Help with budgetting - please??

datlex

colsten wrote: »

You can't really use current accounts as budgeting tools as they weren't designed for that. To get a proper overview of what is due in and what is due out, you really need a proper personal finance manager.

I'm sorry but this is only true I you run just one or two bank accounts. If you have multiple it is possible as you can use them for budgeting if they have assigned roles or only certain payments go out of them.

wullie

""You can't really use current accounts as budgeting tools as they weren't designed for that.""

I don't understand this as they are clearly designed and promoted by the banks for this very reason. Well, they call them saver accounts or web accounts , whatever , but they are all current accounts of course ,

colsten

wullie wrote: »

""You can't really use current accounts as budgeting tools as they weren't designed for that.""

I don't understand this as they are clearly designed and promoted by the banks for this very reason. Well, they call them saver accounts or web accounts , whatever , but they are all current accounts of course ,

I have current accounts with just about all UK banks plus Nationwide and I have never seen any of them advertise them as budgeting tools. Similar for their savings accounts.

I am aware that some people use a "pots" approach across various accounts for their budgeting but that doesn't make the accounts budgeting tools. You still need something else, even if it's just pen and paper, or a darn good memory, to know what money you will have and/or need where, and when.

colsten

datlex wrote: »

I'm sorry but this is only true I you run just one or two bank accounts. If you have multiple it is possible as you can use them for budgeting if they have assigned roles or only certain payments go out of them.

So which of your >2 bank accounts will tell you how much money you will have and/or need in which of the accounts, and when? Which of them give you a report about all your spend over the last week/month/year by category? Which of them will show you all your bank charges / interest over the last x months or years? Which one will show you when you need money for your council tax, gas, electricity, insurances etc? Which one will show you the total money you have at any given time? Which one will show you how much is in your investments? Which one will show you if you are at risk of getting overdrawn because of some scheduled bill? Etc etc etc

I have well in excess of a dozen of current accounts plus various savings accounts and I consider myself well in control of my finances. That is not, however, due to the number of accounts but largely due to the ability to know exactly how much is where at any given time, and how much is needed to be spent on what and when. That ability comes from a personal finance package (AceMoney in my case), not from any of the umpteen accounts.

wullie

Well first of all does not cost any money to open various accounts. And second it suits my personal needs perfectly. So it''s all a question of what suits you. For me i take my big spends , divided by 52 , then pop that amount each week ( i'm paid weekly) in to each account.

RG2015

The main Money Saving Expert site has an excellent online budgeting tool. I have inserted a link below. NatWest and Moneyadviceservice.org.uk also have online budgeting tools.

The issue of bespoke software versus more than one bank account is really one of personal choice. If it works for you then that's fine.

http://www.moneysavingexpert.com/banking/Budget-planning

colsten

wullie wrote: »

Well first of all does not cost any money to open various accounts. And second it suits my personal needs perfectly. So it''s all a question of what suits you. For me i take my big spends , divided by 52 , then pop that amount each week ( i'm paid weekly) in to each account.

I wouldn't call that budgeting but each to their own.

getmore4less

Budgeting is the forward plan, you can't do that with accounts.

You can implement with pots/accounts but if you have a proper plan and stick to it you don't need that approach.