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

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.

Different people work differently. I find it extremely useful and helpful. I rarely have to transfer money around and when I do it is simply, 1. log into account, 2. transfer into debit card. That takes a matter of seconds. Has worked better for me than anything else. Envelopes was even better but having had £700 in envelopes in my sock drawer I decided to put them in bank accounts with the same names as the envelopes had had.

Errata

I check both my online bank accounts every day, if I had to check 18 I'd lose the will to live.

LeeLoo_2

noh wrote: »

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

Thanks. I've downloaded it. I got to the stage where it is asking me to add my login information for the bank. -Is that safe?
I skipped that window and it is saying the online function is no longer available. only manual entry.

LeeLoo_2

Errata wrote: »

I check both my online bank accounts every day, if I had to check 18 I'd lose the will to live.

All you do is glance. nothing to it.

paulineb_2

LeeLoo wrote: »

Different people work differently. I find it extremely useful and helpful. I rarely have to transfer money around and when I do it is simply, 1. log into account, 2. transfer into debit card. That takes a matter of seconds. Has worked better for me than anything else. Envelopes was even better but having had £700 in envelopes in my sock drawer I decided to put them in bank accounts with the same names as the envelopes had had.

Having 700 quid lying around your home as far as Im concerned is absolute stupidity.

I do understand the concept of having different bank accounts, but seriously, as someone who manages my money with one current account and has a couple of other online savings accounts, I really dont see the need to have envelopes stuffed with cash lying around the house particularly when you have so many bank accounts

Its a budgeting issue, thats the bottom line, not a bank account issue.

If you cant trust yourself to spend money when you dont have it spare, sort that out and really, if you buy a pizza from a holiday fund or shoes fund or going out fund, is it really that big a deal?

CKhalvashi

paulineb wrote: »

Having 700 quid lying around your home as far as Im concerned is absolute stupidity.

Most of our staff will have that lying around their homes, as they take the vehicles home and do a cash run about once a week.

Taxi drivers, and quite a few self employed will be in this position, and having run a largely cash business, I'd rather the money was at home (preferably in the safe) than laying around the office/in a car.

If you cant trust yourself to spend money when you dont have it spare, sort that out and really, if you buy a pizza from a holiday fund or shoes fund or going out fund, is it really that big a deal?

Agree with this, too.

paulineb_2

CKhalvashi wrote: »

Most of our staff will have that lying around their homes, as they take the vehicles home and do a cash run about once a week.

Taxi drivers, and quite a few self employed will be in this position, and having run a largely cash business, I'd rather the money was at home (preferably in the safe) than laying around the office/in a car.



Agree with this, too.

But this isnt someone who is self employed, its someone who is having budget issues. What would happen heaven forbid if they got burgled, its not a case of the money has to be around the home, with 18 bank accounts set up theres no need for someone to have that much cash sitting around just because they are struggling to budget because they need a bank account every time they spend a single pound or two.

Gromitt

LeeLoo wrote: »

Different people work differently. I find it extremely useful and helpful. I rarely have to transfer money around and when I do it is simply, 1. log into account, 2. transfer into debit card. That takes a matter of seconds. Has worked better for me than anything else.

So how does your system work exactly? Say you are at a restaurant, you have to login to your bank account using your phone and check the balance of your "Going out" fund, order food upto the value of that, then transfer that money to your current account so you can pay for it using your debit card.

That would drive me completely insane. I just spend directly from my current account and enter it into my budget at the end of the day.

redcard

LeeLoo wrote: »

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.

You need to remember your 18 user IDs and password.

I think number of bank accounts someone is is inversely related to the amount of common sense they have.

Archi_Bald

redcard wrote: »

You need to remember your 18 user IDs and password.

I think number of bank accounts someone is is inversely related to the amount of common sense they have.

I am not saying that LeeLoo is going about her finances in the most efficient way, but you are drawing the wrong conclusion.

People with an awful lot of common sense, and superb financial savviness, often have way more than 18 accounts. For very different purposes to LeeLoo, however.

Some people on, and off, MSE have around two dozen current accounts alone, and some savings accounts on top. Though apart from LeeLoo, I know of nobody who has 18 accounts with the same bank, and they don't have these accounts for the purposes of "brown enveloping" their money. They will have no problem remembering their userids and passwords, and they will with 100% certainty have their own detailed records about their accounts.