Piggybanking techniques

jimjames

bassitt74 wrote: »

I'm not too worried if it's spent inside 12 months. I put the savings used for single annual payments such as car insurance into the account with the highest interest and use the lower interest accounts for spending with 2-3 months. Any monthly payments go into the bills account. Any surplus from all accounts at the end of the year goes into my isa along with my regular monthly savings.

But ISAs are not the best place to hold under £15k of savings either.

Even if spent inside 12 months I'd think (especially on a money saving site) that you want to get the best return you can.

I'd much rather have £110 from interest on £1000 than £1 which is what the difference is between some accounts.

P.A._Ranoia

Archi_Bald wrote: »

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but I can't see anything wrong with paying a partner an allowance. It seems a perfectly valid financial action e.g. when one partner pays all the bills, does all the food shopping, pays all the insurances etc etc etc. It would be ridiculous if you weren't allowed to pay regular amount of money to your partner.

I agree completely.

Assuming I have understood proposed legislation correctly, let us hope the courts, legislators and the pressure groups that drive them take the same pragmatic attitude.

bubblycrazy

Brambleberry wrote: »

I've been running my own form of piggybanking this year using 14 different "pots" within one bank account and using a spreadsheet to plan and track my spending.

I have drawn up a budget spreadsheet on excel covering all expenses for a year, broken down into a weekly amount. In theory I should have money left over each week.


I only have one current account that everything goes in and out of, it is with Lloyds. I also have an ISA.


I have 18 piggybank categories that I would like to be able to see separately in my bank account, without having to have a different account for each one.


Is there a bank account that can actually separate each pot of money or do most people use the spreadsheet to imagine the separate pots?

Dobbibill

bubblycrazy wrote: »

I have 18 piggybank categories that I would like to be able to see separately in my bank account, without having to have a different account for each one.


Is there a bank account that can actually separate each pot of money or do most people use the spreadsheet to imagine the separate pots?

Other posters have said about doing this via an app like YNAB (you need a budget) which seems to envelope and categorize their funds. A spreadsheet can be just as effective, I think it is all about personal preference.

Don't know of a bank that does this, although some banks have a 'money manager' type feature as part of their internet banking.

bubblycrazy

Yes I've done a spreadsheet, which the geek in me loves! but I think I could manage it better if I could actually see my money in separate chunks instead of a lump sum in my account.
If all my bills were paid in cash I would literally have 18 money bags with the amounts all in separate bags!


I have money manager as part of my Lloyds account but can't seem to work out how to use it effectively. For example there's a section called spending plans, I created one for council tax, which has been paid this month, but the spending plan still says £0.

Richmc1983

bubblycrazy wrote: »

Yes I've done a spreadsheet, which the geek in me loves! but I think I could manage it better if I could actually see my money in separate chunks instead of a lump sum in my account.
If all my bills were paid in cash I would literally have 18 money bags with the amounts all in separate bags!


I have money manager as part of my Lloyds account but can't seem to work out how to use it effectively. For example there's a section called spending plans, I created one for council tax, which has been paid this month, but the spending plan still says £0.

I am the same i would rather see the money in different accounts than a lump some on one, I setup various accounts with TSB online as online saver's and working out the amount i want to transfer to each every month.

bubblycrazy

I can't find 'online savers' is that the same as 'savings goals'?