I like this brief because I can completely relate to the budgeting challenge. Recently I had an idea that my bank account could contain mini accounts within my overall account.
I could distribute certain amounts of money between the mini accounts and name them each to where I want to spend my money then link the places I spend my money regularly.
For example, I would have an account for “Travelling”, “Nights
Out”, “Christmas”, “Rent”, etc... and then distribute my money according to what my budgets are. So, in my “Night Out” account, I want to be able to link my favourite clubs and assign a certain amount of money I can spend per 24 hours in each club, this means I could never over spend.
Similarly, I could have an account named “Rent” and put aside my
termly rent of £1,333 so I don't spend it on anything else.
This idea is obviously aimed at students but would actually be useful for all age groups.
Children: Saving for a toy.
Teens: Saving for travel, nights out, shopping and university.
Adults: Saving and budgeting for holidays, rent, Christmas, etc...
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