Massive Win for me today


(Jack) #41

Monzo can be cheaper than a lot of other banks, it depends how much you go into your overdraft each month. For someone that’s quite a heavy user it can be more cost effective.


#42

For a Starling overdraft to cost more than a Monzo one you’d have to be 1200+ into your overdraft, Monzo’s cap is £1000 so obviously there’s no competition here. I’ll use this as an example because my only other overdraft is with Nationwide and its a student account and I don’t know the fee.

Since she was mentioning that she tried convincing her friend to switch to Monzo, I’m assuming she’s not over £1000 into her overdraft, so she’d save some money using Starling (or Nationwide if she can get the fee-free overdraft). Of course this is offset if Monzo’s budgeting is actually enforced so it refuses certain MCC codes if it’d break the budget.

Woah, turns out Starling actually has an overdraft price calculator for a bunch of banks.

@evangelskies might be worth having your friend sign up with First Direct.


(Steve Daniels) #43

Except don’t sign up for First Direct if your friend is on Android. The only update the app has had in 6 months was a text change - it’s absolutely trash!


Password Security
(Jack) #44

12 posts were split to a new topic: Password Security


(Tom Halloran) #48

Congratulations @LifeofRiley! Fantastic news and an inspiring read


(Marcus) #49

Congrats dude! I was in the same situation once and had NatWest ring me up asking me to pay it all off otherwise they’d ‘take action’. Being in a low paid job I didn’t have £1200 so it wasn’t a fun time!

All in the past now and it is things like Monzo and I also use spreadsheets to track bills and budget for an upcoming wedding.

Why don’t they teach us this stuff in school?? :joy:


(David Preston) #50

I commend you for sharing this mate. It’s something that so many people struggle with and it is sold to us by most financial institutions as something not to worry about, but that is exactly what we do, worry. It’s such a mental weight that ultimately affects other areas of our lives without us knowing. Congratulations and I’m sure you’ve encouraged at least one other person to take it little by little and do the same. :smiley:


(Richard) #51

It should be mandatory. I know Martin Lewis is trying to push this through and has just released a text book for schools.

My eldest, who is 15, has just watched his TV show on what all teenagers should know and she thought it was very good.

The problem I have is that there is this “I know better than you mentality”. Unfortunately I don’t think she is heeding what my wife and I are saying to her and that she will have to make the mistakes herself before she learns.


(Richard) #52

Thank-you. That is the hope. I like this community, very supportive of one another (almost cult like :wink:) and the support has been fantastic so hopefully this will give someone inspiration just like some of the other posts on here have inspired me.


( related to Monzo CEO, Investor in Monzo ) #53

“The problem I have is that there is this “I know better than you mentality”. Unfortunately I don’t think she is heeding what my wife and I are saying to her and that she will have to make the mistakes herself before she learns.”

that reminds me of somebody …now who was it …me :slight_smile:


#54

This is great to read! My business went belly up last year - a catalog of disasters that stemmed from my business partner shafting us, and one of my investors closing down the sales and marketing teams (long story - we’ll call him Investor E).

I was obligated to keep the business going due to EIS and SEIS and it ruined me. The whole thing was absurd, I had to make bonkers choices - I didn’t eat for two days as I had to buy a train ticket for a meeting in Edinburgh.

With limited income (from consultancy that I picked up on the side - although Investor E didn’t like this… he claimed by taking consultancy gigs I was stealing from him!), I used every trick in the book to keep my head above water - from balance transfers to short term loans, but all this is stupid… so stupid. I was sinking fast. As soon as Investor E was eligible for his tax break, I was allowed to close the company (it didn’t have any debts - they were all on me…).

I had lots of equity in my house (which is probably why the bank were sniffing around… had I been in negative equity they’d have had something to lose so would have perhaps been more cordial?). I sold my house - using most of the money to clear my debts… the rest went into a savings account.
I quit my bank, going full Monzo.

