Many accounts

Smvthephotoman

Hi all. 

I was planning to type a thread about how I feel my setup is over complicated as it comprises of many accounts but I’ve just had a read through the pinned post about people’s setups. Very interesting and makes me feel my setup isn’t actually bad at all. I currently have a NatWest account that I've had for decades and now use just for bills. Then I have a Chase UK account and a Monzo account which I use for day to day spending. Two credit cards but I try not to use them if I don't have to. Wages go to Chase and then get split and sent in equal amounts to my other accounts each week. I’d also like to thank the people who were recommending using a dedicated application for finance management. I downloaded a trial of Ace Money last night and so far it seems very capable. 

Zanderman

So that's one NatWest (for bills), one Chase, one Monzo (both for spend) and two credit cards (hardly used)?

That's very basic compared to many people, I'd say not complicated at all.

sausage_time

Smvthephotoman said:

Hi all. 

I was planning to type a thread about how I feel my setup is over complicated as it comprises of many accounts but I’ve just had a read through the pinned post about people’s setups. Very interesting and makes me feel my setup isn’t actually bad at all. I currently have a NatWest account that I've had for decades and now use just for bills. Then I have a Chase UK account and a Monzo account which I use for day to day spending. Two credit cards but I try not to use them if I don't have to. Wages go to Chase and then get split and sent in equal amounts to my other accounts each week. I’d also like to thank the people who were recommending using a dedicated application for finance management. I downloaded a trial of Ace Money last night and so far it seems very capable. 

Does not sound too complicate at all!  I'd say it's OK to use credit cards - especially if you can benefit from cashback/rewards or an extended interest free period.   But that does need discipline to make sure that you have the funds ready to pay the monthly bill (or clear the balance at the end of the 0% period).  Tools like Ace Money will help manage that (if used properly).   

Smvthephotoman

Zanderman said:

So that's one NatWest (for bills), one Chase, one Monzo (both for spend) and two credit cards (hardly used)?

That's very basic compared to many people, I'd say not complicated at all.

Yeah I thought mine was complicated til
i read some of the comments in that pinned thread. Saw one post where a guy had six credit cards I think he said. I originally wanted to have some sort of backups in case of any issues with individual banks. 

Smvthephotoman

sausage_time said:

Smvthephotoman said:

Hi all. 

I was planning to type a thread about how I feel my setup is over complicated as it comprises of many accounts but I’ve just had a read through the pinned post about people’s setups. Very interesting and makes me feel my setup isn’t actually bad at all. I currently have a NatWest account that I've had for decades and now use just for bills. Then I have a Chase UK account and a Monzo account which I use for day to day spending. Two credit cards but I try not to use them if I don't have to. Wages go to Chase and then get split and sent in equal amounts to my other accounts each week. I’d also like to thank the people who were recommending using a dedicated application for finance management. I downloaded a trial of Ace Money last night and so far it seems very capable. 

Does not sound too complicate at all!  I'd say it's OK to use credit cards - especially if you can benefit from cashback/rewards or an extended interest free period.   But that does need discipline to make sure that you have the funds ready to pay the monthly bill (or clear the balance at the end of the 0% period).  Tools like Ace Money will help manage that (if used properly).   

I got the Monzo credit card because it gives me the option for 3 months interest free which I’ll benefit from. 

snowbird2026

i feel the same way.  We have 4 accounts at one bank--one for bills, one for the mortgage, one for my daughter whom we are supporting now while she gets established in her acting career (it's actually going pretty well for her right now!  *knock on wood*) and the fourth is a 'holding account' -basically savings-to make sure it doesn't get spent accidentally on those day to day things.
We do have several credit cards that we leverage for travel points.  Every card is paid in full every month (i usually pay each one 2-3 times per month as I really hate seeing a balance on them).   

ButterCheese

I know how you feel.  I used to have 1 current account and 1 credit card, and that was more than enough for me.  But now I have 1 personal account, 1 business account, and jointly with my partner another current account for wages, 3 savings accounts, and 4   0%credit cards.  My partner is a bookkeeper so keeps on top of it all.  We only got the credit cards to buy a new car and kept the savings intact as they earn us money.  We hope to pay off the 4 cards monthly out of normal income, and if we can't then we dip into savings

SiliconChip

Amateurs, the lot of you   

I have 8 current accounts, 14 savings accounts and 7 credit cards, and I'm sure I'll be nowhere near the top of the list. I've used MS Money for many years to keep track of everything, and I think that job has become easier with apps being available for all but 3 of the accounts.

Kim_13

The NatWest and Chase accounts are complementary and suited to the purposes you have them for. Assuming you have the Reward variant with NatWest, it returns £36 a year after fees for paying out 2 Direct Debits and making an app login every month - and allows access to an open ended regular saver. Chase will get you cashback on groceries and travel spend, plus free overseas use. So you would be losing out if you didn't have one of them.

You only have 1 account that you don't actually *need* - though you have identified a benefit it will offer you and it might, for budgeting purposes be better to put your discretionary budget in there (you may already do this.) Yes, this could be achieved via two current accounts with Chase, but that would mean having to keep switching where the card was set to spend from in the app.

friolento

sausage_time said:

Smvthephotoman said:

Hi all. 

I was planning to type a thread about how I feel my setup is over complicated as it comprises of many accounts but I’ve just had a read through the pinned post about people’s setups. Very interesting and makes me feel my setup isn’t actually bad at all. I currently have a NatWest account that I've had for decades and now use just for bills. Then I have a Chase UK account and a Monzo account which I use for day to day spending. Two credit cards but I try not to use them if I don't have to. Wages go to Chase and then get split and sent in equal amounts to my other accounts each week. I’d also like to thank the people who were recommending using a dedicated application for finance management. I downloaded a trial of Ace Money last night and so far it seems very capable. 

Does not sound too complicate at all!  I'd say it's OK to use credit cards - especially if you can benefit from cashback/rewards or an extended interest free period.   But that does need discipline to make sure that you have the funds ready to pay the monthly bill (or clear the balance at the end of the 0% period).  Tools like Ace Money will help manage that (if used properly).   

I think it can be complicated if you don't have some sort of management tool - on paper, in a spreadsheet, or in an app - but it the OP seems to get that sorted now, and I am sure it will then feel a lot less complicated. 

wiseonesomeofthetime

SiliconChip said:

Amateurs, the lot of you   

I have 8 current accounts, 14 savings accounts and 7 credit cards, and I'm sure I'll be nowhere near the top of the list. I've used MS Money for many years to keep track of everything, and I think that job has become easier with apps being available for all but 3 of the accounts.

I wish I had that few sometimes. Alas, I always seem to convince myself of the benefit of retaining my current accounts (in the teens), savings accounts (in the scores), and my 9 credit cards!

I use AceMoney and a spreadsheet.