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Post Office Budget Card - good idea??
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# 1
Tupperware_Queen
Old 24-11-2010, 6:03 PM
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Default Post Office Budget Card - good idea??

Having just done BR, and been told by OR that I can only have one bank account, I have been thinking about how to manage my money in terms of irregular bills, such as car tax. In the past I have had numerous accounts, eg one for car, one for clothing, one for repairs etc etc, and just put small amounts in each one - maybe not the best way to get high interest, but it helped me to budget. This option appears to be a none starter if OR won't let me have more than one account ( I have been given a month to close the other one and leave myself with just one)


I have been looking at the Post Office Budget Card. Has anyone used these? From the look of it, its not an actual account, its the replacement for the old saving stamps. You can check balance online and stuff, which would be helpful, and you can use it to pay the bills at the post office.

My reservations are that it is backed by the Irish bank - is this safe in the current climate? and will I have to tell the OR about it, as its not really a bank account?
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# 2
tifo
Old 24-11-2010, 6:10 PM
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Quote:
Originally Posted by Tupperware_Queen View Post
My reservations are that it is backed by the Irish bank - is this safe in the current climate?
Why would this be a problem, they have the taxpayers to bail them out !!
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# 3
Tupperware_Queen
Old 24-11-2010, 6:12 PM
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I'm just not sure if its covered by the protection thingy or not, you can only have a max balance of £1500 on it anyway, so if its covered, then it will be well within the limit - I just can't make the small print sit still so I can read it...I think I have a migraine coming on

maybe I'll leave it till tomorrow
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# 4
tifo
Old 24-11-2010, 6:33 PM
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i think Irish banks are protected for up to £80k ....
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# 5
Darnit
Old 24-11-2010, 7:09 PM
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You can only have one account? I don't know where that has come from, I had two during bankruptcy for that very reason - budgeting. Although you can only have basic accounts and each bank will probably only let you have one account with them.
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# 6
curly04
Old 24-11-2010, 7:18 PM
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i've got 2 with the co op and a saving one with YBS
and i was only discharged last week
Total Weight Loss - 28lb and counting

AD 17/11/2010
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# 7
now
Old 24-11-2010, 7:28 PM
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Quote:
Originally Posted by Tupperware_Queen View Post
Having just done BR, and been told by OR that I can only have one bank account, I have been thinking about how to manage my money in terms of irregular bills, such as car tax. In the past I have had numerous accounts, eg one for car, one for clothing, one for repairs etc etc, and just put small amounts in each one - maybe not the best way to get high interest, but it helped me to budget. This option appears to be a none starter if OR won't let me have more than one account ( I have been given a month to close the other one and leave myself with just one)


I have been looking at the Post Office Budget Card. Has anyone used these? From the look of it, its not an actual account, its the replacement for the old saving stamps. You can check balance online and stuff, which would be helpful, and you can use it to pay the bills at the post office.

My reservations are that it is backed by the Irish bank - is this safe in the current climate? and will I have to tell the OR about it, as its not really a bank account?
Go to the Coop and YBS for internet savings
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# 8
chux
Old 25-11-2010, 9:59 AM
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I think you have been misinformed? You can have more than one account as long as they are basic ones. I have 2 with co-op, one with barclays and YBS. Mainly for budgeting so I know how much I really have at any given time. My OR was aware of this. By the way I was discharged yesterday. The year flew quickly
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# 9
dojoman
Old 25-11-2010, 11:22 AM
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Why is the OR saying you can only have 1 account?
B&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!
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# 10
dzug1
Old 25-11-2010, 11:42 AM
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One problem is that not all bills can be paid at the Post Office - and many of those that can attract a fee.

The Irish bank is a red herring. The accounts are now run by a UK bank and come under UK rules. OK the UK bank is owned by an Irish bank - but that shouldn't matter.
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# 11
Tupperware_Queen
Old 26-11-2010, 8:46 AM
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I have been told 3 times now by the OR that I must cancel one of my accounts, I have a coop cashminder, and a lloyds (been with lloyds for years, and they are happy to continue ). I don't know why. Should I just leave it and see if they say anything, only I don't want to cause trouble for myself
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# 12
Falze
Old 26-11-2010, 2:20 PM
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If they have clearly stated you need to cancel one and you have not miss understood then i would personally cancel one. No point in causing problems and rocking the cart in my opinion. Whether the OR is right is a different matter.

I use savings tins around the home and at each pay day put an amount into tins for week 1, week 2, week 3, week 4, xmas, kids birthday, holiday, water-gas-elec, car, emergency and then one for Wedding fund. I pop a bit in each month and enough in the week 1 etc to cover the day to day costs.

So far so good for us, just leave enough in the bank for DD's. You have to not use a tin for anything but the designated purposes (and hide from Mrs F !!!!!)

Best of luck, its not easy, but its how we do it. In a wierd way i look forward to spliting the money up each month. Sad i know.

Hope your bums better,


Falze.
I'm no expert, but i'll give you my opinion, my support and my experience. Its all i have.
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Delcared BR 28th May'10 - Married 30th April'11 - Auto Discharged 28th May'11 - Life Changing
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# 13
Tupperware_Queen
Old 26-11-2010, 2:26 PM
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mmm I think I may just get one for the car tax, at least then I know its there when I need it...and Falze I think the jars/tins idea may be the way to go...at least then I know what I've got - or not!! I pay most stuff like council tax and rent by DD anyway. Its the other 'bits and bobs' money that I need to keep track of....and at least I have no Mr TQ to hide tins from!!!

and thank you - my rear end is feeling a lot less inflammed now!!
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# 14
Falze
Old 26-11-2010, 2:32 PM
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I wish mine was a lot less inflated !!

x
I'm no expert, but i'll give you my opinion, my support and my experience. Its all i have.
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Delcared BR 28th May'10 - Married 30th April'11 - Auto Discharged 28th May'11 - Life Changing
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# 15
FoggyBrain
Old 26-11-2010, 6:59 PM
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I have been thinking about "budgetting by tins" --- I remember from my younger days (OK we wrote on slates .... but ... ) we had a savings tin in the house, about a foot long 3 or 4 inches wide and the same deep, with several slots in the top labelled "Electric" , "Food" ... etc. Wonder if you can still get them !
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# 16
andyf1980
Old 26-11-2010, 8:21 PM
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25%. I was able to open a post office savings account post br paying a lot more interest. Worth a look anyhow.
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# 17
naughty-yet-sorta-nice
Old 26-11-2010, 9:54 PM
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on the subject of multiple tins, is this the kind of thing you mean FoggyBrain?
http://cgi.ebay.co.uk/Helix-5-Slot-M...item45f6837876
Mummy to a very gorgeous little boy and baby girl

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# 18
FoggyBrain
Old 26-11-2010, 10:08 PM
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Ah, yes, Naughty ... that's the sort of thing ---- thanks :-)

Nice to know they still do them
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# 19
Tupperware_Queen
Old 27-11-2010, 8:36 AM
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I've just ordered one, hopefully it will help me keep things straight!
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