Any Ideas pls?

ccluedo

Hi,
I have a friend in Spain who really wants to save now towards a lifetime ambition of 50th B'day trip to Oz in 4.5yrs time. The plan is to save approx 70 euro's per month. She has asked me if I would save the money for her if she sends it to me as she will no doubt be tempted to use it if she saves it herself or will pester friends/family in Spain to if she asks anyone there to save it for her. (She has done this in the past, hence she didnt go for her 40th :rolleyes: ).

Wondering if anyone could advise if she can open an account in her name here for money to be paid into? I am happy to help her by keeping passbook or whatever, but don't want the responsibility of looking after her money or any hassle in event of (God forbid) either one of us croaking it in the meantime.

Any ideas appreciated tnx.

ccluedo

bump - still looking for ideas/advice on this pls.

Lazy_Runner

I am not an expert but here goes:
Is she resident in Britain or Spain? If resident in Spain, is there an address she can use (along with associated utility bill etc) in Britain? Otherwise she cannot open an account here. I take it that is a goal so that you don't get involved in her financial affairs.

If not, I would suggest she opens a passbook account in spain, finds a way of crediting the account without the passbook and then sending the passbook to you. You keep the passbook till the appropriate time and in the meantime she continues to credit the account.

Another option is to save in a way where it is fairly difficult to get the money out again. I buy premium bonds as it is slightly difficult to get the money back because I have to go to the post office and complete a form etc to get the money. Takes a few days. I know the return isn't competitive but that is not my primary objective.

I suppose another option would be to take her means of spending away from her i.e. her credit cards, but this may be considered harsh. And she can still spend on debit cards right?

One more option is to open a joint account with her as the beneficiary. But you both need to sign to withdraw any money. You may have to be there when the account is opened.

How is your friend at budgeting? She could get tips and advice from MSE'ers on this site. Then it wouldn't matter who owned/operated the account.

Just some thoughts. Hope you get it sorted.