Budgeting accounts

Bumbelina

I'm thinking of setting up a number of Halifax Websavers to put aside money for house maintenance, car costs, holidays, Christmas etc - about 8 in all. This will make it a lot easier for me to budget for these regular expenses, as at the moment it all goes in one account and I lose track of what it's all meant to cover. My only doubt about this is that these small accounts won't earn as much interest as if I had it all in one place. I'd be grateful for any advice on whether this is a sensible option (I'm on a very tight budget, by the way, so there won't be a lot in these accounts and it will be drawn out on a regular basis)

Bumbelina

Lazy_Runner

Hi Bumbelina

Another way would be to maintain budgeting software application or spreadsheet. That is what I do.

I save up for the car expenses, house expenses etc but in different lines on my budgeting software. And I take money out of these pots as necessary.

However all the money goes into and comes out of one account.

If you fancy this approach, there are a number of threads on the subject in the Current Accounts and Budgeting forum. However I use accountz and I have recommended it on a few threads. (Unfortunately I don't get any commission).

regularsaver1

I think they have put a limit to 5 now