Money anxiety

Sncjw

Hi all

So i have this thing to do with my bank account I freak out if I have less than £600 in it and I try to not be under 1k if I can but when I hear mt colleagues being skint near pay day I think what am I freaking out about. 

I am doing a challenge where I save £2 ! Day intona savings account so I can buy myself a nice watch. 

On pay day my husband and i move money intoa. Joint account for bills and move money to pay credit cards. 

I could use the remaining amount to pay more onto credit card but I fear that I will need the money for something going wrong in house. Also the bills doesnt include food as we just pay it out of our current accounts.  Also I want to get out of relying on credit cards. 
This month I need underwear but in my mind I don't think I can afford it and pay day is not for a few weeks ether. 

Is this normal to have a fear of being under a certain amount?

BarkingandBlooming

Hope you're not paying interest on your credit cards because that is irrational! I would suggest you start transferring some of your extra left over money into a savings account and start earning proper interest on it. You can then access it at anytime and you'll have a bit extra in there for the money just sitting there. It is illogical keeping it in a current account as it won't earn any interest. That way you will know that you have money tucked away for a rainy day and stop worrying about being under a certain amount. There's absolutely no point in looking at your current account credit amount if you're not doing something with the money that's sitting in there. 

eskbanker

Not sure if there is such a thing as 'normal' when it comes to money, as everyone has different views, but it's perfectly rational to want to keep a buffer in readily accessible form, just in case of unexpected expenditure.

However, from a money-saving point of view, it's financially better to pay off your credit card to avoid unnecessary interest, and you could always use the card for anything urgent and unexpected....

Sncjw

BarkingandBlooming said:

Hope you're not paying interest on your credit cards because that is irrational! I would suggest you start transferring some of your extra left over money into a savings account and start earning proper interest on it. You can then access it at anytime and you'll have a bit extra in there for the money just sitting there. It is illogical keeping it in a current account as it won't earn any interest. That way you will know that you have money tucked away for a rainy day and stop worrying about being under a certain amount. There's absolutely no point in looking at your current account credit amount if you're not doing something with the money that's sitting in there. 

I am not paying interest as they are on interest free deals. Will be paid off before the time ends. 

Then i will feel i don't have enough in my current about for spends if I move to savings account plus the easy access ones have low interest. 

Stargunner

What is the interest rate on your current account?

Middle_of_the_Road

Get a Chase current account and the 5% savings account. It takes seconds to move funds between the two.

badmemory

A regular saver may suit you & some have very good rates & most you can take money out whenever you need so check that.  If you have spent a period living hand to mouth & not liked it (some people don't find it a problem) then feeling like you do is totally normal.  I confess to checking my current account almost every day.  Some people feel the need & others don't.  As long as you know what is due in & out of your account then that balance at the end of the month would be doing you more favours in savings.  Just so you know - I have a spreadsheet which is like a bank statement covering the next at least 3 months, so I can tell my expected balance at any point.  Is that normal?  Frankly who cares, but I know it stops me worrying.

M25

Sncjw said:

On pay day my husband and i move money intoa. Joint account for bills and move money to pay credit cards. 

Is this normal to have a fear of being under a certain amount?

What does your husband say?

glennevis

You could look at the Virgin Money M plus fee free current account which has a linked savings account.

The 'sweep' feature automagically moves money from savings to current account when the balance on the current account dips below the amount of your choice.

ETA: other banks may offer a similar feature.

Theleak250

I am in overdraft for the half of each month, but I save well. It’s just my method. So it’s about becoming comfortable with use of an overdraft within a limited way. 

Emily_Joy

If it helps you feel better, my OH doesn't like his current account to go under 5K