First step to eliminating banks from my life...

pmduk

apesxx wrote: »

This method has really helped me to grab a hold of my budgeting and I haven't had a bank charge for over 12 months now x

Wouldn't you agree that the key to this is to keep track of your DDs? So many people treat them as a shock when they leave their account.;

apesxx

pmduk wrote: »

Wouldn't you agree that the key to this is to keep track of your DDs? So many people treat them as a shock when they leave their account.;

Definitely, I have a list in the back of a note book too if the amounts and dates there due now so I can keep a track on my account and make sure they've gone out at the right times. I get paid 4 weekly so I struggled most when it got around to the time when the DD's were due just before I got paid.

But to the OP, I would strongly recommend 2 separate accounts. One for bills and other for spends and just make sure you transfer the money straightaway x

John1993_2

Thursdayschild wrote: »

imagine if EVERYBODY followed suit and did this?! We would be so powerful!

Most people find the service that banks offer to be hugely valuable, and they obtain it for tiny costs, subsidized by people like you, who lack the discipline and organization to manage their money properly.

If you really can't avoid spending money that's not yours then by all means withdraw from the system, but please don't blame the banks for the mess you've got yourself into, or assume that everyone is like you are.

Money-Saving-King

Thursdayschild wrote: »

Just imagine if EVERYBODY followed suit and did this?! We would be so powerful!

Why don't you follow suit and instead of blaming companies for the fact you cannot budget and actually become a responsible adult and keep track of what you spend.

The rest of us won't follow suit of your plan because we all make money out of the banking system. It' not our fault or the banks fault that you don't!!!

I do not get how you think ignoring how much money spend and have is powerful, it's stupid not POWERFULL!!

JuicyJesus

I like banks. They provide me fast, convenient and efficient payment services for free. I expend practically no effort paying my bills or managing my money because of them.

The "practically" is because I have to make sure I have enough money in the account to cover the bills due. It sounds like OP found even that too much of a pain in the !!!!.

Katgrit

Theres a woman at work who books half a days holiday at the end of every month, to pay her bills in person because she won't do DD's. Goes to the bank, gets the cash out, and then trots to the Post Office to pay bills, trots to the the other bank to pay some into her savings....

I live in a rural area to so have to drive to the nearest large town for a bank or post office, or do a rushed mad dash out of work during my lunch. If being powerful means all that faff I'd rather keep in "the system" and save petrol and keep my 6 days holiday to do fun things with, like eating cake and watching bad telly, rather than queuing in banks with handfuls of fivers.

Gromitt

JuicyJesus wrote: »

I like banks. They provide me fast, convenient and efficient payment services for free. I expend practically no effort paying my bills or managing my money because of them

Indeed, I know when my bills are due so I simply ensure there is sufficient funds in my "Bill payment account" to cover them. Far easier than finding the correct amount and then driving to the nearest post office, parking, waiting in queues, etc.

I know people who pay their bills at the post office, but they are in excess of 70 years old, so it gives them something to do, plus they collect their pension that way too.

Biggles

Thursdayschild wrote: »

At my skintest

Sorry, but that did baffle me for a moment; I wondered what kind of skin test this was. Worked it out now....

What has both peeved and surprised me is when calling my central heating insurance company and car insurance company to enquire about paying all future bills at the G.P.O with cold, hard cash; they replied that this wasn’t possible and they only accept payment in the form of Direct Debit.

Well, if you insist on paying the most expensive way, ie monthly DD, so that you can give your insurers loads of interest every year, you will need a bank account.

If you pay annually up front, you will get a better deal and won't need DDs.

Archi_Bald

Biggles wrote: »

Well, if you insist on paying the most expensive way, ie monthly DD,.......... so that you can give your insurers loads of interest every year..................
If you pay annually up front, you will get a better deal

It isn't that black and white these days - - many bills actually work out cheaper with a regular DD than if you pay by some other means. Many are also no more expensive, and some will just not be interested in your custom if you aren't prepared to pay by DD. As has already been mentioned, DDs are one of the most cost-effective ways for companies to collect payments on time.

Paying upfront actually would in some cases deprive you of interest that you could otherwise get for yourself. E.g. if you put your upfront money into a Nationwide Flexdirect and paid with DD from that account, you'd get 5% AER on your money.

There are, of course, still some companies that want to take you for a ride if you pay in instalments. But it is wrong to assume you will always get a better deal if you don't pay by DD. You have to treat each bill on its own merits.

wiseshark

apesxx wrote: »

Definitely, I have a list in the back of a note book too if the amounts and dates there due now so I can keep a track on my account and make sure they've gone out at the right times. I get paid 4 weekly so I struggled most when it got around to the time when the DD's were due just before I got paid.

But to the OP, I would strongly recommend 2 separate accounts. One for bills and other for spends and just make sure you transfer the money straightaway


I note that you are paid 4 weekly. The great advantage of this is that once a year each of your direct debits won't need to be paid. A four weekly budget would be a necessity. Shouldn't be a problem if you use a spread sheet.