Reply to: Puts our pay into perspective

[woohoo]

Money is for wimps.

[vetran]

This is a disgraceful thread designed to humiliate Suity and I.

FTFY

caught a bit short after your time on the dole?

[OwlHoot]

It would also be the end of free banking. It's the clearing system that pays for your "free" banking.

Cash will never be abolished. As the author Neal Asher pointed out, somewhere, someone will eventually write an I.O.U.

Hmm, but an IOU is not transferable (very far), and what if the issuer doesn't deliver on it? If everyone has to resort to IOUs A & E departments will be full of people with broken knee caps!

Obviously the biggest problem for low wage earners (or anyone who spends at least as much as they earn) is that once in debt or behind they are running up a down escalator. It only takes a splurges like the kids' birthdays or a family holiday, or servicing the car, or just routine bills, to knock them sideways financially for weeks or even months.

[NotAllThere]

...
If the authorities really wanted (although they obviously don't) more transparent money handling, which would be far more manageable for many, then the first thing would be to mandate instant clearing.

The snag is that would bring us a step closer to abolishing cash, which would be a thoroughly Bad Thing.

It would also be the end of free banking. It's the clearing system that pays for your "free" banking.

Cash will never be abolished. As the author Neal Asher pointed out, somewhere, someone will eventually write an I.O.U.

[MarillionFan]

Millions have less than £100 in savings, study finds - BBC News

This is a disgraceful thread designed to humiliate Suity and I for one will have no part. For Shame vetran, for shame.

[northernladuk]

May pay is utter crap. I can't even cover my mortgage with my pay let alone save anything

[OwlHoot]

3. With some products e.g. credit cards the interest is deliberately done in a way that even Maths professors have difficulty calculating it.

Also, people diligently trying to check their balance using cash machines often have to contend with a display that shows only the "cleared" balance which may seesaw wildly compared with the "pending" balance (especially after a load of bills have just been paid).

If the authorities really wanted (although they obviously don't) more transparent money handling, which would be far more manageable for many, then the first thing would be to mandate instant clearing.

The snag is that would bring us a step closer to abolishing cash, which would be a thoroughly Bad Thing.

[The_Equalizer]

Not true though.

"If you owe your bank £100 you have a problem. But if you owe a million, they have."

Though today it would be:
"If you owe your bank a thousand pounds you have a problem. But if you owe a billion, they have."

Apart from SASGuru that doesn't really apply though.

[SueEllen]

Agree - Home Economics in our school was about cooking and sewing etc and nothing about financial economics.

You were lucky.

We had Textiles to learn about sewing. Catering to learn about cooking but you could only do that from age 14. Until then you did Home Economics.

Home Economics was just fecking dull - we did loads of book work then occasionally made something simple.

The fact my classmates from South Asian backgrounds could make full curries from when they started secondary school was eventually realised by my teacher, when they made one for something else.

[LondonManc]

But I've watched the programmes on Ch5...

About the ones actually on the dole as a career rather than the ones with a bit of pride who are grafters? Yeah, the two groups often get lumped together despite the second group being generally decent people.

[SueEllen]

Perhaps just teach that when you're in debt you're in someone else's pocket!

Not true though.

"If you owe your bank £100 you have a problem. But if you owe a million, they have."

Though today it would be:
"If you owe your bank a thousand pounds you have a problem. But if you owe a billion, they have."

[VillageContractor]

I'd suggest people surviving on minimum wage are probably much better at budgeting than the likes of us. Well me anyway, as I have no idea what my living costs are for the most part.

I don't remember Home Economics being anything about economics.

This! I don't look at my bank statement. I budgeted better when I was a student.

[kaiser78]

I'd suggest people surviving on minimum wage are probably much better at budgeting than the likes of us. Well me anyway, as I have no idea what my living costs are for the most part.

I don't remember Home Economics being anything about economics.

Agree - Home Economics in our school was about cooking and sewing etc and nothing about financial economics.

[The_Equalizer]

Perhaps just teach that when you're in debt you're in someone else's pocket!

[VectraMan]

Firstly in primary school in various subjects, plus in both Maths and Home Economics in Secondary school we were taught budgeting.

I'd suggest people surviving on minimum wage are probably much better at budgeting than the likes of us. Well me anyway, as I have no idea what my living costs are for the most part.

I don't remember Home Economics being anything about economics.