Does anyone else do this?

katetn4

I have a svings account (currently empty as I ampaying off cards grrrr) and a current accoutn with a switch card. usually everything goes through my current account and i pay for things with cash and sometimes on my card (which is dangerously easy if you ask me!).
I have just opened another account with my bank; a cash card, instant access one so that on payday I can work out whats available to spend on food, goin out, my cats etc and put that in the cash card account as my spending money and just try and never touch my other account. This card doesnt have a debit card so I have to withdraw cash if I want it.

Does anyone else do this? I am new to all this but think it might work for me! Any thoughts?

magentadreamer

I have a bills account where my wages are paid in, I then transfer money to my other account for food, spends and basically once it's gone it's gone! I found it really helped me budget.

chunky79

magentadreamer wrote: »

I have a bills account where my wages are paid in, I then transfer money to my other account for food, spends and basically once it's gone it's gone! I found it really helped me budget.

Thats our plan this month.

katetn4

Yeah, I think it'll be good too. That way you dont forget anything and once its gone, its gone and you cant go overdrawn because there isnt an overdraft! I am excited about my moneysaving plans but its really scary in case it all goes wrong and i cant cope on my own. Have no fiance anymore so its just little old me!

postingalwaysposting

magentadreamer wrote: »

I have a bills account where my wages are paid in, I then transfer money to my other account for food, spends and basically once it's gone it's gone! I found it really helped me budget.

I do this and it works. Fantastic and learnt from the big man himself :rotfl:

skint_spice

I don't but take spends out in cash for the week and when it's gone it's gone... you'll be fine on your own and it means there are no distractions to help give you excuses to spend!

Sweety83

I do the same I find it gives me piece of mind knowing that all my bill money is seperate and untouched. I am just going to open a few savings accounts to transfer money for birthdays, clothes and car repairs etc.- Sweety

SarahNeedle1872

I have a savings account linked to my current account. Each month before payday I work out how much the bils are going to be. That amount gets put into the savings account, then different amounts transfered out on the day the bill is due (instant transfer from one account to the other). That way I still have a couple of quid interest each month, which goes straight into my debt account with any other spare money. I also have just set up accounts for things that are paid less frequent (elec - quarterly, car tax/ins/MOT - yearly) with ING... yes I know they're crap interest rates but I opened the account way back when the rates were good, and it's easy for me to administer! And, before MSE/DFW, I would have not bother saving at all and struggled to find the money without borrowing it, so it's a step in the right direction...

yellowmonkey

Al_Mac wrote: »

I think it is too complicated. I have several accounts, but for other reasons. I have a main one that I run everything from. But I do know someone who has loads of accounts for different things. Whatever works for the individual

The same for me. I have the one account. I know how much my bills are each month. I then enter them into my Personal finance thingy from Tesco(cheaper than MsMo) then the balance showing is what i have left for food/petrol/spends etc.
I may be in the minority here but i mostly use my debit card for purchases. The reason being if i need something for say £3.99 and i take out £10 the money that is left casts a strange spell over me. I hear voice's saying'Spend me,Spend me and i am too weak to resist :rotfl:
Still each to their own and whatever works stick with it.

ym

Sammz

Having two accounts has kept me on the straight and narrow for years now. All my direct debits come off my second account and I have a standing order set up to pay £800 in to it the day after payday. Whatever is left usually gets left there and covers car tax and other things like that.

crawley_girl

I have 2 accounts and all of my income goes into one account which all my standing orders and direct debits are paid from. I then transfer money into another account from which I use to pay for shopping, transport etc etc.

Keeps me on the straight and narrow and I know that there is always enough money to pay all of my bills etc.

I have a further savings account for things such as dentist, emergencies, birthdays etc etc