Divide your cash into envelopes

=booboo=

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.

adam68

Yes each one has a seperate sort code / account number.

Not sure if you can set DD up to come out of them though? May have to look into it.

You can set up standing orders for money to be paid into them though, which is very simply done with online banking.

mellonicoley

I will definitely try the envelopes. I'm notorious for spending all the cash on me, then relying on my debit card (and of course losing track because I don't keep a diary or my receipts), and then before I know it, all my money's gone and there's too much month left lol

KirstyO

I will definitely be doing this next payday, although instead of taking out what is left i've worked out a low amount that is reasonable to live on and will just take that out, thereby hopefully building up a bit of a residual balance each month! Fed up of seeing 0's or OD!

rising_from_the_ashes

debtfreewannabe321 wrote: »

I used to use envelopes but found i was dipping in and out of them all lol so i now have about 13 online savings accounts all linked to my main account and they each have different names- petrol, clothes, car insurance etc and i transfer the money from each savings account into my main one when a bill is due

I've also just set up standing orders so on pay day my pay is divided into these accounts straight away! (obviously leaving enough for dd's due out ) it's a great system and i'd recommend it too x

I do this too - and as an absolutely useless budgeter:o have to say it's been fantastic in the few short months I've been doing it.

I transfer set amounts to each pot on payday and as it's "gone" from my account it's like it's already spent so I don't miss it.

As for accessing the money - I guess it depends on how you pay for things.

I buy everything on the cc (cleared in full each month) and when I get the bill in, I go through it and transfer the required amounts from the various pots back to my main account and pay the bill from there - but you could just as easily transfer as needed if you pay for things in cash.

I can have up to 12 pots (Barclays) if that helps - yes they do all have separate account numbers (so you could set up SO etc) but you can give them "friendly" names such as car, house insurance, pets etc etc

missladyannie

I might do this on payday too as i'm terrible with my debit card, I must also learn to leave my second debit card at home (as that has cash in it for direct debits that come out later in the month) and I end up spending that, and then replacing it with the money from my second job (which is meant to be used for paying extra off my debts!). The envelope idea will also stop me spending online as there will be nothing in my a/c so card would effectively be declined!

MusicalLawyer

I need to start doing something like this. I occasionally leave my cards at home, taking only a certain amount of money to University with me.

I just need to learn to budget properly! I'm terrible at wasting money on red bull and chocolate

peachy05

Another useful tip I use, is to get some gift cards from supermarkets. I buy my petrol from one supermarket so I load my gift card at the start of every month with the amount of petrol I have budgeted for. Likewise with the shopping.

stokelady

Great ideas im gonna try the envelope system next time I get paid, also love the gift card idea :-)

monday_blues

peachy05 wrote: »

Another useful tip I use, is to get some gift cards from supermarkets. I buy my petrol from one supermarket so I load my gift card at the start of every month with the amount of petrol I have budgeted for. Likewise with the shopping.

That's a great tip Peachy and one I will do when I get paid at the end of the month. Buy gift card for Sainsbury's and put the petrol money on it.

Might work for groceries too, although shop in various places.

Thanks,