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Did you know that there is one small change you can make in your life that will drastically improve your ability to have more money? It doesn’t take loads of time (15mins max) and you don’t have to work any harder to get in on the action! It sounds far too good to be true, but it works. So what is the wonderful idea? Pay yourself first.
That’s it. It really is that simple. To give yourself the best chance of getting rich and then staying rich, make sure that you pay yourself as soon as you get paid before you spend on anything else. Making sure you take some of your pay to cover yourself straight away is a great way to maintain a decent bank balance because it means that month on month your savings grow.
How to do it?
The best strategy is to automate paying yourself. Make sure you move money on the same day you get paid and transfer it straight into a different account. The great thing about Monese accounts is that you can receive money straight into your personal current account. All you have to do is use your sort code and account number, and the money will get deposited into your account.
Make sure the amount you transfer still leaves you with enough to cover your bills and pay back your debt contributions. To do this create a short budget that totals up all your expenses. Don’t forget to add on the cost of things like travel, food and drinks as well. Doing this is going to help make sure you don’t sway from your savings goal as you’ll be far less likely to dip into your fund unnecessarily.
The added benefit to saving this way is that you almost forget that it’s happening, and before you know it you’ll find you have a large chunk of money tucked away, without you even trying! Every month it becomes a sort of savings game that makes you want to keep topping up the balance, just to see how much you can end up with.
Monese can help with your savings goals too. If you share your Monese referral code (found in the app) you can make £5 when someone signs up using your code and makes a deposit for the first time into their own account. You can also check in on your balance without even logging in to the app via our Insta-balance feature, so there’s no need to lose track of where you are with your goals. Grab your Monese account now!