Addicted to saving accounts?

kiote

Is it possible to get addicted to savings accounts?
As a new saver i'm keen to build up my money as quickly as possible but at the same time I need to save money for many different reasons and as a result have opened many different accounts with different goals.

1- house deposit - £150 a month to a Natwest cautios investment account for the next 5 years - starts 26th Jan 2012
2- emergency fund - £25 a week into ISA + anything else I can spare - Currently at £1200 aiming for £2300 by mid Feb which will be my ISA limit for the tax year
3- car expences - £15 a week to an natwest E-saver - currently at £240 and will hopefully be enough for my car insurance in May and Tax in August
4- to buy a motorcycle - £10 a week to an natwest E-saver - currently £30
5- no purpose - odds and ends into a HSBC E-bonus account - currently £40
6 - NSandI premium bonds - just started this with £100
7 - Sealed pot - Everything up to £5 notes pretty empty at the mo as I raided it for the January sales

In March I plan to move into my own place at which point I might open another savings account labeled "bills" so i can at least make a penny or 2 interest before it gets spent. - Does anyone else have an addiction to opening savings accounts? (probably a silly question)

adindas

Saving is not addiction, it is a good Habit especially for something usefull such as House deposit ....

You will not get addicted to saving, Say for instance you need to pay mortgage sometimes in the future. How could you save if you have a loan or debt ....

Just make sure that you do not save excessively, as you need to enjoy live as well .... Keep saving inform us ho you progress ....

kiote wrote: »

Is it possible to get addicted to savings accounts?
As a new saver i'm keen to build up my money as quickly as possible but at the same time I need to save money for many different reasons and as a result have opened many different accounts with different goals.

1- house deposit - £150 a month to a Natwest cautios investment account for the next 5 years - starts 26th Jan 2012
2- emergency fund - £25 a week into ISA + anything else I can spare - Currently at £1200 aiming for £2300 by mid Feb which will be my ISA limit for the tax year
3- car expences - £15 a week to an natwest E-saver - currently at £240 and will hopefully be enough for my car insurance in May and Tax in August
4- to buy a motorcycle - £10 a week to an natwest E-saver - currently £30
5- no purpose - odds and ends into a HSBC E-bonus account - currently £40
6 - NSandI premium bonds - just started this with £100
7 - Sealed pot - Everything up to £5 notes pretty empty at the mo as I raided it for the January sales

In March I plan to move into my own place at which point I might open another savings account labeled "bills" so i can at least make a penny or 2 interest before it gets spent. - Does anyone else have an addiction to opening savings accounts? (probably a silly question)

MSWannabe

Definitely not a bad thing! You are incredibly organised to be doing this, splitting all expenses and savings with different accounts. A good idea!

freezspirit

I do the same thing, have different saving accounts for different things. Then I have to wait for them to mature to get the money, I find that way I don't compusive buy stuff. However sometimes cos I have put the money away at the beginning of the month I don't have enough money to pay my credit card during the month thats when bank of mum and dad is handy for an interest free loan for a week or so.

kiote

adindas wrote: »

Just make sure that you do not save excessively, as you need to enjoy live as well .... Keep saving inform us ho you progress ....

I think thats probably what I'm more concerned with, working every hour, saving every penny and being to tight to buy a new pair of shoes despite the fact that my current pair are falling apart (in my opinion they still perform the function of a shoe, just not in wet weather )

atush

Actually it can be a bit addictive (although I don't hold so many seperate accts).

I started a regular saverat 250 per month 3 years ago to buy a new car as my car waspaid off and i didn'twant a loan the next time. Then OH started one too 6 months later for same reason. Despite 5-6 maturities I have yet to spend any of the cash on a car lol. Mine is now 7+ and OH is coming up on 12 yrs old but we still haven't bought one. TBF, I have donea few test drives. Probably will sometime in 2012 though. I think. If I can bear it lol.

StevieJ

I suppose addiction is possible, they even have a term for it, miser

Ark_Welder

I'm the only one out of my family and friends that thinks that A Christmas Carol has a sad ending....;):D

innovate

One aspect the OP might want to consider are the interest rates. You can probably get better than what you currently are on - - suggest you read Martin's articles on savings.

closed

kiote wrote: »

1- house deposit - £150 a month to a Natwest cautios investment account for the next 5 years - starts 26th Jan 2012
6 - NSandI premium bonds - just started this with £100
7 - Sealed pot - Everything up to £5 notes pretty empty at the mo as I raided it for the January sales

1 Risky for a house saving fund.
2,3,4,5 Poor rates well below inflation
6 unless you are very lucky, a low or negative return
7 negative return.

There is no real need to have a different account for each different purpose.

jennifernil

Yep, I would agree. Saving is good, accounts for various purposes may be good, as long as by splitting your savings up so much you are not losing the best rates.

You need to add the interest % to your various accounts. And check that you are getting the best possible rates.