In need of some advice please!!

Hannah410

Hi, please be nice I'm new to this! thought it would be the best way to get some advice. me and my partner recently got engaged (yay!) and are needing to set up an account to save money for the big day. we both need to have access to the account, and be able to withdraw money as and when, and I need to be able to take money out without him being there (he is away in the forces not always home), but also I cant access it too easy as its too tempting!!! I already have an ISA which is hardly used, and he doesnt have one at all, but my ISA is far too easy, I can withdraw money from it on my phone. anybody got any ideas?!?!

p.s Thanks!

atush

Will you save regularly a set amt each month, and when will you need the money (ie next year- 18 months etc)?

If you want it to be harder you could go for branch access instead of online. But it will be hard if he is not there to set up a joint acct unless it is at a bank who already hold his ID docs. Sounds to me like you have impulse control problems you need to work on (as you don't want it to be 'tempting') but if it is online and he can see the balance from overseas wont' that help keep you honest?

Easy acess at a good rate with faster payements (so either of you can transfer money to a current acct ) would be the best probably. If you can keep your hands off it lol.

Imnoexpert_2

This is a tricky one. I think it is really important that right from the start you and your fiancee (congratulations by the way) get the money bit right for the sake of your future relationship. That means total trust and honesty plus an understanding of each others strengths weaknesses and general thoughts about money.

I admire your honesty in admitting the temptation of easy access savings money.

Having your partner monitor it over the internet is an option but I guess he may have other more pressing priorities if he is on active service.

How about involving a third party? Maybe have a 'bank book ' account and give the third party the book to look after with the understanding with your partner that you will talk to the person about what you need the money for. If I was him I'd want the book with your future mother in law! That would make you careful about dipping into the money:).

Good Luck

atush

Maybe make the acct joint with MIL? that should really keep her honest lol.