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One account for food, another for bills?

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Posts: 80 Forumite
I have an account and it's used to pay for everything. I would like to get another account for food top it up for the year and then use just that, and then use the existing account for other household bills top it up for the year and leave it at that.
Is this an idea worth doing? I just thought it would force us to eliminate food waste by looking into the 'food account' and seeing we have x amount left and therefore being wiser how we spend it.
I have a credit card on my existing account with a decent limit so maybe we could use that for food and move the other bills? But I think if I switch it would close the existing account.
Is it possible to have 2 cards on the same account but one for 'food' and one for 'other'?
Is this an idea worth doing? I just thought it would force us to eliminate food waste by looking into the 'food account' and seeing we have x amount left and therefore being wiser how we spend it.
I have a credit card on my existing account with a decent limit so maybe we could use that for food and move the other bills? But I think if I switch it would close the existing account.
Is it possible to have 2 cards on the same account but one for 'food' and one for 'other'?
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Comments
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If you want to eliminate food waste - stop over-buying/wasting food.
If you want to make your food expenditure more visible then buy food with your credit card and pay bills from your bank account - which is how most folk work, anyway.
If you buy a lot of other things than food on your current credit card then get another credit card and use one for food, the other for other-than-food.
But best of all, stop over-buying/wasting food.
Complex solutions rarely help you to resolve issues staring you in the face..:)0 -
You should be able to open a second account with your existing bank with very little problem. Use this second account (and separate debit card) for food purchases.
Which bank are you with?0 -
Does your current account offer you cashback on your household bills?
If you you could open another one for the bills and leave your current one for shopping0 -
Am confused. Are you saying that you want to deposit an amount of money equal to one year's worth of bills into one account and a second amount of money equal to one year's worth of food expenditure into another account and not top the accounts up for a year?
Where is the money for this initial one year's worth of food and bills going to come from and what is going to happen to your income during the course of the year? What account will that be paid into; a third account?0 -
Might be wiser to top up the account weekly or monthly rather than annually... otherwise risk having a jolly January and nothing left in December. Much easier to manager over shorter timeframes.Save £12k in 2019 #360
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We do have a separate account used for food/petrol fritter money. We set it up because my wife had zero money management skills and this became the account she is "in charge" of. It worked and we maintain that system. However it is run on a monthly basis not annually ( lord knows what the Next bill would be if she had a year's money in I go:eek:)No.79 save £12k in 2020. Total end May £11610
Annual target £240000 -
Why not just take the receipts for your card spending and enter them into a spreadsheet with different rows or columns for the different types of expenditure. You can either show monthly totals or do it daily. The depth of detail is limited only by the amount of effort you are prepared to put into it.
That way, you will see exactly what you are spending. No need to have multiple accounts.0 -
You should be able to open a second account with your existing bank with very little problem. Use this second account (and separate debit card) for food purchases.
Which bank are you with?
While sounds a good idea. The issue will be remembering which card is for which spend.Life in the slow lane0
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