should I get a second bank account to help manage my money??

xylophone

Better a savings account with ATM card for your spending money (ie what remains after your regular savings into your ISA)? Yorkshire BS internet saver comes with an ATM card.

coldcazzie

I spent quite a while successfully having 2 accounts. Both were with the same bank which meant I could easily and instantaneously transfer money between them. One was the bill account which both myself and my hubby had access too - his wage and the child benefit got paid into that I basically we didn't touch it, at all, ever. After a while it built up a buffer of a couple of hundred pounds which meant that any large bills were not a cause for concern. The other was just my account (because he was the one who frittered the money away and couldn't control himself) and had the Tax credits paid into it and is what we lived off - food, clothing for the kids (not for us), etc. I did that for about 18 months and it actually worked very well.

How about a spreadsheet to keep track of spending? One column for dates, one for names of DDs etc, one column for incoming, one for outgoing, and then at the end of each day you take yesterday's total, add and incomings, subtract any outgoings and Bob's your mother's brother. I've been doing this since I started my dual account system I mentioned above. You have to be meticulous. Keep all receipts. Write any items that don't come with receipts down on a scrap of paper which you treat like a receipt. Check your balance online at least twice a week. You don't get good with money by accident. You get good with money by working hard

Good luck!

snailmail

awesome thank you! i didn't know you could get a saver account with an atm card, that's a great idea. it would be good to find something that's really internet user friendly as i've found HSBC difficult to do anything online with.

i've been with them since I was 15 so I really don't know what else is available! and it's a bit daunting trying to look

i have started a weekly spreadsheet for my spends, though it won't be a typical week as I'm putting money in the holiday food fund and paying off my part of the cottage. but at least there's no just gonig to Wilkos and buying a chocolate bar, a packet of crisps or something uneeded every day!

xylophone

Rather puzzled at reference to HSBC being difficult to use on line? They seem to have a very efficient on-line banking system? Have you played with their on-line demonstration?
The Yorkshire BS account with ATM card is an internet account and easy to use.

snailmail

I just feel it's hard to find things and when I do go looking and then want to go back to my accounts it's logged me out and I get frustrated!

i think everyone has talked me out of opening another account, I am instead going to look for a savings account with an atm card. it will then be my mission to spend as little of what i put in there so i can watch it grow;)

slashlover

I have 3 accounts with the same bank. One is for direct debits only as all of my bills are direct debit. When I get paid I transfer enough money over to cover them, with a buffer just in case. The second is a savings account and I add something to that even if it's only £10 or £20 per month, although I try to add more. Whatever is left is mine to spend. If I have any left when my next payday comes then I try to add a little more to my savings.

poppy_f1

i have 2 accounts with RBS, wages go in and DD's come out of one, - when the wages go in i transferred out what i will have left after bills paid and i know its all mine for the month - i do have 2 small overdrafts on both accounts just in case but never had to use them

Rupert_Bear

I have about 5 accounts with Lloyds, 1 with Cahoot, 1 Barclays, 1 Nationwide. I find having this number of accounts keeps me mentality alert. I never have any problems with my finances.

dixon-bainbridge

Hi there,

What I do is create a full detailed budget including everything I expect to spend in a year like salary, rent, food, birthday presents, meals at work, savings per month etc what is left I call my disposable pot. I then track my transactions on a spreadsheet linked to my budget so I can see how I'm spending against my budget. This in a way is like having multiple accounts in that it splits your money into various 'pots'.

It's a bit of work but it has worked very well for me. Just a suggestion for you in case that approach is helpful