide that by 12 and you get your monthly saving. So that is the amount that you can invest in a 12-month Fixed-rate Monthly Saver, unless you know of heavier outgoings that are due. At the end of the year, you will have an emergency fund.
Mike
Posted on 30 November 2009 |
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216I would recommend that you still have an arranged overdraft facility on your current account though ... otherwise you will end up with the fine for a small slip up ... just keep it to a small figure ... say £50/£100 or so ... just so you don't get the fee if you forget to tot something up one month ...
Posted on 30 November 2009 | Love 0 loves
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