New Year, New U?

5 Jan 2017

It’s the phrase you’ll already be sick of hearing. Over the course of the past week, you’ve undoubtedly heard countless people talk about their resolutions for 2017, what they’d like to change, the vice they’re giving up, or their latest bucket list re-write.

Amidst all of the false promises – the most common of which seems to be the annual determination to join a gym – there is a serious message.

Much like health and fitness, personal financing is the kind of thing that many people naturally review at the start of a new calendar year. Whether it’s the making a commitment to be better at budgeting, setting targets, or reviewing the options for different accounts, many people across the UK will be thinking along similar lines.

Credit: http://www.funniestmemes.com/funniest-memes-gym-in...

Amidst all of the false promises – the most common of which seems to be the annual determination to join a gym – there is a serious message.

Much like health and fitness, personal financing is the kind of thing that many people naturally review at the start of a new calendar year. Whether it’s the making a commitment to be better at budgeting, setting targets, or reviewing the options for different accounts, many people across the UK will be thinking along similar lines.

But is 2017 any different to previous years? Well, yes; and here are a couple of reasons why:

- Debit charities are gearing up for their busiest ever January, with “more than 370,000 people set to seek advice on money matters during the month”.

- Energy prices are set to increase following the conclusion of 35 fixed energy tariffs, meaning people could “face average bill increases of almost 30%”.

Whilst we don’t mean to have an even bleaker outlook than the script for the recent Eastenders Christmas special, it’s hard to ignore the facts (and the two above are just the tip of the iceberg when it comes to New Year warnings).

How U can help

Unlike your gym membership, which might last until March, our new personal account is here to stay. More importantly, the key to our account is providing you with a facility to automate your personal financing as much as possible – affording you more time on the treadmill, in the supermarket buying fruit, or in the pub drinking soda water.

Through the U Account your transactions take less time with our contactless Mastercard® Card, it’s possible to set up direct debits and standing orders, and Extra Accounts will take care of your budgeting with little effort.

If you aren’t already aware, that last point is key. Rather than being unprepared for eventualities such as an energy price change, by creating an Extra Account dedicated to bills, you’ll already have money set aside.

New year, new budgeting idea…

As part of our Extra Accounts page, we already have one budgeting idea – the ‘Overdraft Buffer’ – which you’ll see when you log in to a U Account and clicking on ‘Extra Accounts’. By clicking on that link, we’ll automate a ‘£1 a day’ budgeting flow for an Extra Account and you can if you’d like to complete the setup. Try it – you’ll save more than you think…

To mark the start of 2017, we’ll be introducing a brand new budgeting idea shortly. After all it’s our aim to give you the kind of ideas and automation that will allow you to worry about one less thing at the start of the New Year. Stay tuned for more information.

Written By
Tom Holdsworth

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