With less than two weeks until the New Year I have yet to make any proper New Years resolutions, apart from trying to save money with Squirrel. I try every year. In fact last year I decided to run everyday in January, I think I got my first run in on January the 8th. Did you know that only 8% of people manage to stick to their New Year’s resolutions? That means averagely in 50 years I will have only stuck to my resolutions just 4 times. Shocking eh.
Therefore my top resolutions this year are once again, a fitness challenge, but most importantly I want to start saving a good chunk of money this year. *I say after spending £200 on clothes today… it doesn’t start until the 1st*.
How I’m going to be saving these chunks of money is with a finance app called Squirrel, the Barclays-held account app that splits your salary into savings, bills and your weekly allowance for spending. Therefore my salary goes straight to Squirrel, sending me my weekly allowance and saving the rest. There are options to clear debt, save for a house a holiday or whatever you fancy.
How Squirrel initially works:
1. your salary gets paid into Squirrel, rather than into your bank account where you can get at it and blow half your salary in a day on ASOS
2. your money gets split, so your savings are deducted from your salary, and then they are kept safe where they can grow each month without you dipping in and out
3. then your bills are deducted from your salary, also kept safe, then paid into your bank just before the bill is due
4. finally your spending money is then put into your bank from Squirrel, either as one payment (not the smartest move, believe me) or weekly, meaning you can budget your allowance per week
5. when you’ve saved all the money you were hoping to, you can transfer it all out and spend (holiday, house deposit, you name it)
Why use Squirrel finance app?
You can get your employer to pay your salary straight into your Squirrel account rather than your bank account. You can then set up when you need money, ie every Monday you want X amount paid into your bank for bills or rent, then the rest is hiding from you in Squirrel. You can easily withdraw it all back from Squirrel or even cancel if you wanted to. It’s a pretty strict app for people who really want to curb their spending and start saving in January. How can you spend your money if it’s hiding from you eh?
The app is pretty clever and your money is completely safe. Squirrel is FCA regulated and registered, also powered by Barclays so your money is safe in a Barclays prepaid account.
I find that I can save a good chunk of money over a few months, but then I heavily dip into my savings and pretty much deplete my entire savings. So 2018 I am letting Squirrel look after my finances, where they will pay me weekly on a Monday, heck it’s like being paid weekly instead of monthly… the dream!
I hope that others can come and join me in trying to save after New Year and all through 2018. I’m going to post follow up blog posts about savings in 2018. I’m not very good at trusting myself with money so Squirrel is the perfect answer. After spending the last two years trying to save for a house whilst living at home, I really want to be saving more than just the minimum help to buy payments per month.
Let me know what you think about Squirrel and whether you will be considering a finance app like this for 2018?
This is a collaborative post.