Today I have a guest post from Lucy who blogs at Thyroid Girl where she talks about her experience with Graves Disease, Thyroid Problems and autoimmune diseases. Today Lucy is going to share a great way to squirrel your money away. Over to Lucy…
I first came across Squirrel by accident, when they were first starting out, purely by accident on an internet search. I was looking for a company or product or app that gave me some way of managing my money but was having absolutely no joy at all. Everything I came across either charged a fortune or didn’t provide what I wanted. Then I came across this new(ish) company called Squirrel and to be honest it completely changed my life, both financially and personally.
To explain in more detail, Squirrel provides a fantastic service for people who are not great with either managing their money or budgeting. Like me! I am yet to come across any other companies that provide a similar service.
Like most people, I get paid on a monthly basis. Same day each month, and like most people, I STRUGGLE! Sometimes by day 7 (ish) I'm absolutely broke and then that sinking realisation that I still have another 2-3 weeks before I get paid again! What do I do????? In the past I have resorted to borrowing money from family or worse, payday loan companies! Awful idea and that has lead me into worse problems.
Then, along came Squirrel.
Squirrel is a service set up primarily by two guys, Emmanuel and Mutaz. It is their brain child. Their goal, is to provide users with an option to break down their monthly payments into weekly payments! So here is how it works.
- Set up an account with Squirrel. You will receive your own individual sort code and account number for your squirrel account.
- On your squirrel page, you input any outgoings you have and the day they are due to be paid.
- Each month your opt for your wages to be paid into your Squirrel account instead of your bank.
- Squirrel works its magic and will seperate the money for your outgoings into a “commitments” pot. If you have elected to save some money this will be put into your savings pot. The remaining money, will then be sent to your bank account on a WEEKLY basis, therefore giving you a weekly income and not monthly. Any commitments or bills you input, the money set aside for this will be transferred from Squirrel to your bank account the day before it is due so it is ready to be paid.
The Squirrel guys said this “Essentially, Squirrel is a personal financial management platform that helps people regain control of their finances. Our goal is to take away any anxiety caused when budgeting, by temporarily withholding parts of an user’s monthly salary for savings and budgeting, then forwarding the remaining pay straight to your bank account at a later date. It is what we like to call “just in time” money, allowing for users to always be fully in control of their money, but to not have the anxiety of having to budget alone or inefficiently.”
Now, one of your questions is probably, “How secure is my money?” The answer, simply, is Very! Squirrel is in partnership with Barclays, but you can think of your money as a separate savings account, restricting immediate access. If you do need access to your money from your Squirrel account, just contact us and we can have your money to you by the next working day.
I have been using the Squirrel App for around 6 months now and it has been nothing short of a life saver. For the first time in my life, I have money saved. I don't constantly worry that I have no money to last the month. All my bills get paid on time. I can't speak highly enough of it.
I loved it so much in fact I was asked by the founders to help out with a promotional video, along with other users of Squirrel. You can watch the video here.
This is what my Squirrel account looks like.
I really hope that anyone reading this that is or has struggled with managing their money, really considers giving Squirrel a go.