Buffer notice account

Luke1999

Hi all,
I’m trying to find a cash flow setup that works for me. I hand on heart cannot budget and compulsively spend. What I’m looking for is an account that I can have all my money paid into (I.e bac payments for salary dividends e.c.t) that I cannot access immediately then having it distributed weekly into a current account. Is this something anyone can help me with? Over lockdown i compulsively spend and it’s becoming a problem. I have 0 self control. 

eskbanker

Luke1999 said:

What I’m looking for is an account that I can have all my money paid into (I.e bac payments for salary dividends e.c.t) that I cannot access immediately

The flippant answer would be Santander, based on Saturday's grief....

However, I'm not aware of anything available within the industry that would fit your requirements, so if it's a fundamental and unsolvable self-control issue then the only option I can think of is getting someone else (family?) to manage your money for you.

Eco_Miser

You could use a second current account to receive payments with a weekly standing order to your existing current account, then lock away your debit card and online access details (or use the new account for spending, as you are already getting paid into your existing account). Maybe with multiple padlocks, with yourself and some trusted friends each holding the key for one lock, if you don't trust yourself to not rob yourself.

Bravepants

Luke1999 said:

Hi all,
I’m trying to find a cash flow setup that works for me. I hand on heart cannot budget and compulsively spend. What I’m looking for is an account that I can have all my money paid into (I.e bac payments for salary dividends e.c.t) that I cannot access immediately then having it distributed weekly into a current account. Is this something anyone can help me with? Over lockdown i compulsively spend and it’s becoming a problem. I have 0 self control. 

Hi Luke, if it's becoming a problem, then you may consider talking to your GP about it, and he can suggest talking therapy or Cognitive Behaviour Therapy. This might help you get to the root cause of the problem and, in my opinion, would be a much better solution for you in the long run.

Flobberchops

From a technical standpoint I second Eco_Miser. Most banks have no qualms about you having two current accounts. Use the first current account to receive salary, etc. Set up a weekly standing order to Account 2. Cut up the card for Account 1 (your bank may be able to designate it as a no-card account, which is even easier), and just use Account 2.

Of course you could still cheat the system by using online banking to transfer extra money from 1 to 2, but this at least puts a barrier in the way that you'd have to consciously override, so it would make "spending on autopilot" a bit less easy.