Divide your cash into envelopes

Topkapi

Swapped bank accounts to the Halifax last month and now have a single current account, a joint current account and a joint savings account. Can someone explain how to open all these new savings accounts within an account that have been discussed previously in this thread. My husband and are both retiring this year and have worked out a budget. I would find it easier if we could save for Christmas, Car tax and servicing, Birthdays, Holidays, Car Insurance etc in individual accounts. Can it be done online or do you have to go into the branch and sort it out? Any help would be much appreciated. Thanks

kerri_dfw

I setup 10 flexi accounts with HSB yesterday, just had a phone call from their security checking I'd done it as they don't get a lot of people doing that hehehe. I explained that I have lots of things I want to save for

meow5678

Dragonrider wrote: »

I do an online envelope system too but have taken my day-to-day spending one step further. I use a free app called EEBA which allows you to set up virtual envelopes on your phone. It's really quick to add a transaction as you make it rather than having to go through receipts or statements later, and gives you a progress bar for the month. Best of all you can put more than one phone on the same account so both my husband and I know exactly how much there is left in the petrol envelope (for example) in real time.
It's really helped me and gets round the issue of having all your cash nicked!

Dragonrider

I've just downloaded this, it's perfect - I think it'll work better for me than creating individual envelope/pot accounts and I can still use it to be reminded how much I've got in my savings.
Thanks so much for mentioning it!

elaine12022

Didn't realise how easy it would be to set up new savings accounts online - just opened 2 new with HSBC, can't see how to give them names though so have messaged them to find out or I'll get confused.

I take out some cash weekly and also if there's anything I know I need for that month I have started taking that out the bank early too, so I know they're there when I need them.

meow5678

I'm with HSBC too, if you find out how to/that you are able to rename saving accounts, please do share! Thanks

Jo4

We do this except amounts for annual bills - car tax, car insurance, car maintenance, home insurance, oil, tv license, birthdays, Christmas etc are taken from our bank account weekly by so's and put into savings accounts. Other things like phone bills, electric are worked out on a 4 weekly basis so every 13th week is free! Things like fuel £, pet food, pet license and pet vet fees etc are saved for at home in the coin bags which the banks use and they are all in one container. Simply things make a difference - like when we get the pet food for less we still save the same amount weekly so when we are on holidays and she goes into the boarding kennels, which she likes, then this is already saved for!

Also we amend our so's when we think necessary - like when the car tax has went up this week in the budget we are saving a little more each week so we will have all the money saved for the car tax when it is due next year again!

Grocery £ goes into my purse although we often use a cashback credit card so when we do use the card the cash is then put into a bank bag ready for when the bill comes in, that's if it isn't already in the bank and the card paid before the statement arrives!

HTH and makes sense! :money:

debtfreewannabe321

=booboo= wrote: »

Do they have sepereate account numbers? just thinking this would be great as could set DD up to that account and not have to worry about insurance etc.

yep seperate account numbers but i can't work out how to rename them! I have a document that i open when i need to do my banking and have written all sort codes & account numbers down and i can see which account is for what. would be helpful if i could name them though lol

BlushingRose wrote: »

Can you do the 'little accounts' thing when you only have a basic account?

Mine is a basic one with hsbc no overdraft. So if i want to get petrol say i will transfer the money first. So i know the money is in there. If i transfer say £50 for groceries i know i can't go over in the shop so it's a little like having cash for me with the basic account and no overdraft.

elaine12022 wrote: »

Didn't realise how easy it would be to set up new savings accounts online - just opened 2 new with HSBC, can't see how to give them names though so have messaged them to find out or I'll get confused.

I take out some cash weekly and also if there's anything I know I need for that month I have started taking that out the bank early too, so I know they're there when I need them.

If you find out how to name them pls share!

I tried the cash system when i first came to mse and did find it worked but as the months went on i found myself lacking will power not to just 'dip' into another fund so i personally found it easier to open lots of online accounts and transfer the money i need for the day over my breakfast lol. I also think it's safer than keeping that much cash on me as my hubby is away a lot ....If i know i need petrol, food & some new shoes for kids for example, i will go to each of the 3 savings accounts that morning and transfer over what i need or think i need. I then use the receipts afterwards to see if any money was left over, if so i transfer straight back to the nominated account it came from.

Good luck everyone

debtfreewannabe321

oh and i should say my emergency funds go into another account altogether i think if i had the daily temptation to dip into it it would be gone!

I also save for the car tax with the post office savings card (used to be stamps like someone mentioned) so each month i put £25 on there to pay for it.

rising_from_the_ashes

meow5678 wrote: »

I'm with HSBC too, if you find out how to/that you are able to rename saving accounts, please do share! Thanks

debtfreewannabe321 wrote: »

yep seperate account numbers but i can't work out how to rename them! I have a document that i open when i need to do my banking and have written all sort codes & account numbers down and i can see which account is for what. would be helpful if i could name them though lol

Diff bank but it's bound to be similar ...... is there a "customise" section or "other options" etc? Should be somewhere in there. HTH

KirstyO

I just did this for the first time today!!! looking forward to seeing how it works out for me