Who owns this money again?

Kitty777

Thank you for the brilliant ideas.

I am considering a ''pocket money'' account. I was told the more accounts you have, it could affect your credit rating? Or is that a load of rubbish? Actually, I think it is a brilliant idea.

Thanks for your support guys, I feel I am not alone and that I can get through this

MrsAtobe

If you'll forgive a personal question, what percentage of your income goes on bills,and what goes into savings?

I agree with the other posters that perhaps you need to budget for money to live a little.

Jojo_the_Tightfisted

Two current and a savings one seems reasonable to me and shouldn't affect anything - after all, some people have multiple accounts and credit cards, along with loans/credit and mortgages and don't seem to have any problems if they manage them well.

I had two accounts until recently, I've only closed one because I couldn't be bothered with juggling things (one didn't offer telephone banking and the local branch closed, so it was too much like hard work to have to travel to a branch to do anything). I'd definitely open a joint account as well if I ever live with my boyfriend, for bills.


But I would say that my boyfriend suffers from anxiety and he can make a perfectly reasonable statement on paper when he's actually making progress outside his comfort zone and wants to retreat again. Sometimes he accepts that his reasons for withdrawing aren't actually what's actually going on with him and then he doesn't lose all the progress he's made. But at present, he's not doing so well - but I'll still be saying things similar to your boyfriend to encourage him.

rachiibell

What I do is have a separate account that rent and bills come out of. Each payday I transfer what is needed into that (rounded up to an even number). I then allow myself a budget of £100 a week to be spent on whatever I want (including food). So anything left over £100 goes straight into savings. If I don't spend my full budget by the end of the week the remainder goes into savings and I do the same thing next week (I get paid weekly). So maybe doing something along those lines could help you obviously with your own chosen amounts

DUTR

Kitty777 wrote: »

Thank you for the brilliant ideas.

I am considering a ''pocket money'' account. I was told the more accounts you have, it could affect your credit rating? Or is that a load of rubbish? Actually, I think it is a brilliant idea.

Thanks for your support guys, I feel I am not alone and that I can get through this

This credit rating thing is only 'bad' if you are in debt, it's been over 4 years since my mortgage was cleared and all I have done is saved the money that I would have been paying on the mortgage. One mentioned ISAs are no good, they are relatively safe bet, and a tidy sum of interest soon mounts up. All good for that rainy day.

mgdavid

DUTR wrote: »

..... One mentioned ISAs are no good, they are relatively safe bet, and a tidy sum of interest soon mounts up. All good for that rainy day.

I didn't say they were no good, just not a good idea when related to the OP's financial circumstances.
Please show us an ISA that beats Lloyds Club account (4% up to £5k) or Santander (3% up to £20k).

Kitty777

Hello again

Before I put my savings anywhere, i will research it thoroughly...but right now that is at the bottom of the que But I will look into that lloyds account because it sounds good.

I spent about...£150-£200 on bills? I still live at home

burnoutbabe

well its 3% less £2 per month charge, plus you need 2 DDs and fund £500per month.

Which may be harder to sort out if you are on a low income.

Keeping it simple and putting money in a cash isa at 2% doesn't seem a bad idea.

I see no reason to have a joint account with your partner, a bills account can be owned by one person who pays the bills and the other just pays into it.

Buzzybee90

Kitty777 wrote: »

Hello again

Before I put my savings anywhere, i will research it thoroughly...but right now that is at the bottom of the que But I will look into that lloyds account because it sounds good.

I spent about...£150-£200 on bills? I still live at home

Every month? That's quite a lot to spend on bills if you still live at home... Or is it just me? What are you including in that Kitty, out of interest?

missbiggles1

Kitty777 wrote: »

Hello again

Before I put my savings anywhere, i will research it thoroughly...but right now that is at the bottom of the que But I will look into that lloyds account because it sounds good.

I spent about...£150-£200 on bills? I still live at home

How much do you pay for your rent/keep?