Money is the number 1 stress factor that people carry into a New Year. Not surprising really after a month of heavy spending. Until last week though, I was not aware money is the number 1 reason people get divorced. This highlights just how important it is that we get our personal finances in order. I recently went to the launch of the BTox Challenge with You and B.
B is a new way of banking and I was pretty impressed. I headed to their branch in Kensington High Street. The bank is about as far removed from a bank as you can imagine. Bright and bold it stands apart from other banks and offers a very different service.
Want a coffee, a place to sit, somewhere that regularly holds events to help individuals learn about money management and products? Then look no further than B. They are committed to being at the forefront of innovative banking which delivers an experience that is useful, simple and rewarding and they are investing more than £350 million in the business over the next two years.
B has the usual accounts you would expect including current and instant savings accounts. B is a digital banking service and you can use the app to monitor savings and spendings. The more the app is used the more it can be tailored and suggest tips that help you make the most of your money.
Helen Page, Group Innovation Director at B says: “It’s concerning that so many people in the UK are starting 2018 worried about making debt repayments. We need to prioritise financial fitness in the same way we often focus on our health and wellbeing at this time of year. This really resonated with me and we often start the year focussing on our emotional and physical well-being, we need to encourage ourselves to also look at our spending and finances.
“Small changes to daily habits can save thousands of pounds a year. As a national initiative for the next month, we are launching the B-Tox Challenge. We have researched simple ways to make savings. Ditching just two daily habits like buying a coffee or pre-prepared food can add up to a saving of over £1000 a year. We also discovered that in supermarkets food at eye level is frequently 10-20% more expensive than the upper or lower shelves. Straightforward, easy to adopt moves could make UK consumers save thousands and get to grips with their monthly expenditure.”
I took the Btox challenge and plan to be more mindful of my everyday spending. On the school run I often pop into my local Tesco Express and grab snacks or treats that we don’t need. I also buy convenience products rather than using the food I have in the cupboards.
Three Small Changes That Can Make A Big Difference
- Stop the daily spend in Tesco that soon add up.
- Meal plan, I want to eat better and meal planning makes sure that I have the right food in the cupboards and I cook better. This is also cheaper and ensures that I am using up my cupboard staples.
- Less wine time. I have gotten into really bad drinking habits and had begun to treat myself every evening to a glass of wine. However, this is not only expensive it is not good for my health. I am now only drinking at the weekend unless it is a special reason and I am going out. No more drinking on my own in the evening.
For tips and more on the B-Tox Challenge visit https://www.youandb.co.uk/blog/BTox/. I would like you to join me by taking the challenge and letting me know in the comments what you are going to implement to make a small change that could make a big difference.