My Intentional Journey to Debt Freedom

RosaBernicia

If you want to use pots/ categories without having to transfer between accounts, you could also have a look at budgeting software.  I have stuck with You Need A Budget as I don't want the sanity cost of having to learn a new one, but there are also cheaper similar options.  I think most of them do a month's free trial so you can play around and see if it works for you. 

EssexHebridean

Gah - I have Chase Account envy - I can't open one as for various reasons we trip up their automated system for account opening. I've tried twice, must have gone through the palaver of doing the ID stuff at least 20 times, and I've now given up. :-( 

Less_Talk_and_More_Action

Thanks @RosaBernicia and @EssexHebridean. I’m going to look into Chase.  

I did try YNAB a couple of years ago but wasn’t really ready for it although I did like it.  Now might be the time for that.  

Normal WFH day today.  Trip cancelled tomorrow due to snow forecast.  So def no coffee at the service station 😁.  

Nothing else too exciting here.  Hope everyone stays safe in the adverse weather.  

L x 

PennysIntoPounds

Zopa app is also really good for pots, you can lock them for different amounts of time for varying degrees of additional interest (or leave them unlocked and still get their not too shoddy interest) and you don't get a card so you have to actually think about whether you want to make a transfer (though they are quick when you do want to)

Less_Talk_and_More_Action

Thank you @PennysIntoPounds.  I’ll look into that as well. So many choices but I’m going to take a bit of time and see what’s out there.  Always good to hear about personal experiences.  

L x 

PennysIntoPounds

Kroo has also just introduced pots but with the same easy access/interest rate on them all, and you get a debit card, so worth comparing their rate too. Whatever you go for, I cannot recommend having pots highly enough, it makes it so much easier to see where your money is, and if you're saving for specific target/s, you get motivation from seeing small amounts add up rather than feeling like your efforts are a drop in the ocean 

Less_Talk_and_More_Action

Thanks so much @PennysIntoPounds.  I have some pots on the go but they’re just savings accounts  linked to an old bank account so not really intended to be used that way. I’ll add Kroo to my list.  

L x 

EssexHebridean

I just used linked savings accounts from the current accounts - that works well for us, means we can both see the ones that are joint through the online banking, and the only minor faff is that these days pretty much all the mainstream banks have introductory interest rates which drop after 12 months, so I usually open a new account at that stage, close the old one and have to reset any standing orders etc. 

The routine stuff is automated and the pots are fed via a SO early each month. Then we have a few which are fed on a more ad-hoc basis and those I deal with manually. 

RosaBernicia

I get a bit anxious about making lots of transfers - even a long, long time since dipping into overdraft and knowing it's very unlikely any of them will result in a problem - so I only keep savings accounts if they gain significantly more interest than the current accounts (and I only keep two current accounts in case of disaster with accessing one of them).  YNAB serves to track allocation in categories rather than actual account pots, and it now does automatic import for the linked current accounts and linked credit card.  I only have to change the category on transfers to unlinked savings accounts to ensure that the amount shows as a gain in the savings as well as a minus in the current account. (I do have to do manual entries for accounts that are unlinked, either they don't have that option (savings accounts don't seem to link even for the same bank where current account does), because I chose not to give another account data to open banking, or because the YNAB 'account' isn't an actual bank account eg I treat my prepaid debit cashback card as an account.)

Less_Talk_and_More_Action

Thanks @RosaBernicia and @EssexHebridean All this information is great and really helpful.  We are all different in how we approach things aren't we but it's so interesting as it makes me think out of the box a bit.   I need to speak to Mr L about all of this.  I'll see where we end up.

No money saving excitement today although my unscheduled WFH day saved me some money no doubt!!

Hope the weather isn't too terrible wherever you are.

L xx

PS I'm very excited that this is my 200th post!!