Trying to save but accused of being a terrorist /fraudster :-(

brokenbetty

I use a smartphone app called Easy Envelopes (https://www.eebacanhelp.com/login-wp.php). You will still have to log your spending but you might find it easier to keep on top of it with a mobile app so you can log your spending as you spend it.

Faith177

I'm with Barclays I have 4 accounts 2 savings 2 current accounts.

Day after pay day every month a lump sum goes from Current Account A to Current Account B it is the exact amount for my bills this all my direct debits from council tax to my charitable donations (guide dogs, Battersea and the poppy lottery) plus £15 in case phone bill is slightly higher. I do not touch Current Account B at all! I don't have the card or anything. I just let the account tick over. In March because I pay council tax on 10 months same with water rates I have extra in this account this is used for my mums birthday and MIL's birthday.

One of the savings account is a holding pen for my mortgage payment and a loan I have come out a few days before pay day. OH transfers his share of those bills into this account. I then use my mobile banking app to transfer all the money across the day before the direct debits come out.

My other savings account is a holding pen for my weekly budget I allow myself a certain amount each week for sundries ie lunch at work, meals out ect. At the end of the week I then top up my current account with my nexts weeks money dependant on how much is left for example if my weekly budget was £100 and I had only used £60 the following week I would only transfer £40 over. This means that I am stockpiling money in my savings account as savings so at the end of the month if there is £50 left I know that can be used as savings.

Would a method like that work for you it's similar in principal to what you are doing now but dramatically scaled down

CKhalvashi

Faith177 wrote: »

I'm with Barclays I have 4 accounts 2 savings 2 current accounts.

Day after pay day every month a lump sum goes from Current Account A to Current Account B it is the exact amount for my bills this all my direct debits from council tax to my charitable donations (guide dogs, Battersea and the poppy lottery) plus £15 in case phone bill is slightly higher. I do not touch Current Account B at all! I don't have the card or anything. I just let the account tick over. In March because I pay council tax on 10 months same with water rates I have extra in this account this is used for my mums birthday and MIL's birthday.

One of the savings account is a holding pen for my mortgage payment and a loan I have come out a few days before pay day. OH transfers his share of those bills into this account. I then use my mobile banking app to transfer all the money across the day before the direct debits come out.

My other savings account is a holding pen for my weekly budget I allow myself a certain amount each week for sundries ie lunch at work, meals out ect. At the end of the week I then top up my current account with my nexts weeks money dependant on how much is left for example if my weekly budget was £100 and I had only used £60 the following week I would only transfer £40 over. This means that I am stockpiling money in my savings account as savings so at the end of the month if there is £50 left I know that can be used as savings.

Would a method like that work for you it's similar in principal to what you are doing now but dramatically scaled down

I work in roughly the same way.

Pay comes into HSBC, part goes over to Santander as a 'top up' for the three 123 accounts we hold, part goes into savings (which are then withdrawn as necessary), part goes into a 'permanent' savings pot.

The reason we originally set this up was because we're both paid a small salary monthly, then a dividend 6 monthly, and now we're better off (mortgage free, no debt etc) we do it because it makes sure we're saving.

I think I have about 8 accounts, to include ISAs, so 18 savings accounts, I really don't see the point in, if I'm honest.

CK

redcard

LeeLoo wrote: »

No, it just makes it easier to manage my money. It will be very clear to me that this unexpected expense has taken money from xyz. There is no adding up and mistakes which lead me to think I have


£50 towards new sofa
£80 towards holiday spending money
£50 left for petrol
£200 for car tax etc...

If there is just a lump of £380 but the notebook says there is £400 because I forgot to note I spent extra on fuel for that emergency then the whole thing is ruined is it not? With the savings accounts with actual MONEY in them; if it is there it is there, if it is not it is not. End of story.

It does defeat the purpose, even though you can't admit it.

