Jam Jar Accounting

datlex

I have been doing this for ages though I call it "Piggy Banking". A name however is just a name. I have found that my money lasts better doing so.
I have spends accounts (including card covering account), bills accounts (all earn me rewards), savings accounts (longer term and presents), my presents fund is partially funded by rewards gained from my bills accounts.

Shakin_Steve

TheShape wrote: »

I run my finances completely differently to this. I have multiple current account and regular savers, always aiming for the highest rates. I fill the highest paying accounts to their maximum and do the majority of spending on a 0% purchase credit card. The only Debit Card spending is £100 p/m for the TSB Classic Plus Cashback. If I need cash, it is withdrawn from the lowest paying account as are any bank transfers.

If a better paying account becomes available, I empty as much as I can from lower paying accounts into it.

However, my Nationwide FlexDirect (%5) is my main account with all my regular bills paid from it. As soon as a bill is paid though, I top it up to £2500 (the highest interest bearing balance) from whichever of my accounts is currently paying the lowest rate of interest.

I never specifically budget for anything, I just buy what I need and what I want but always keeping track of how much money I have overall.

This is pretty much the same as me. My outgoings are pretty much the same each month, so most of my dd's come out of my Barclays current account which pays nothing in interest. Any leftovers are put into one of our Tesco accounts at 3%. I spend on my 0% barclaycard, but as I pay in full each month, I'm not really getting any benefit from the 0%.

To keep track of everything, I need nothing more than a google sheets spreadsheet.

badger09

DBX wrote: »

At present, I have one current account at Nationwide giving 5% interest, I also have a link Savings account there giving 5% interest. One of my investment account is maturing next month. I would have about £5,000 to re-invest. Since savings account don't pay much interest, I am considering opening two more current accounts in other banks to earn more interest.

I would appreciate if anyone can give me some help with this.

There are several threads about this, on this forum & also on Savings and Investments.

Have you read this?

http://www.moneysavingexpert.com/savings/which-saving-account

As your question is off topic for this thread, perhaps you could start a new one if necessary, after doing some reading;)

trailingspouse

Polymaff - yes, these are all business accounts.

I resent your suggestion that they might not be, on the basis of no evidence whatsoever.

polymaff

trailingspouse wrote: »

Polymaff - yes, these are all business accounts.

I resent your suggestion that they might not be, on the basis of no evidence whatsoever.

Not a suggestion, but a question. Here's another one: How much are the total account fees, say, per month?

trailingspouse

I resent it, whatever you want to call it.

Since you ask - £6.50 per month on the current account (reduced to £5.52 by a 98p per month loyalty bonus). None on the savings accounts, but they attract a very small amount of interest. Do you have a question about that?

bigadaj

trailingspouse wrote: »

I resent it, whatever you want to call it.

Since you ask - £6.50 per month on the current account (reduced to £5.52 by a 98p per month loyalty bonus). None on the savings accounts, but they attract a very small amount of interest. Do you have a question about that?

How much interest?