Best Way To Manage Money

venomx

Hi guys.
Currently I have a financial advocate who receives all my benefits,pays all my bills,transfers me a set amount each month into my Monzo account for spending and looks after my savings.

In the future, I will be looking after my savings and will not need the financial advocate.
I want a secure account to keep my savings in, and it must have the facility to bank transfer myself some spending money each month into my Monzo current account. I also need to be able to pay bills etc
I'm not looking for an account which uses a debit/credit card as I already have two.

Can anyone recommend the best way to go about this and which accounts would be suitable for my needs ?

Thanks :T

Shakin_Steve

venomx wrote: »

Hi guys.
Currently I have a financial advocate who receives all my benefits,pays all my bills,transfers me a set amount each month into my Monzo account for spending and looks after my savings.


Thanks :T

You are married, then?

ceredigion

Shakin_Steve wrote: »

You are married, then?

Brilliant.

ozaz

What you describe as your needs (ability to pay bills and transfer money) are standard needs. Any bank will do.

If you already have 2 debit cards it sounds like you already have a second bank in addition to Monzo. If that’s the case, what’s wrong with that bank that’s leading you to look elsewhere for your needs?

venomx

ozaz wrote: »

What you describe as your needs (ability to pay bills and transfer money) are standard needs. Any bank will do.

If you already have 2 debit cards it sounds like you already have a second bank in addition to Monzo. If that’s the case, what’s wrong with that bank that’s leading you to look elsewhere for your needs?

For security purposes I don't feel comfortable using a card online which has lots of money in it.

I forgot to add, I have a Natwest savings account with a cash card that i'd be happy to use. the only question is, can you pay bills with a savings account ?

Thanks

Robin9

Who are your Debit Cards with ?

It will be a big step from having a financial advocate to managing your own affairs and I would suggest you keep things as simple as possible. Perhaps add a current account to your Natwest savings so you can transfer money from Savings as and when you need it and keep the minimum in that account.

venomx

Robin9 wrote: »

Who are your Debit Cards with ?

It will be a big step from having a financial advocate to managing your own affairs and I would suggest you keep things as simple as possible. Perhaps add a current account to your Natwest savings so you can transfer money from Savings as and when you need it and keep the minimum in that account.

Monzo and Barclays

I use monzo for pretty much everything, and I have Barclays as a back-up.

I will go into Natwest this week and see what they say, if it's possible to pay bills then I will go ahead and use it

ozaz

venomx wrote: »

Monzo and Barclays

I use monzo for pretty much everything, and I have Barclays as a back-up.

I will go into Natwest this week and see what they say, if it's possible to pay bills then I will go ahead and use it

Its still unclear to me why you don't just use Monzo and Barclays and get rid of Natwest (or get rid of Barclays and keep Natwest).

I agree with Robin9 - aim for simplicity at this stage.

With Barclays/Natwest (whichever you decide to keep) you would have a current account (used for bills, online, and any other day-to-day transactions you want to use it for) and also a separate savings account. You would keep a relatively small amount of money in the current account and keep most of your money in the savings account. If the debit card details were ever compromised (online hack or whatever) the money in the savings account won't be able to be spent using the stolen card details.

EDIT: Also, why not pay your bills from your Monzo account if it's the account you mainly use for day-to-day transactions?

venomx

ozaz wrote: »

EDIT: Also, why not pay your bills from your Monzo account if it's the account you mainly use for day-to-day transactions?

Thats definitely something I will consider, this won't happen overnight so I will discuss it with my advocate :beer: