Even people who think their finances are under control may be wrong. By only paying the minimum on their unsecured debts they may be storing up problems for later.

Salford, Greater Manchester -- (SBWIRE) -- 03/09/2012 -- Budgeting bank account provider thinkbanking suggests that even those who believe they are managing their finances effectively could benefit from a little careful budgeting. A spokesperson for thinkbanking says:

"Some people feel they are managing their finances well because they are meeting all their monthly payments. However, if they are only paying the minimum off on some of their borrowing they could be storing up trouble for the months - and years - ahead. Unsecured debts such as credit cards can charge a high interest rate so it is advisable to pay down the debt as quickly as you can. If you continue to only pay the minimum monthly amount it could take years longer to repay the debt - and you'll be paying more in interest too."

Even if you don't have any significant debts but you spend all your income each month, you may still be heading for a problem. Research from Lloyds TSB in its Spending Power Report indicates that one in five people have no money to put towards saving for a rainy day after their bills and other essential costs are paid. A spokesperson for thinkbanking warns:

"Many families are facing the future without a 'safety net' to help them survive any unexpected financial crisis: putting a little money aside each month can prevent an unbudgeted expense tipping a family's finances over the edge and help them avoid debt issues further down the line. "

The simplest way to start tackling debts is by calculating what you can realistically afford to put towards them. By drawing up a simple income and expenditure table detailing all your monthly commitments, you'll be able to see exactly where your money is going each month and what steps you need to take to get out of the 'minimum payment trap': you may find that it only takes a little careful budgeting to enable you to increase your repayments and start to reduce your debts more rapidly.

If this sounds a little daunting, a managed service such as the one offered by thinkbanking could help you manage your finances with the help of professional Money Managers. A thinkbanking spokesperson says:

"The thinkbanking account helps people manage their money more effectively - the Money Manager service is designed to ensure that customers' essential bills are always paid on time. It can also help people understand their finances better so they are in a stronger position to deal with unforeseen problems. A Money Manager can advise on any specific issues they may have and help them look at ways to anticipate extra expenses and be ready for them. "

Plus, thinkbanking customers can rest assured they won't be getting any unanticipated expenses due to banking fees or charges. Customers of thinkbanking pay one, fixed monthly fee for their managed service - and aren't charged for bounced payments.

Notes to Editors

thinkbanking provides access to a current bank account that makes it easier to budget, by ring-fencing money needed for regular commitments, including savings. The 'Money Manager' service helps customers to manage their accounts effectively. The account comes with predictive banking which can let customers know if they are running short for their necessary expenses. thinkbanking accounts don't require a credit check and are available to UK residents over the age of 18 who can prove their identity.

For more information, visit the thinkbanking website at http://www.thinkbanking.co.uk/

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Reviewing January's finances can be a good way to plan out financial goals for the rest of 2012, says budgeting bank account provider thinkbanking.

Salford, Greater Manchester -- (SBWIRE) -- 02/08/2012 -- As February begins, budgeting bank account provider thinkbanking recommends that people look back at how their finances have fared in the first month of 2012, so they can plan for the next eleven more effectively.

"For many people, a New Year starts with a financial 'hangover' from the festive period, in the form of higher overdrafts and credit card balances," a spokesperson commented.

"Tackling that kind of problem and rebalancing the books is an essential first step for anyone who's keen to set themselves financial goals for the year.

"So, as February gets underway, have you managed to do that? If you're having to make some difficult financial decisions, don't be tempted to clear your debts by using the money you need for your everyday bills. Overpaying your debts is a good way to clear them more quickly and save money on interest, but it's not worth it if it means falling behind on your other financial commitments. It's better to figure out how much extra you can actually afford to put towards your debts every month - and do your best to stick to that.

"If your finances look healthy enough and you don't have any debts to contend with, it looks like you're on track for 2012. The question is: what can you do to improve your situation further and safeguard against any problems you might run into later on? One of the best ways to do that, of course, is to put money aside for the future."

Either way - whether you're aiming to pay off debts or build up your savings - it's easier to plan out your finances if you can make them as predictable as possible.

Some of the financial challenges which put a strain on a household's budget can't be foreseen in advance, but many of them can. A lot of expenses, from renewing the car insurance to going on holiday, happen at the same time every year - so planning ahead and putting some money aside beforehand can help a household take those costs in their stride.

"At thinkbanking, we pride ourselves on helping our customers plan ahead. Rather than providing an overdraft facility, we have money managers who help customers set (and keep to) budgets, and warn them when it looks like they'll struggle to pay their bills. Rather than imposing unpredictable bank charges for bounced payments (or making 'too many' transactions), we charge a single fee per month for the entire package, from the money managers service to internet banking and SMS alerts.

"Forewarned is forearmed, as they say. Achieving your financial goals for the year can be so much easier if you break them down and see how much you need to accomplish each month. The more predictable you can make your finances, the simpler it should be to set yourself monthly targets - and stick to them."

Notes to Editors

thinkbanking provides access to a current bank account that makes it easier to budget, by ring-fencing money needed for regular commitments, including savings. The 'Money Manager' service helps customers to manage their accounts effectively. The account comes with predictive banking which can let customers know if they are running short for their necessary expenses. thinkbanking accounts don't require a credit check and are available to UK residents over the age of 18 who can prove their identity.

For more information, visit the thinkbanking website atwww.thinkbanking.co.uk.

Contact:
Ian Williams
thinkbanking
ian.williams@thinkbanking.co.uk
Tel: 0845 056 6005

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Budgeting bank account provider thinkbanking is asking people to ditch any bad spending habits that hold them back - and think about their financial goals this New Year.