Its a huge relief, and a massive weight off my shoulders to be debt free… to not have people knocking at the door. Financial stability is true freedom. I went contracting, and within less than a year have returned to financial stability (admittedly I no longer own a home - but my credit rating is surprisingly better than expected, so it wont be long before I’m back on the ladder). I have learned to never ever set up a business with investors… I have ideas - and if I decide to set something up again, I’ll do things entirely on my own terms. EIS and SEIS just complicate things. I should have bailed sooner, but felt obligated to do right by my investors, despite the feeling that one of them was doing his best to work against us.


(Nathan) #55

Congratulations sir! hugs we shall drink tonight in your accomplishment, see you over there in the promise lands one day lol


#56

Perhaps you should try to get her interested in it? Does she like travelling? If you could convince her to give one a shot she might be sucked into the world of fintech and end up trying to abuse the system. It’s certainly given me an accidental financial education. Makes me kind of happy that I found Monzo :^) I got told about them and then dived into the fintech hole, only to come out with 3-5 cards and good habits of finance management.


(Richard) #57

@Bank that was an interesting and horrifying read :open_mouth:. I’m glad you are out of your situation now.

I am gutted for you that you lost your home in the process but I love the positivity of your post and your ability to bounce back!!

They say money can’t buy you happiness, but I tell you something, it bloody goes a long way to helping!! :laughing:


(Richard) #58

At the moment she is 15 so she has time on her side and has a lot going on currently with her GCSE’s this year. When she is old enough for a Monzo card (16 isn’t it?) I will want to switch her to Monzo as that on it’s own could give her the budgeting tools to learn. Something I never had as a teen.


#59

Ah yeah I forgot about GCSE’s. Probably more important in the immediate future.

Yes, 16.

I personally would have her keep her current bank and use Revolut as a spending card - that way she can enforce harsh limits on her card that’ll make sure she sticks to budget. Revolut will also be adding the Monzo style individual budgets for different types of things soon.

That and the other banks typically report to all credit reference agencies, and if she’s going to university afterward the student overdraft will be needed to bridge loan payments. Even if its just at 200-300£ for bill payments. (stops her from going like 3k in and then having stupid amounts to pay back!)

Although in the end, it’s your decision and I’m just trying to give you advice that you may find useful in passing onto your daughter, wish her the best of luck.


(Richard) #61

Yea I don’t think I would go full Monzo for her. I would want her to keep a legacy account open for student loan purposes. But really, by the time she gets to that age, she will be making the choices herself so all I can do is to hope and guide her.

One option. Not something I have thought of before so definitely something I will consider.

It’s going to be interesting (for me and my wife, no-one else admittedly) to see when she gets a job whether she’s going to be a spender, saver or balanced. On recent history I would say spender and that does worry me a little bit.

And I appreciate the advice. As I said in my initial post, this forum is part of my daily routine :smile:. The advice is varied and informative and positivity that is generated here towards money is uplifting. My life has always seen money as a needs must due to my predicament so to see people being enthused about it is an eye-opener and has changed my perspective.


(A/S/L?) #62

Congrats, I can feel the massive sense of relief coming through your post! Keep up the good work, lovely to hear that you’ve achieved this and plan to carry on. Some great tips in here. :star_struck:


(Emma Barrow) #63

I totally agree. I’ve been lucky to be financially savvy(ish) in my 20s, but that’s all thanks to having a Dad who was really open with us about debt and pensions and what we should probably be doing. I managed to get into my own home with a mortgage in my late 20’s and now In my 30s I’m now using stuff like Monzo to help me stay afloat and I feel really lucky to be in the position I am.

I’ve run some ‘Money Minds’ sessions in Schools as part of this scheme from Yorkshire Building Society - it’s brilliant! I’d highly recommend any parents or teachers to request a session for your school.

https://money-minds.co.uk/


(James Wheatley) #64

Congrats! :partying_face:

I had been in the same situation for most of my life but since moving to :monzo: I now have the visibility I needed to help me and since moving to FullMonzo no overdraft has been needed and not even enabled!