Tool to keep current account balance as low as possible without going overdrawn

The_Architrave

dzug1 wrote: »

But of itself that doesn't work. You can't take it at face value as it doesn't know what is GOING to happen and what SHOULD have happened but hasn't.

It only works if you take it in conjuction with YOUR knowledge (from your Excel spreadsheet for example) of what SHOULD be happening to your account and if necessary work out why it is different.

I seriously doubt if an online tool (if one such exists) will do any better.

It does work if you check every day and your account allows you to avoid being charged by restoring the balance to above zero before the end of the day.

But I think what I'm realising is that what I do need to do is look at my budgeting - whatever I might say, when there's very little in the current account it does make me less likely to spend on impulse.

menhim_2

I am using 1998 version of Quicken which is very basic but suits my purposes. A UK version of Quicken is no longer available but if you only want it for recording transactions and not all the other stuff that comes with new versions, a US version would work just as well and is available quite cheaply on ebay. Sometimes older Quicken UK versions become available from second hand sellers on Amazon but there can be problems using them with Vista.

MS Money works in much the same way as Quicken but I couldnt get on with that programme.

I also check and reconcile my accounts daily !!!

getmore4less

The_Architrave wrote: »

Thanks, I do use credit cards for most things, but there are still direct debits coming out of the current account for the credit cards themselves, plus regular payments for gas, water, council tax, etc and variable things like phone bills.

It sounds like MS Money may be what I need, unless there's some freeware or shareware that does the same job...

There are a few free ones that are similar but I have not looked into them.

For just starcking one account where you know in advance what you are spending for most transactions(fixed DDs) wit ha few variable ones a simple spreadsheet would do.

The data collection and inputting has to be done regularly and for the sake of having a few quid buffer you will probably give up after a while.
lets say the total variability is £1k thats average £500pm say for 1/2 the month and you can get 2% savings. so £500*0.02/2 so you might squeeze £5 a year just keeping an average £100 buffer is £2.

kazd

I have been using MS Money for about 10 years. Its a pretty big file now but I can pull of reports going back years. I love it.

menhim_2

kazd wrote: »

I have been using MS Money for about 10 years. Its a pretty big file now but I can pull of reports going back years. I love it.

I guess its what you get used to using. There is a learning curve and it can take a little while to master the process.

I decided to take the plunge and go for a newer all singing all dancing money management programme and bought 2005 MS Money. I absolutely hated it and it is now gathering dust tucked away on some shelf somewhere. Suppose I should get into the money saving spirit and sell it on ebay ;-)

The reporting facility is great, even on my old basic Quicken. Its interesting to see how costs have risen and so far I have seen no evidence of this so called drop in inflation, certainly not in my monthly expenses.

Grade_A_Reject

kazd wrote: »

I have been using MS Money for about 10 years. Its a pretty big file now but I can pull of reports going back years. I love it.

I'd give MS Money the thumbs up too. I've also been using it for a good few years and haven't had any accidental overdraft charges in all the time I've been using it.

Currently, I'm tracking 10 current accounts, 6 credit cards and 3 savings accounts with lots of recurring payments and inter-account transfers going on. I reconcile them all daily when possible and know to the penny what's in each account and what my cash flow projections are for the next month.

To be honest though I'm not sure I'd bother with the OP's brinksmanship. A £50-100 buffer to avoid any unforseen overdraft charges would be a sensible idea particularly when considering how little that money would earn in a savings account these days.