best bank accounts to open to "piggybank"?

MagicMoneyTree

yes Monzo does a very good job of visualising your spend instantly... I also use it to take cash out abroad for free at near-perfect exchange rates (see also Revolut who do this).

getmore4less

kmb500 wrote: »

Hello

I am spending too much money and I need to cut down on it.
..........
I have gone through budgets and I should have about £400/month extra to spend on eating out, drinking, buying luxuries and savings. But still I burn through it all and spend way more than I actually have
.........

That was a waste of time that is what you think/want to spend.

What you need to do is have a plan and actualy monitor the spends.

In MSE/SOA/budgeting it's called the spending diary.

without one you are never going to get a balanced budget.

If you use the SOA format put everything you spend on that and make it balance, if not sure guess values and track.

One category goes over decide where you will cut back to keep it balanced.

paddlingfuriously

I've just started using Monzo to manage my spending - so far so good. The push notification you receive with every purchase includes the total you've spent that day which definitely helps me keep track of my overall spending and think twice.

datlex

Don80 wrote: »

Hi

I have 2 current accounts which I use. One is where my salary goes. I have another account for paying my bills. On payday I transfer money to the bills account so I know everything has been paid.

What's left in my "main" account is mine to spend.

My main account is with the Bank of Scotland as they pay interest and have a cash back scheme on some purchases (I'm up to almost £4 this month!). My bills account is with the TSB, but I am seriously thinking of moving it to the Halifax as they would pay £3 a month for having direct debits set up - which is more than the interest I earn at TSB.

When I first started having more than one bank account this is what I did. Now I have several My bills money is held in my TSB account (earning interest) then the day before each bill is due, transfer the amount needed to cover it to the appropriate account. That way I earn £3 from Halifax £7--3 from Barclays and £4 from Coop.

Dobbibill wrote: »

Any savings should be moved on payday or within a day or so.
Leaving it in your spending account is misleading, so you are spending it without thinking.

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100% agree with this advice. Distribute money first. Amount allocated to bills, amount to savings, Rest is yours to spend.

teddysmum wrote: »

Also, it's time to grow up and take responsibility for your finances ,as if you are forced to take a lower paid job or have no job at all, you really need to be able to budget.

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My partner has had to reduce his hours at work in order to care for his elderly parent. This means he has a lot less money available to him. Thanks to my budgeting however, I can afford our weekly takeaway.