Savings accounts and spread sheets- advice please.

WantToBeSE

I already have a main account, which my clients pay into, as well as my child benefit and CTC+WTC. This is where all of my DD's and SO's come out from.


Then I have an ISA, which is my £5K fund 'pot'. I aim to put in £250 a month.


Then I have an Instant Saving account, which is my Christmas 'pot'. I aim to put £50 a month into here, and that'll be saved for Christmas 2015.


My question in this- I also want to save set amounts for 'School Expenses' (trips and uniform) and another one for 'Clothing and Books' and a 'Car Expenses' one as well.


I was thinking about using my Instant saver for all of those, plus Christmas too.
Which means I'll need a spreadsheet to keep an eye on how much is allocated to which 'pot'.


For other people that do this, is it easy to work out a spread sheet if you have several 'pots' in 1 account? How would I organise one? Any advice?
Thanks.


Oh, please don't suggest that I get better accounts with a higher interest rate. I am not interested in changing accounts.

anoncol

You could use accounting software which is free and you could have the pots as separate accounts only in the software.

I use money manager ex and it's brilliant software.

mozzy10

I just created a table in Word with the months of the year down the side and the savings "pots" in columns. Then I just add in how much I have saved into each "pot" every month with a total for each column at the bottom.
Sorry, I don't know how to use a spreadsheet but my manual system seems to keep track of everything.
I suppose a speadsheet can keep track of the interest too?

anoncol

mozzy10 wrote: »

I just created a table in Word with the months of the year down the side and the savings "pots" in columns. Then I just add in how much I have saved into each "pot" every month with a total for each column at the bottom.
Sorry, I don't know how to use a spreadsheet but my manual system seems to keep track of everything.
I suppose a speadsheet can keep track of the interest too?

You just described a spreadsheet any way even with the row column terminology.

WantToBeSE

Thanks


I want to have 4 different 'pots' in 1 account, keep a running total of each pot, plus a running total of the account as a whole. Plus, I want to note any money I deposit or withdraw from each 'pot'.


I really am getting stuck with how on Earth to arrange it.

Dobbibill

Hi,

I came across this link here by a helpful poster and there are all kinds of templates for different purposes.

Hope this helps

DB

Archi_Bald

WantToBeSE wrote: »

I already have a main account, which my clients pay into

If your main account is a personal current account, you are in breach of the T&Cs if you use it for business and could get your account closed any day. Going by posts on here, you wouldn't be the first this has happened to. If you have a business, however small, you must process business transactions through a business account.

This will also help you keep your personal and your business tax matters separate.

Don't chance it.

WantToBeSE wrote: »

Oh, please don't suggest that I get better accounts with a higher interest rate. I am not interested in changing accounts.

It is not necessary to change accounts just to benefit from higher interest rates in current and regular savings accounts. You are not helping yourself by keeping your savings in cash ISAs, normal savings accounts and Christmas savers. With very little effort, you can easily make twice the amount interest / reward payments. You would, for instance, need to earn 23.7% AER (twenty three point seven percent!), net after BR tax before your monthly £50 christmas savings pay you as much interest as you could earn from a Halifax Reward account. Plus, you could make £15.49 interest if you put your £50 into e.g. an M&S Regular Saver, instead of the £3 or £4 maximum that you are making in your savings account.

It is very un-MSE not to exploit those offers.

As to how to manage "pots": YNAB has been recommended by many people, you can search the board for it. I don't use it myself as I am on MS Money but I believe you could also use it to record your Business account transactions, and to produce reports on demand.

WantToBeSE

I appreciate all of the replies so far, thanks.


As for TSB or M&S or Halifax accounts. If I wanted to access any of these branches, it means a 30 mile round trip to the nearest city. Not possible really.


In regards to the personal account being used for business. I don't have a great credit score, so presumed that I cannot open a business account. This is the only reason I haven't opened one. Plus I only run a very small business, so don't want to pay for an account.

Archi_Bald

WantToBeSE wrote: »

As for TSB or M&S or Halifax accounts. If I wanted to access any of these branches, it means a 30 mile round trip to the nearest city. Not possible really.

Branch visits aren't really necessary as you can do everything online, from applying to running the account, and debit cards work in all the ATMs. I have over half a dozen accounts with banks whose nearest branches are several hundred miles away.

But you would need a half decent credit history to get accepted for a current account.

WantToBeSE wrote: »

I don't have a great credit score

Credit score as calculated by the CRAs doesn't really matter. What does matter is the amount of outstanding credit you have (overdrafts, loans, CCs) and what your payment history is. CIFAS marker are a no-no but hopefully you don't have one of those. It is usually easier to get a current account if you don't want an overdraft.

WantToBeSE wrote: »

Plus I only run a very small business, so don't want to pay for an account.

The size of your business doesn't matter - use of a personal current account for business purposes is not permitted. Check your T&Cs. You are taking a big risk if you ignore them. What would you do if they suddenly block your account and then close it?

WantToBeSE

Ah, I didn't realise that you could open and manage all bank accounts online, I thought you had to have a branch nearby. In that case, I'll certainly look into it.


I'll pop along to the bank tomorrow to ask about Business accounts, and see if I can get one sorted out. I only have 2 CCs, both credit builder types. I haven't had any late payments, no CCJs, no bankruptcy history etc.

Archi_Bald

WantToBeSE wrote: »

I'll pop along to the bank tomorrow to ask about Business accounts, and see if I can get one sorted out. I only have 2 CCs, both credit builder types. I haven't had any late payments, no CCJs, no bankruptcy history etc.

That sounds quite promising but obviously only the bank will know. Don't tell them you got the business running through your current account already :cool:

Fingers xed