Savings account

brehico

Hi all!

I've searched high and low for this and can't seem to find any help so I thought I'd try here (although I may have read something but not understood all the jargon lol)

Background: I'm useless with money and my partner does all the budgeting and I just sit back and spend haha. That means all savings and financial tracking is up to him. We live comfortably AND have spending money left over at the end of the month which I usually spend on nails, takeaways and mostly junk. 

My best friend lives in Mexico and we discussed me visiting and I always said I'd use the lumpsum of my fathers inheritance to pay for it in one go but that's being dealt with by lawyers in Jamaica and with no estimate of the amount due or timescales (especially with covid) I decided that saving would be more reasonable and would guarantee I could go for Oct/Nov 22. I want to do this trip as independently as possible to feel like I've achieved something adulty when it comes to finance. 

On paper I've got the perfect budget and know exactly what's going where, my issue is, where to store it!

I have an ISA with my current bank (Lloyds) and any time I have put money aside there (non urgent, just attempting to save for the sake of it) it's so easy just to tap my phone and in seconds it's free to use for a takeaway or something silly. 

I'm not bothered about taxes or anything, just mainly I'd like somewhere I can store the money which would be less tempting to access.

Ideally in the 18 months of saving I'd need to withdraw 3-4 times (buy flights, buy holiday essentials, last minute purchases/taxis, currency exchange) and possibly keep the account for future holidays.

What's the best account to mainly track your savings?

Sorry if this is so long.

Thanks in advance

gettingtheresometime

Why not put the money into premium bonds? The money is relatively quickly accessible (3-4 days). Any winnings can be reinvested automatically.

As for keeping track, I'm a visual person so what I would do (and yes I appreciate this is childlike), is to draw something mexican, like a sombrero, work out how much I'd need roughly to go on the holiday and divide the drawing into say 100 segments.

So say I needed £2000 for the holiday, every time I saved £20 I'd colour in a segment. Would that encourage you not to spend on silly things?

Caitykinss

This might not be as 'independent' as you're looking for, but my partner is similar to you and has a real problem with frivolous spending. Whenever he's tried to save for something, he finds the money is too easy to access. A couple of years ago, we came to the arrangement (he asked, rather than me offering) that I would look after all his savings, so that he doesn't have access. I have a Monzo account with various savings pots, and keep all his monthly savings entirely separate from mine - they are still 100% his. I also have sole access to our joint savings (holidays etc.). It's still easily accessible, as all he has to do is ask me for it, but it makes him think twice about what he's spending it on. 

Note, we have been together for a long time, live together and have joint finances for most things. Trust is of course vital for this to work, but it sounds like you share finances for other things already.

heatherw_01

I will move this to the savings board. You will definitely get more answers there


Hi, we move threads if we think they’ll get more help elsewhere (please read the forum rule) so this post/thread has been moved to another board. If you have any questions about this policy please email forumteam@moneysavingexpert.com.

jimjames

Any savings account separate to your current bank would work as it will make the money harder to access but you also need to have some self discipline if you are spending your savings on takeaways etc. That sort of spending should be within your existing budget

colsten

Caitykinss said:

 I have a Monzo account with various savings pots, and keep all his monthly savings entirely separate from mine - they are still 100% his.

Legally, the money is 100% yours, no matter how much he trusts you or how long you have been together.