See if you forget to note something down, you go and note it down. Problem solved. There's no big drama. It seems a lot less work than checking the balance of all 18 savings accounts and transferring money around because you got your spending wrong, it's almost like a game 6 year olds would play in class.

If the money is there, it's there. If it's not you just transfer it from another account.

I think you'll realise one day what a colossal waste of time and energy this whole exercise has been. Will take you a while, though.

JuicyJesus

This thread has pretty much derailed.

Basic takeaways from this:

1) the OP wants to manage their money in this grossly inefficient way and nothing will stop them, as they have rejected all other suggestions, and that's their prerogative, so fair enough - we got a decent "but Martin said to do it" out of it at least - but;

2) NatWest is not obliged to assist them by providing them as many accounts as they want, when they already have the largest number of bank accounts I've ever seen anyone have with a single bank ever and would likely kick up a fuss should anyone actually ask them to pay for maintaining all these accounts with piddly bits of money in.

And nothing further really needs to be said.

anna42hmr

LeeLoo whilst, I like you prefer to have real accounts vs virtual pots, I would really suggest you keep some sort of record yourself as what should be in the account.

1 as others have said, internet banking cannot be relied on not to go down

And 2. If you don't know how much should be in an account, would you ever pick up if you had been a victim of fraud etc.

noh

LeeLoo wrote: »

I went to try and download it but it is no longer available for new users as far as I am aware.

It is. See my post #53 in this thread for the link.

Tiddlywinks

LeeLoo wrote: »

I used money engine for four months and entered every expense down to the 20p I put in the parking meter. From that I determined my REAL budget vs my ideal budget.

We live in a consumer driven era and are confronted by 'professional sellers' everywhere we look, even if you are just walking down the street. I am more disciplined than many, but obviously not as disciplined as you. By having a pot called 'lunch at work', and another called glasses I was able to buy the more expensive frames I wanted because my lunch money was limited and I would have a jacket potato instead of a tesco meal deal and those £3 savings added up. I would not bother to update a spreadsheet every time I bought a coke or a starbucks, but physically separating the money works for me.
If that is letting 'somebody else' manage my money so be it.

No, I do not want to spend 5 minutes each day hunched over receipts and notebooks. I have enough chores as it is. I want to be able to look online and see what I ACTUALLY have.

You need 18+ accounts because you can't be bothered to spend 5 minutes a day noting YOUR expenditure but you expect a bank - a commercial organisation - to provide this for free?

You honestly believe that the world exists entirely for you don't you?

As to 'professional sellers'... Duh, yeah! They are a BUSINESS, but, a small tip here, YOU have free will to just walk on by.

Start taking some personal responsibility.

LeeLoo_2

redcard wrote: »

It does defeat the purpose, even though you can't admit it.

See if you forget to note something down, you go and note it down. Problem solved. There's no big drama. It seems a lot less work than checking the balance of all 18 savings accounts and transferring money around because you got your spending wrong, it's almost like a game 6 year olds would play in class.

If the money is there, it's there. If it's not you just transfer it from another account.

I think you'll realise one day what a colossal waste of time and energy this whole exercise has been. Will take you a while, though.

I can compare it to an electricity meter. The spreadsheet/notebook method would require me to make a note at the end of the day; used washing machine, blender, microwave x4 minutes, lights on 4 hours.

With my method it is all done automatically. there is nothing to remember and nothing to write down.

LeeLoo_2

anna42hmr wrote: »

LeeLoo whilst, I like you prefer to have real accounts vs virtual pots, I would really suggest you keep some sort of record yourself as what should be in the account.

1 as others have said, internet banking cannot be relied on not to go down

And 2. If you don't know how much should be in an account, would you ever pick up if you had been a victim of fraud etc.

I would see if I had been a victim of fraud if any money had been paid out rather than transfered between accounts. Only one account makes payments to external people/debit card/cash machine. and one account is for my direct debits with the exact amount plus a buffer.