How do you keep money in virtual "pots"??

rising_from_the_ashes

Beat the debt - I had some when I still had my OD (although not a lot of money in them) and I didn't have any problems but I'm not sure if that would apply to every bank and I suppose it may depend on how much you're OD is / whether you're actively making progress on paying this back.

mogchops

ok, so I've just been on my online banking with natwest, and opened an e-saving account - that was easy!! It says it will show within the next 3 days online.

So - once that one is up and running, can I open another one then? Is that how it works? Can I then give them names - like car/presents/holiday etc etc??

Is it very sad that I am getting excited about this?!

rising_from_the_ashes

mogchops wrote: »

ok, so I've just been on my online banking with natwest, and opened an e-saving account - that was easy!! It says it will show within the next 3 days online.

:j Not sure about NW - I have to phone to set mine up as never managed to master doing it online (the last time I tried, I did the wrong one - resulting in a very long conversation trying to close that one & do a new one!)

mogchops wrote: »

Is it very sad that I am getting excited about this?!

:rotfl:I'll let you into a little secret ...... but you must promise not to tell anyone ..... I take snapshots images of mine every month

Chrisblue1962

Number of "Savings" Pots / Accounts....erm... I have ten...yes ten!!!

You can have as many or few as you like. At the end of the day, whatever works for you is best for you.

One of my "pots" is "offline" with a Credit Union so I can only get the money by going to their office.

I think "Piggybanking" is a great idea as you can see that your savings goals are being met and helps maintain your budget.

I also have two basic bank accounts too . One is purely for bills, the other is for personal spending / spare cash (...when I have any...lol).

ky822000

I have not managed to master the 'pots' as such...

I have a normal current account that has the wages paid into (well, we have one each), but this is 'cleared out' on payday except for the money to cover direct debits. All the household budget then goes into a 'spending' account for food and fuel.

Any excess goes into another current account which I keep track of on a spreadsheet. This is set up for the year showing the amount I expect to go in each month and the projected spends each month (car tax, mot, heating oil, Christmas etc).

I like being able to see the overall totals and it is easy to see the effect of under and over spends in each area for months in advance, rather than juggling money between physical accounts (I love internet banking but I still have that anxiety I will mistype a digit and send my money to someone else :eek:)

Mrs_pbradley936

I have an offset mortgage (not sure you can still get these) but anyway any money you are able to have in your current account is taken off the amount you owe in interest. Saves us lots then at the end of the month any remainder is "swept" into a savings account. Once it is set up you do not need to do anything so long as you have money going into the account.