Awful at sticking to a budget, considering ThinkMoney account, is it worth the fee?

Snowy_Owl1

Thanks everyone.

I've been thinking and researching some more. It seems like both Thinkmoney and Ffrees are a bit of a swizz and I don't need to add to my expenses as you point out. I just thought it would take the stress out of managing my money.

I think what I will do instead is open a Barclays Cash Card account which is their most basic one, have it with just an ATM card so I can't overspend, and set up my main account to transfer some spending money there when I get paid. Can't see how I could possibly go wrong with that one... hopefully! It also has free text alerts.

Fingers crossed this will make the difference but I still need to be very careful about online shopping with my other account. Maybe I'll cut up my debit cards from that one!

System

A NatWest Select Current account with overdraft control costs nothing.

Or if all you want is a second account with just an ATM card - just open a Lloyds Easy Saver rather than an Barclays account with an ATM card as they will perform the same function and no credit check or new internet login etc

Snowy_Owl1 wrote: »

Thanks everyone.

I've been thinking and researching some more. It seems like both Thinkmoney and Ffrees are a bit of a swizz and I don't need to add to my expenses as you point out. I just thought it would take the stress out of managing my money.

I think what I will do instead is open a Barclays Cash Card account which is their most basic one, have it with just an ATM card so I can't overspend, and set up my main account to transfer some spending money there when I get paid. Can't see how I could possibly go wrong with that one... hopefully! It also has free text alerts.

Fingers crossed this will make the difference but I still need to be very careful about online shopping with my other account. Maybe I'll cut up my debit cards from that one!

SuperHan

Think of there as being a buffer on your account too. For example, if my current account gets to£30 (and I check it every day), I don't but anything until money next goes in. It means that I don't go overdrawn as there's a bit of a buffer against anything I've forgotten about. I do only use that account for small spends, so I know it's unlikely more than that would be coming out. All my bills and direct debits come out on or shortly after payday too. I put all my petrol on a credit card, so I oniy actually pay that once a month, so by the time it is coming up to payday and funds are low I know all necessary spend has already come out.

getmore4less

Start a proper spending diary.

record every penny you spend and map onto the budget if there is no catagory for that spend update the budget.

Tackle the prolem by working out what you are spending the money on that is not on the budget/Plan.

It will either be something that is more than you planned or something you forgot to put on the budget.

Shuffling money about in accounts does not really tackle the root cause of the problem, which is that the budget was wrong in the first place.

Have you done a budget in the standard SOA format what does it look like?


Think, what are you spending money on that was not in the plan.