Two Accounts ?

Jamontoast

Hey all.

Halfway through my debt relief order and I've managed to open up a basic HSBC account. Chuffed as it has Apple Pay comparability. I currently bank with Santander.

My plan (to help me budget exactly where my money goes) is:

1) Salary credited into HSBC account

2) £££ Transferred to Santander account for bills (all direct debits and standing orders)

3) HSBC account used for all food / petrol/ everyday spending

Do you think this makes sense ? Or should I use a third account for travel (tube fares for work and petrol) / would that help my budget remain effective ?

Thanks in advance

CLAPTON

Jamontoast wrote: »

Hey all.

Halfway through my debt relief order and I've managed to open up a basic HSBC account. Chuffed as it has Apple Pay comparability. I currently bank with Santander.

My plan (to help me budget exactly where my money goes) is:

1) Salary credited into HSBC account

2) £££ Transferred to Santander account for bills (all direct debits and standing orders)

3) HSBC account used for all food / petrol/ everyday spending

Do you think this makes sense ? Or should I use a third account for travel (tube fares for work and petrol) / would that help my budget remain effective ?

Thanks in advance

there is no wrong or right way : it depends upon the person

while several pots help the budget and spend process, there is always a danger that you accidentally go into overdraft

lufc7

Me and my wife do something similar and have several current accounts to aid our budgeting. We initially started doing what you are planning one bill account and one spend account. Once we were happy with that we further broke off into more pots- xmas,birthdays,car,house etc
Some people use spreadsheets, others use savings pots but we found using current accounts with benefits for ourselves was best.
Good luck in finding what's right for you

datlex

Apple pay suggests you have an iphone. You must be paying quite a high monthly fee for that! I would look at reducing that asap to help pay off your debt faster.