Do you divide your wages immediately?

phillw

I don't keep any money in my current accounts, it goes straight into a savings account.
All my spending is on credit cards & all the DD go out at the start of the month.

A week or so into the month I update my balance sheet, which includes any cash assets and liabilities.

kimwp

phillw said:

I don't keep any money in my current accounts, it goes straight into a savings account.
All my spending is on credit cards & all the DD go out at the start of the month.

A week or so into the month I update my balance sheet, which includes any cash assets and liabilities.

Mine is almost exactly the same, apart from I keep a buffer of £200 in case I need to get cash or I spend on my debit card instead of credit card. Towards the end of the previous month, I add my upcoming credit card payment to the bills to a (rough) allowance for food (I load a discount card from my current account for discounted grocery shopping) to the £200 buffer and move anything over that on payday into a savings account. 

In addition to pushing my bills to the 1st of the month, I also recently changed my council tax to be over 12 months so my bills are the same every month.

Rich1976

We keep our system as simple as possible by using as few accounts as we can. We treat our salaries as the household income and therefore all Expenses regardless of which one if us it is for comes off this.

We have a joint account which both salaries are paid into. Just after payday a transfer is made to our Savings account and another amount goes into our pensions

Most of our day to day spending is done on a credit card and this is paid by direct debit on the last day of the month.

All of our bills are paid by direct debit and these go out on the 1st couple of days each month. By about day 7 the only amount left in the current account is to cover any cash withdrawals we may need to make or a payment for thr window Cleaner, everything else has already been paid by DD, or saved.

It works for us as we dont need to mess about with transferring money to different accounts every month 

Mamoth

Like others I have all dds and standing orders coming out on the 1st of the month.
This includes a standing order for my credit card ,£250 into a regular I year saver(used to pay yearly bills like house/car insurance once matured)
I have a cash book so can account for fixed outgoings,groceries,petrol.
Money over that amount also moved to a separate account.Any money left when my next pay comes in is also moved to this account.
This is for holidays,emergency and amounts regularly syphoned off into savings accounts,a save to buy ISA may be your best bet.
My main current account also gets changed when there are good cash incentives.