money managment

cady

Hi,

i was wondering about multiple bank accounts .... if its a good idea or not???

i know some people have a bill account and others is this a good idea?? can it cause problems anyone with any experience with this want to share there thoughts as im not sure if its a good idea or not but it may help me manage my money beter??


Cheers xxx

Cady

payingfornowt

I use 4 bank accounts and categorise my expense from there. I budget on payday then distribute my wages between them. One of them has the remainder in which is *mine*.

It stops me from spending what I dont have.

I suppose it depends on you really but it definitley works for me.

LiamJ

cady wrote: »

Hi,

i was wondering about multiple bank accounts .... if its a good idea or not???

Yes, very much an individual thing. Like in the old days having jars on the mantlepiece for rent, electricity, etc.

I guess it gives you the added complication of making sure there is enough money in each account but if it works for you, why not? I only have one because it's much simpler, but if you need a means to make sure you don't spend money you don't have it's proobably worth the effort.

Ames

I've just started using envelopes for different things that I've budgeted for.

halight

I use two at the moment. But iv had upto four in one go.
Why dont you give it ago? set up haoe ever many that you think you will need and go for it.
If you dont like it or find it two much bother to deal with you can always close the ones you know longer wont.

All the best

oscar52

I use two. With my employer, I can split my wages between more than one account. All my bills/dd's etc get paid from one, the other is all mine.

Initially, it was a little difficult, but now its in full swing dont really notice the difference.

RAS

I recall at least one person here who had numerous accounts each with a free OD limit. Money went into one, got transfereed to the next and so on, so she could use the £1000s of interest-free credit to reduce her overall interest payments.

before the credit crunch, mind you.

WorkingHardDFW

I've got to admitt to have quite a few bank accounts with several banks! Its helps us organise our money to ensure that we are spending within our budget. Using online banking allows us to move money arround if necessary to avoid any overdrafts. Its works for us but I appreciate that it won't work for everyone. Since the banks brought in instant payments that has helped as well since money is moved between accounts straight away.

Its about what works for you.:cool:

chunkytfg

Got one everyday debit card account.
one Bills account
one savings account linked to the everyday account. for horse related savings
one savings account i use for motocycle related savings
one joint account with the OH so if while i'm working away i can get money to her quickly should she need it.

slig

I have two bank accounts, two savings accounts and one ISA, but they're all with Barclays so I can see them all on one screen when I log in online. I find having it all in one place makes it easier for me, but I like having the seperate accounts as it's useful for dividing up my cash. I have my second account just for Christmas at the moment, and because it is a proper account with a bank card I can pay for pressies on my card yet know I'm not going to go over my Christmas spending amount.

The savings accounts and ISA will be more useful once I've actually got some money to save...

cady

I think i might give it a go ...... what do you use them for and how do you organise money i was thinking

*petrol
*wages/bills
*savings

what od you think???