Can I have more than one account

System

That is the system I have and it has been running successfully for about 15 years. The No 2/budget account has an authorised overdraft of £300 to allow for fluctuations.

Beerworshipper

I totally agree with !!!!!! and tiamai_d.

Having a 2nd account has made my life soooooo much easier with tracking where I am with cash at any particular point of the month. I would recommend this approach to anyone who like me has different amounts going in and out every month (e.g. expenses etc going in and out, O/T etc).

I opened up a 2nd account with Natwest earleir this year. All I use this 2nd account for is my personal spending pot e.g. beers, lunch at work, cinema, socialising, birthday presents etc. At the start of every month my salary goes into my main account. All the DD's come out of that account to pay the bills and a set amount is then transfered over to my 2nd Account. All I then have to do at any point in the month is to check the balance of my 2nd account and I can tell instantly if I have to wind it in a bit that month or not.

Before using this method I just found it impossible to track how much of my money I'd spent on me that month, I just seemed to be doing endless overtime but not reaping any financial benefit because the money just seemed to dissapear. Then I realised (as I'm sure most people have at some point) that It hadn't dissapeared, - I'd spent it. At least this way I have my set amount and thats it. Plus then if I have any left over in the main account it can go towards paying off my debts.


Good luck with it Bluerover. :j

tiamai_d

Beerworshipper wrote: »

I totally agree with !!!!!! and tiamai_d.


All I use this 2nd account for is my personal spending pot e.g. beers, lunch at work, cinema, socialising, birthday presents etc.

Mostly beer though? :beer::rotfl:

Beerworshipper

Yeah you saw straight thru me on that one, which reminds me, its your round isn't it????:beer:

SPANIEL36

With Natwest I Have A Step Account, Current Account, Savings Account And Isa

Bluerover

Thanks very much everyoneI have decided to "serperate everything" in my head and in my accounts and gone for a yorkshire bank basic account as all I want to do is use it for spending money. So I have different cards for different things.
Have to say last month October will be the first month in many many that I have not had bank charges added so Dec's money is all mine. And I got through October without touching my LTSB overdraft too - good for 31 days in the month.
Mind you I spent nothing. But figure I will be sorted by this month, with my accounts in full swing.

tiamai_d

*Buys a round :beer: I'm feeling flush*

Blue rover, it's takes a few months to get it all worked out. When we first set up the second (direct debit) account, we had to set up an overdraft also, as we simply did not have the full months worth of money to cover all the direct debits. But after a few weeks with the weekly money going in, it built up and we canceled the overdraft, when we were sure it would not get overdrawn.

Well done on taking control. It's nice to know you can keep all your own money eh?