13 Jun 2021 • 3mins • Yolt

What's the next step in your long-distance relationship with money?

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What's the next step in your long-distance relationship with money?

So you’ve read our What kind of relationship do you have with money blog, and you know you’re in a ‘long-distance’ relationship with money. What next?

What is a long-distance money relationship?

You try not to think about your bank balance too much. Some months you’re a little short, and sometimes you have a little left to put in savings. But if you’re honest, saving isn’t very consistent.

How could your long-distance relationship affect your savings?

If you don’t know what’s going in and out of your bank account, then it can be difficult to hit your saving Goals. It could also get you into sticky situations if you start slipping over budget.

Imagine this…

It’s been one of those months. Your mum had a big birthday, it was your best mate’s wedding and your cat needed its injections. Come mid-month, you get an email warning that your landlord couldn’t take your rent payment. If this was the first time, he might have let it slide. Problem is, this has happened a few times before… and now he’s saying he’d like to find someone more reliable.

This is a pretty extreme scenario. But it’s easy to see how things could snowball if you keep your money relationship at arm’s length.

Ready to get closer with your money?

If your savings aren’t progressing the way you hoped, it might be time to face your commitment fears head on and start building a closer relationship with your money. Here’s how to get started:

1. Connect your accounts: simplify your money management by connecting your cards and accounts to your Yolt app. That way you’ll be able to see all your money in one place
2. Track your spending: set up notifications so you can keep a check of all your incoming and outgoing payments. You may even spot some subscriptions or direct debits you no longer use
3. Set a budget: work out your living budget, then set up Categories in the Yolt app to help you stay on track
4. Automate your saving: Yolt’s handy Jar Boosters can help make your savings automatic by stashing spare cash away without you doing anything at all
5. Watch your savings grow: keep an eye on your Yolt dashboard to see how your savings soar

Discover just how stress-free saving can be – download the Yolt app on IOS or Android.