Piggy Banking

amanda757

Hi,

I have been piggy banking for a while and have a question regarding the 'bills' account.

I have all of my monthly direct debits which are the same amount each month coming out of my bills account. I have a couple of types of payment that are still coming out of my current account that I am not sure how to deal with

1. Payments that are not monthly, but randomly timed. For example my daughters swimming lessons are taken by direct debit every half term for which the dates are sporadic. Having this come out of the current account does not show a true balance of my current account balance but I am not sure how this can be piggy banked?
2. Payments that are monthly that can vary greatly in amount, for example nursery payments which can change a lot depending on the number of certain days in a month etc. Should these be piggy banked and how?

I want to keep it reasonably simple in regards the same amount moved into bills each month and I don't want too much excess in the bills account however I think having these types of payment in the current account is not correct?

Any advice on how people manage the details their piggy banking is appreciated

Thanks
Amanda

Rich1976

I do piggy banking and have accounts set up for home repairs, annual car expenses, holidays, birthday and christmas and New Car Fund.

So you could set up accounts for the swimming lessons etc and if you know roughly what the earliest date is you will need the money by you can set up a standing order for that amount divided by the months needed to save up by.

Generally you never know with sporadic Expenses when you will need the money but I find estimating or over estimating the annual cost and putting 1/12 of that away each month helps.