MY SOA - Where is it going???

niccatw

I have 3 bank accounts: 1. pay goes into 2. Transfer amount needed to cover all bills and direct debits - this one is not touched. 3. Food and my spends.

Anything left in 1 & 3 at the end of the month goes to whichever debt I'm targeting.

I also have two (under-used) savings accounts (the one's that you get along side your current account. One is supposedly for presents & christmas and the other for emergencies. In reality, they've nothing in them... but the idea is there and it will happen one day soon...

I cook most stuff from scratch - I find it cheaper and healthier. It also makes it easier to justify the odd pizza and cakes here and there . Though I'm by no means a chef - just had an exploding cheesecake episode tonight! Oops! But I do need a meal plan to stick to it, or I end up in the supermarket buying things for a quick, easy meal 'cos I can't be bothered. Which is daft when it would've been so much easier to rustle up some pasta!

Ceilings falling on your head!? And they didn't offer you a year of free groceries!? That doesn't sound fun!

Miss_Poohs

Niccatw - this might seem like a really thick question, but when you say you have 3 accounts are they all current accounts? If so are they all different banks or the same one?

I was thinking of doing this, but the banks I looked at only seem to give current accounts if you pay your wages in.

Am I missing something?

gonzo127

you can get basic bank accounts which do not require much to get have no overdraft etc

LuckyBiscuit

I have added 2 online accounts to my current account, but requested not to have card's
i also have a seperate a&l account that i am going to use for my emergency fund!!
:jDay one - of my new life, i am in control of my spending!!!
just explained to the kids about the budget etc.
im going to put stuff on e-bay as i know my elec bill is due in next week about £180 and oviously hadnt put this money away, so don't want to ruin my budget:mad:

oh it wasn't at tesco that the ceiling fell on my head, we had a re-inforced ceiling and as we were taking it down, the rest callapsed on my head!!!

niccatw

Miss Poohs, mine are all with different banks. 2 of them I've had for years and at some point my pay did go into them, but I've just changed the way I use them over the years.

I have cards for them all but the overdrafts are only small buffers that would cover a stupid mistake (of which I've made many ).

I only trust myself to keep on top of it all though thanks to internet banking!

Ouch TMVen! That sounds sore! I hope your head has stopped throbbing now!

Poosmate

Miss Poohs I have 2 current accounts and a mini cash Isa (instant access savings but earning tax free interest) with the same bank. I've had them both for years, salary goes into first and so much is transferred to the second out of which all of the household bills are paid by DD/SO. What's left in the first account pays for everyday stuff like groceries, petrol, daily stuff, CC's. As I pay the same ammount into the "bills" account every month but only pay Council Tax and Water rates over 10 months and 8 months, by the end of March there is more money left in that account which is used to pay off debts and/or transferring to savings for tax/insurance/mot later in the year.

Hope that helps.

Poo