Money Programme BBC2 9pm

mildred1978

They were virtual - ie on a spreadsheet with the total in a bank account. He didn't have 15 bank accounts!

pinkteapot

I do similar (though without that many pots). I budget in Excel and the "amount left to spend" box bears no resemblance to our bank balance, apart from on the last day of the month.

You have to reconcile it back to your bank account(s) ever so often - make sure you don't have more/less than Excel says you do.

Flat_Eric

I have just watched this on Iplayer and found it very interesting.

patchwork_cat

I have web saver accounts as my 'pots' with the halifax and move money around between accounts to current as I need.

Spendless

So what happens if you only have say £100 allocated to 'white goods' pot and the washing machine dies? Do you borrow from another pot to replace? Do you take from another pot (ie not replace) or do you wait to get another one only when you've enough money in the correct pot?

MandM90

Spendless wrote: »

So what happens if you only have say £100 allocated to 'white goods' pot and the washing machine dies? Do you borrow from another pot to replace? Do you take from another pot (ie not replace) or do you wait to get another one only when you've enough money in the correct pot?

Personally, I'd buy a second hand one or borrow from the emergency/miscellaneous fund.

JulieGeorgiana

Spendless wrote: »

So what happens if you only have say £100 allocated to 'white goods' pot and the washing machine dies? Do you borrow from another pot to replace? Do you take from another pot (ie not replace) or do you wait to get another one only when you've enough money in the correct pot?

It's up to you since it's your money. But, at least with pots you have £100 you don't have to find.

Spendless

JulieGeorgiana wrote: »

It's up to you since it's your money. But, at least with pots you have £100 you don't have to find.

Certainly I get that, having savings. What I was struggling with is something going wrong when you don't have enough money in the 'correct' pot to cover it.

patchwork_cat

Spendless wrote: »

So what happens if you only have say £100 allocated to 'white goods' pot and the washing machine dies? Do you borrow from another pot to replace? Do you take from another pot (ie not replace) or do you wait to get another one only when you've enough money in the correct pot?

No I have quite a large pot for everything, but given that scenario I borrow from rainy day savings and pay it back, probably at 50%. My savings into each pot is fairly generous. I found before pots that I was constantly firefighting. If you are good at budgetting then this may well not be issue, but I tend to spend what money I have in my current account ( and probably a bit more!!).