planning bills and money management?

Wellyboots6

Ooh thanks Miss P, it would be good to hear how it works.

Would Halifax allow a credit reject like myself to open an account though? I have stuck with Barclays so far as they were the only ones who would look at me twice a while back!

rising_from_the_ashes

katy721 wrote: »

So is there something the banks that provide that can be used as 'pots' alongside your current account?

Miss_Poohs wrote: »

I'm told the Halifax run an online saver account which you open with a £1. You can open as many as you like and rename each one for whatever purpose you intend. Once you get it set up you shuffle the money from your main account to which ever "pot" you want or vice versa.

katy721 wrote: »

Would Halifax allow a credit reject like myself to open an account though? I have stuck with Barclays so far as they were the only ones who would look at me twice a while back!

Katy Barclays do them!:) You can have up to 12 pots ......

Wellyboots6

Oooh!
Researching that is something else to add to my 'to do' list for today!

rising_from_the_ashes

You'll probably need to phone / call in at a branch to set them up - you can manage them online but I've not yet managed to actually open one that way.

I think they're called e-savings accounts but wouldn't swear to it (don't have access to my account atm as away from my pin thingy)

Miss_Poohs

So we're nearly set then!

This time next year we'll be millionaires lol.

Miss P

Wellyboots6

Quick update...
I went in to Barclays today to ask about the money pot e savings account thingumys and they said they don't really do anything like that. Maybe because I did ask for a money pot e savings account thingumy!!
I did however sign up for a savings account where you pay in a minimum of £20 a month and they pay about 3.5% interest. You can manage it online and transfer money to and from it to your current account.
Don't know if that information is any use to anyone!

shell73_2

Ive had major issues with payments of money going in and out as hubby used to get paid weekly and found it hard when he switched to monthly. then every week had to start adding money from my wages which was shopping to it and eventually turned it to paying nearly all my money in every week basically robbing peter to pay paul between accounts.

I decided without consultation to any DD or Bank to cancel every single dd due out before my hubbys pay day except insurances which have no power over as need them to go out!

I get tc which go in weekly, child support out weekly but will be mortgage payment when he gets paid. then he gets paid on 20th so will pay all dd and set up again for about 25th that way all his money gone in the week he gets paid and i can work out a plan as of the end of this month!

Not sure whether a clever idea but seemed it at the time and now this week ive had money to do a food shop rather than saying no money this week as DD going out

Fingers crossed

tking

If you aren't confident with excel/spreadsheets, one way of budgeting is working out

1. When bills are due (car tax due June 12)
2. How much for each bill
3. How many weeks/fortnights/months til they need to be paid

So if your car tax is 150 and due in June you'll need to put by 30 per month til then to make sure it's covered. This can be the same for all your quarterly or annual bills. After the next due bill is paid you can recalculate the amounts over 12 months or whatever.

I put 250 each pay away into a savings account to cover electricity and gas (estimated on the high end), car tax, insurances, car service etc.

Good luck.