Building Society Account

abby1234519

Basically I am planning this ahead...

As I will be a single student parent in September, my income is going to appear at random times! Student loans are roughly 3.1k Oct, Jan, May. And then I'll receive CTC, Child benefit and HB. HB will go into the rent account biweekly and all I need to do is make sure I've topped it up which I would do in september for the months ahead till my next student loan. Obviously I have no idea when one received CT and CB and when or how often (baby due July no idea how long it takes to start receiving)

My concern is if I receive all this income into one account that even though I am starting with the best of intentions, I may squander it. I don't want to I am just trying to protect myself from myself.

Would it make sense to open a Building Society Account. When my loans come in put everything I have in there. Then each month withdraw a cheque for each account. I know my CB and CT

I'm sort of doing the envelope/bucket technique.

One account for rent. LHA goes directly into this and then I put money in to compensate for the extra I have to pay

One account for bills. I put in the amount for bills and debt repayment each month, everything is paid by DD,SO or card I don't use it for anything else. If something will be paid for in cash then I'll withdraw the exact amount and stick it in a money tin! Ie my bus fares

One account for things where I have to spend ie food shopping.

I don't want all the money going into one of my accounts that I can access easily. Having to go withdraw it makes life more manageable? This is the year I prove that I can manage money. For once in my entire life.