Piggybank Budgeting

reheat

I really like the MSE budgeting suggestion of the "Piggybank Technique", (see How to Budget the MSE Way. But I'm not comfortable with the idea of lots of different bank accounts and shuffling money between them. Just doesn't feel right somehow.

Is there an account of any kind that lets you partition your money into separate allocations? ... Let you shuffle the cash so each month (as per the MSE budgeting spreadsheet) you can put this much aside for stuff like car servicing, this much for holidays, this much for birthdays/christmas, etc. So you can see how much is in each pot, and if you end up with no choice but to rob Peter to pay Paul, you must consciously decide which pot to rob from and can then see which pot has less money in it.

And it must be easy peasy to keep up to date! I know from bitter experience if it's a pain it will slip and I'll lose track.

Any helpful suggestions gratefully received. Thanks

Ali-OK

Have a look at savings accounts like INGDirect and Sainsburys Internet Saver - you can have up to 10 accounts under one account number, but give them different names, ie. holiday, car service, Christmas, etc. Which I think is what you're looking for.

Sainsburys is a better rate 5.25%, whereas ING is 4.75% at the moment. Both operate through internet banking and are easy to use.

There are probably other accounts around like this too - hopefully others will be able to add to your thread.

Hope that helps