How Loqbox Actually Helped This Hopeless Saver
Right, let’s be honest here. When it comes to saving money, I’ve historically been…well, a disaster. For years, my approach to finances could best be described as “living in the moment,” which usually translated to “seeing something shiny and buying it immediately.” Budgeting? Spreadsheets? They may as well have been written in ancient hieroglyphics for all the good they did me.
Over the past couple of years, though, something has actually changed. And the unlikely hero in this personal financial saga? A little something called Loqbox.
Not having a healthy, happy relationship with money brings anxiety, stress and an inability to achieve our goals. Money can be a big problem for many.
Loqbox
So, what’s Loqbox all about then?
It’s designed to empower individuals like you and me to improve our credit history, bolster our savings, and generally gain better financial control. Contrary to what you might think, it’s not a “get rich quick” scheme or some complicated financial product. That’s what appealed to me from the start. They offer a range of tools, including “Loqbox Save,” which helps you save while boosting your credit score, and “Loqbox Grow,” an interest-free credit-building tool. They also provide financial planning resources to help you understand your credit score.
The way it operates is ingenious. You choose an amount to save each month (even something small), and that money is locked away securely. Over the course of a year, you accumulate a decent little sum. For me, seeing that pot grow, even slowly, was genuinely motivating. It was tangible proof that I could actually save money!
According to Loqbox, full members build savings pots of £528 in a year on average. For someone who previously thought £5.28 was an ambitious monthly saving goal, that’s a pretty impressive statistic!
But here’s the thing that really made me want to share my experience. It’s not just about the savings; Loqbox also presents an opportunity to potentially improve your credit rating.
Now, let’s be real, life happens. We all make mistakes, and sometimes those missteps can impact our credit score. It’s nothing to be ashamed of; we’re all human beings, not perfect financial robots. Loqbox provides a way to demonstrate responsible financial behaviour over time, which can, in turn, help repair and build your creditworthiness.
Honestly, this aspect was a real bonus for me. It felt like a supportive way to take positive steps without any judgement. Loqbox states that members can grow their credit score by up to 200 points, which is a significant improvement and can open up better financial opportunities down the line. And from my own experience, I can say that this really does work! It’s genuinely made a difference for me.
What’s more, it’s not just traditional credit that Loqbox considers! It’s refreshing to me that Loqbox also factors in rent payments, something that I feel is crucial and should be included across the board in credit histories. Rent is a significant monthly outgoing for many people, and in my opinion, it should definitely be taken into account!
Incoming mini, side-rant: it always bothers me when I see people paying two or three times as much in rent as they would for a mortgage on the same or even a better property, yet that rent isn’t factored in as standard when making a mortgage application. While I acknowledge it’s not quite as ‘cut and dried’ as all that and other criteria are in play (with other factors to consider and rules to follow regarding affordability assessments), surely demonstrating a proven ability to make regular payments far in excess of what would be required to secure a mortgage should be viewed more positively than it seems to be? It’s a bit of a head-scratcher, isn’t it? It feels like the system is a bit unfair sometimes.
Anyway, pocket-soapboxes aside, because Loqbox really worked for me, I wanted to share my positive experience, as it’s been a game-changer, helping me to save effectively and (bonus content) improve my credit score. Loqbox has been a valuable tool in my own journey to becoming a better saver. Their aim to foster “a healthy, happy relationship with money,” is encouraging and for me, they’ve certainly done that!
These are my honest views, and I haven’t been paid to promote them. Plus I also want to be transparent that I’m sharing my referral link here, so you can can check out the Loqbox website yourself, if you’re curious to learn more.
Maybe they can be the unlikely hero in your financial story too!
Important!
For financial advice, always consult a professional. If you’re facing serious financial difficulties, you don’t have to go through it alone. Talking to someone you trust can really help. Loqbox, or any savings tool, might not be the immediate solution. It’s crucial to get help from organisations that can provide expert advice and support. Here are a few links that might be useful:
These organisations offer free and confidential advice to help you get back on track.
Melanie Lampro 
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