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[Deleted User]

I have 2 BOS Accounts
1 covers bills
1 salary and everything else

Although I do tend to find at the end of month I’m nearly always over spending.  I’m thinking ahead of my first house purchase and to save more a 3rd account might work whereby each week I transfer money into to live on rather than just knowing I have xxx in the bank and not to worry

more to help with with budget if anything 

anyone recommend a current account for spending ? Suppose they’re all the same? 

Also would opening a 3rd account affect mortgages? Plan to buy probably 6-9 months time 

Brie

Suggest you head over to the debt free board (not that you're actually in debt of course) and fill out a statement of accounts.  Now's the time to set a budget as when you buy you'll be needing bits and pieces and so this will help you out with your end of the month problem.  

Some people save in "pots" but I must admit I've never actually understood how they work it out.  Maybe someone there can help?

Jami74

[Deleted User] said:

I have 2 BOS Accounts
1 covers bills
1 salary and everything else

Although I do tend to find at the end of month I’m nearly always over spending.  I’m thinking ahead of my first house purchase and to save more a 3rd account might work whereby each week I transfer money into to live on rather than just knowing I have xxx in the bank and not to worry

more to help with with budget if anything 

anyone recommend a current account for spending ? Suppose they’re all the same? 

Also would opening a 3rd account affect mortgages? Plan to buy probably 6-9 months time 

It sounds like you pay the bills first, then spend, then save what's left. You need to work backwards and save first, then pay the bills, then spend what's left. To do this you need to know how much you spend, not a 'roughly on a good month' but literally what you actually spend each month (eg take into account all of your annual bills and divide them by 12, how much take-aways/coffees/spontaneous spends really cost you). Once you know that, you will know how much to save and can treat the savings like a bill that needs paying.

[Deleted User]

Jami74 said:

[Deleted User] said:

I have 2 BOS Accounts
1 covers bills
1 salary and everything else

Although I do tend to find at the end of month I’m nearly always over spending.  I’m thinking ahead of my first house purchase and to save more a 3rd account might work whereby each week I transfer money into to live on rather than just knowing I have xxx in the bank and not to worry

more to help with with budget if anything 

anyone recommend a current account for spending ? Suppose they’re all the same? 

Also would opening a 3rd account affect mortgages? Plan to buy probably 6-9 months time 

It sounds like you pay the bills first, then spend, then save what's left. You need to work backwards and save first, then pay the bills, then spend what's left. To do this you need to know how much you spend, not a 'roughly on a good month' but literally what you actually spend each month (eg take into account all of your annual bills and divide them by 12, how much take-aways/coffees/spontaneous spends really cost you). Once you know that, you will know how much to save and can treat the savings like a bill that needs paying.

Jami74 said:

[Deleted User] said:

I have 2 BOS Accounts
1 covers bills
1 salary and everything else

Although I do tend to find at the end of month I’m nearly always over spending.  I’m thinking ahead of my first house purchase and to save more a 3rd account might work whereby each week I transfer money into to live on rather than just knowing I have xxx in the bank and not to worry

more to help with with budget if anything 

anyone recommend a current account for spending ? Suppose they’re all the same? 

Also would opening a 3rd account affect mortgages? Plan to buy probably 6-9 months time 

It sounds like you pay the bills first, then spend, then save what's left. You need to work backwards and save first, then pay the bills, then spend what's left. To do this you need to know how much you spend, not a 'roughly on a good month' but literally what you actually spend each month (eg take into account all of your annual bills and divide them by 12, how much take-aways/coffees/spontaneous spends really cost you). Once you know that, you will know how much to save and can treat the savings like a bill that needs paying.

Treat savings like a bill 🧐 that’s a different mindset could work !

grumbler

[Deleted User] said:

Although I do tend to find at the end of month I’m nearly always over spending.  I’m thinking ahead of my first house purchase and to save more a 3rd account might work whereby each week I transfer money into to live on rather than just knowing I have xxx in the bank and not to worry

Why each week, not each day?

Personally, I don't see much difference between a month and a week in terms of spending. Leave some certain amount in your current account for this month spending and transfer everything else to a good savings account. However, it's recommended to have accounts with at least two different banks.

anyone recommend a current account for spending ? Suppose they’re all the same?

Chase - if your smartphone isn't very old - because this account is app-only. 1% cashback on most purchases.

[Deleted User]

Would opening a new bank account within maybe 6-9 months of a mortgage be silly?

grumbler

No, it won't - unless it's one of many new accounts, credit cards, loans e.t.c.

Rob5342

[Deleted User] said:

Jami74 said:

[Deleted User] said:

I have 2 BOS Accounts
1 covers bills
1 salary and everything else

Although I do tend to find at the end of month I’m nearly always over spending.  I’m thinking ahead of my first house purchase and to save more a 3rd account might work whereby each week I transfer money into to live on rather than just knowing I have xxx in the bank and not to worry

more to help with with budget if anything 

anyone recommend a current account for spending ? Suppose they’re all the same? 

Also would opening a 3rd account affect mortgages? Plan to buy probably 6-9 months time 

It sounds like you pay the bills first, then spend, then save what's left. You need to work backwards and save first, then pay the bills, then spend what's left. To do this you need to know how much you spend, not a 'roughly on a good month' but literally what you actually spend each month (eg take into account all of your annual bills and divide them by 12, how much take-aways/coffees/spontaneous spends really cost you). Once you know that, you will know how much to save and can treat the savings like a bill that needs paying.

Jami74 said:

[Deleted User] said:

I have 2 BOS Accounts
1 covers bills
1 salary and everything else

Although I do tend to find at the end of month I’m nearly always over spending.  I’m thinking ahead of my first house purchase and to save more a 3rd account might work whereby each week I transfer money into to live on rather than just knowing I have xxx in the bank and not to worry

more to help with with budget if anything 

anyone recommend a current account for spending ? Suppose they’re all the same? 

Also would opening a 3rd account affect mortgages? Plan to buy probably 6-9 months time 

It sounds like you pay the bills first, then spend, then save what's left. You need to work backwards and save first, then pay the bills, then spend what's left. To do this you need to know how much you spend, not a 'roughly on a good month' but literally what you actually spend each month (eg take into account all of your annual bills and divide them by 12, how much take-aways/coffees/spontaneous spends really cost you). Once you know that, you will know how much to save and can treat the savings like a bill that needs paying.

Treat savings like a bill 🧐 that’s a different mindset could work !

That's how I do it, when I get paid I put my savings amount into my bills Monzo pot along with the money for all the other bills, and the money for each weeks spending into Monzo pot for each week. The direct debits for my bills and my savings standing order are set to come out of the bills pot, and each week I withdraw from one of the weekly pots. It works very well for me as I just have to make the money last a week and all the bills are taken care of in the background.