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Piggy bank accounts - how many?
thegirlinthegreenscarf
Posts: 95 Forumite
Hi
I’m desperately trying to get organised to avoid big purchases being such a shock and getting into debt
How many piggy bank accounts should I have and what for?
So far I have:
Christmas / birthday accounts for gifts
Car - insurance/ tax/ MOT
The 3 month salary thing would probably be a good idea but might be a bit ambitious while I’m still in debt
I’m desperately trying to get organised to avoid big purchases being such a shock and getting into debt
How many piggy bank accounts should I have and what for?
So far I have:
Christmas / birthday accounts for gifts
Car - insurance/ tax/ MOT
The 3 month salary thing would probably be a good idea but might be a bit ambitious while I’m still in debt
MBNA (Was £2000), Now £2, 900 (Expected date Dec/2020)
CAR (Was £300) Now £2, 000 (Interest free loan from family member)
**Want to be on my way to being debt free for 42**
CAR (Was £300) Now £2, 000 (Interest free loan from family member)
**Want to be on my way to being debt free for 42**
0
Comments
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Sometimes it's worth having accounts seperate from your main account. I used to bank with HSBC then put the savings into Halifax.
I'd start off working out what the car insurance etc costs over the year and put an extra half aside so next year it's not such a shock. Shop around too with topcashback and put it in the pot.
I'd cut back on birthday/ xmas gifts til the debts paid off. Look on hotukdeals for gift ideas.
Then I'd have 3 months money behind me
Your debts main one that needs to go first though:T:T :beer: :beer::beer::beer: to the lil one
:beer::beer::beer:0 -
Do ask yourself if you need the car though. I know it's convince etc but it's surprising how much you could save if you didn't have one. I've never drove and I recogn I spend less on public transport than what I would if I had a car (probably just on insurance alone to be fair):T:T :beer: :beer::beer::beer: to the lil one :beer::beer::beer:0
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It depends what you put into piggy bank accounts.
Holiday
hobbies
emergency fund
groceries
house repairs
It's personal preference and I don't believe there is a right/wrong answer but whatever works for you.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
House repairs, emergency fund & holidays is a good shout. The rest is already accounted forMBNA (Was £2000), Now £2, 900 (Expected date Dec/2020)
CAR (Was £300) Now £2, 000 (Interest free loan from family member)
**Want to be on my way to being debt free for 42**0 -
You’re right. I need to cut back. I have been cutting back and spending less, but I should’ve done it years ago.MBNA (Was £2000), Now £2, 900 (Expected date Dec/2020)
CAR (Was £300) Now £2, 000 (Interest free loan from family member)
**Want to be on my way to being debt free for 42**0 -
Definitely need the car - I work in the middle of nowhere, I tutor & I have s daughter and a husband who works unsociable hours. I will of course need to “step up “ to get cash back credit card etcMBNA (Was £2000), Now £2, 900 (Expected date Dec/2020)
CAR (Was £300) Now £2, 000 (Interest free loan from family member)
**Want to be on my way to being debt free for 42**0 -
with easy access savings accounts you can sub divide your money as much as you like. For example one of my savings accounts is for haircuts. Basically it is worth having a place to put aside money you don't want to spend yet.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0
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