Salford, Greater Manchester -- (SBWIRE) -- 12/22/2011 -- It's not long until January 1st 2012 and you may be planning to stop smoking, try a new hobby, or shift any extra weight from all those mince pies.

Budgeting bank account provider thinkbanking is asking people to think about their financial fitness this January and to ditch any bad spending habits that hold them back. The New Year is an excellent time to take stock of our finances following Christmas and begin planning our financial goals for the year ahead.

Research from American Express gives an insight into how much more we spend at Christmas. It estimates that UK adults will spend on average £210 each on 'extra costs' during the festive season, which adds up to around £10.2 billion collectively.

So if you feel like joining the gym on January 1st because you've overindulged, why not take the opportunity to get your finances back in shape too? It's a great time to turn your back on financial bad habits.

A spokesperson for thinkbanking commented:

"Traditionally the New Year is a time for reflection on where we are and where we would like to be in the year ahead - and personal finances are an important area to make improvements in too.

"Many people find they've overspent at Christmas and people who have borrowed money will have to begin thinking about how to pay it back come January - as well as keeping on top of all their usual expenses.

"Mastering your money takes some effort and there are a number of practical things you can do. First and foremost, draw up a financial plan looking at all your important outgoings for the year ahead and draw up a monthly schedule of regular expenses like your mortgage and priority bills.

"It helps to write down the exact dates of things like your car insurance or road tax renewal and family and friends' birthdays so that you can budget for these expenses accordingly and make sure you've got them covered.

"If you plan to repay debt this year, consider 'overpaying' your debts where you can, which could save you a surprising amount in interest charges overall. If money is tight in the New Year, consider ways of living 'frugally' and cut unnecessary spending to give your cash flow a boost. You don't have to make huge sacrifices - shop with coupons when you buy groceries, for example, or car share your journey to work with a colleague to save on petrol expenses.

"It's a good idea to review our spending habits regularly so that we can identify areas for improvement. Take advantage of the motivation you may have this New Year and take charge of your finances so that you can achieve your financial goals - whether that's making home improvements, saving for a holiday or paying off debt."

Notes to Editors

thinkbanking provides access to a current bank account that makes it easier to budget, by ring-fencing money needed for regular commitments, including savings. The 'Money Manager' service helps customers to manage their accounts effectively. The account comes with predictive banking which can let customers know if they are running short for their necessary expenses. thinkbanking accounts don't require a credit check and are available to UK residents over the age of 18, who can prove their identity.

For more information, visit the thinkbanking website at http://www.thinkbanking.com.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Salford, Greater Manchester -- (SBWIRE) -- 11/21/2011 -- Christmas can be a big expense: from the turkey and all the trimmings, decorations and social occasions, to presents for friends and family. However, budgeting bank account provider thinkbanking is urging people to consider the importance of a well-planned budget to make sure they start the New Year in good financial shape.

Research from MoneySupermarket.com recently found that, though 21% of people will use savings to cover the festive spend, and 38% will have enough disposable income to finance costs over the Christmas period, 11% plan to use their credit or store card. As a result of 'paying on plastic', however, many people could still be paying for Christmas much further down the line.

Despite the convenience credit can offer for many people, it's not the cheapest way to cover the cost. A credit card with an APR of about 18% and a £500 balance could take nearly 12 years to pay off in total, if you only make the minimum repayments of 2.5% every month.

Having said that, with so many of us feeling our finances squeezed by falling disposable incomes and rising living costs, some people feel that borrowing is the only option -which makes it important they budget for their monthly repayments along with all their other outgoings.

One way of making Christmas more affordable is by spreading the cost over the year - which takes planning and commitment, but could make a real difference to the overall cost of Christmas. You could begin preparing for Christmas 2012 by taking advantage of the January sales: at the start of a New Year, many shops offer discounts on cards, wrapping paper, decorations and other festive items. Why not buy your presents throughout the year? It could save you money and help you avoid the last-minute rush nearer the time.

However, one of the most practical ways of looking after your finances is to draw up a well-planned budget, so you can set aside some money every month and watch it grow over the year - you may be surprised at how much you could have saved by next December!

A spokesperson for thinkbanking commented: "It's important for consumers to think about how they'll cover the cost of big occasions like Christmas. With many budgets really feeling the pinch at the moment, plenty of people don't have savings they can depend on, but there are still steps they could take to fund the festive season without taking on debt.

"Although some people feel that they have no option but to borrow, drawing up - and sticking to - a successful, well thought-out budget could make all the difference, and help them avoid turning to credit cards, overdrafts and other forms of debt.

"This Christmas may not be very far away, but there's still time to set some money aside, which could go towards presents and other expenses. For example, putting £20 a week into a savings pot between now and Christmas Eve could give you around £120 to spend - which could make a big difference to your overall festive bill.

"Plus, if you begin saving in the New Year, you could stand yourself in good stead for Christmas 2012 - which is certainly a New Year's resolution worth making."

Notes to Editors

thinkbanking provides access to a current bank account that makes it easier to budget, by ring-fencing money needed for regular commitments, including savings. The 'Money Manager' service helps customers to manage their accounts effectively. The account comes with predictive banking which can let customers know if they are running short for their necessary expenses. thinkbanking accounts don't require a credit check and are available to UK residents over the age of 18.

For more information, visit the thinkbanking website at www.thinkbanking.co.uk.

Contact:
Ian Williams
thinkbanking
ian.williams@thinkbanking.com
Tel: 0845 056 6005

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm