Piggy Banking...

Chrisblue1962

According to Wikipedia, the Principality Building Society has been around since 1860 and has assets of £5.9 Billion (2007).. sounds ok to me.

BTW I don't work for the Principality Building Society.

unimaginative_user_name

My husband has a savings account with Principality and has had no problems. I think tney're originally Welsh hence the name as we saw high street branches in Wales.

OLDBILL_2

Woah! Wasn't knocking the Principality... it's just there are no branches near us and I prefer to be able to pop in and speak to the peeps who look after my pennies... like I said, old fashioned!

FallenArcher

Hiya, we have been "piggy banking" for a while - we get out all of the budgetted cash on the 1st of the month and then distribute this into separate purses for "food/groceries" and "entertainment", my purse (which has my travel money in it), my OH's purse (which has her petrol money in it), and then envelopes which are kept at home (one marked "Health", one marked "Pet costs", one marked "Presents", one marked "Clothing", one marked "Haircuts"). In addition we have a S.O. set up to transfer a small amount into an emergency pot (an easy access savings account), and then some more into an old current account for Christmas and Holidays, along with each having a S.O. to a joint account which covers all of our bills (all direct debits come out of this). This has been working really well for us for a long time and is the only way we are able to stick to budget.

I've recently discovered that through Natwest you can have numerous easy access on-line savings accounts, so I have set these up to replace all envelopes, Christmas, Holidays, and Food/Groceries and Entertainment (you can rename each account accordingly). We'll then have an automated S.O. that deposits the correct amount into each account at the start of the month and then will withdraw as and when needed (safer than having lots of cash sitting around the house!). Natwest online banking is one of the easiest around IMO.

Also thinking of setting up e-savings accounts for "car insurance" and other similar annual payments so that we can put money away to be able to afford to pay in one lump sum.

It really does work well for us, we know if we want to splurge at the beginning of the month that this will mean we may have to get by with minimal expenditure for that category later in the month!

Good luck with it.

boobiebonboo

:santa2:hi everyone:) i do all my banking online and have 3 accounts. Once my wages go in i spring into action and pay money towards my debts. i use my main account for all direct debits and bills, and then i transfer the rest over to my second account for shopping petrol and anything else, the 3rd account is my online loose change account which i take out from the others accounts to tidy it up, this is what i call my online piggy bank. if there is any money left at the end of the month in my 2nd account i pay it towards a debt:xmassmile