Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • thegirlinthegreenscarf
    • By thegirlinthegreenscarf 9th Apr 18, 8:55 PM
    • 61Posts
    • 120Thanks
    thegirlinthegreenscarf
    Piggy bank accounts - how many?
    • #1
    • 9th Apr 18, 8:55 PM
    Piggy bank accounts - how many? 9th Apr 18 at 8:55 PM
    Hi

    I’m desperately trying to get organised to avoid big purchases being such a shock and getting into debt
    How many piggy bank accounts should I have and what for?

    So far I have:
    Christmas / birthday accounts for gifts
    Car - insurance/ tax/ MOT

    The 3 month salary thing would probably be a good idea but might be a bit ambitious while I’m still in debt
    MBNA £2,000
    CAR £3,000 (Interest free loan from family member)


    **Want to be on my way to being debt free for 40**
Page 1
    • dawyldthing
    • By dawyldthing 9th Apr 18, 9:17 PM
    • 2,846 Posts
    • 2,857 Thanks
    dawyldthing
    • #2
    • 9th Apr 18, 9:17 PM
    • #2
    • 9th Apr 18, 9:17 PM
    Sometimes it's worth having accounts seperate from your main account. I used to bank with HSBC then put the savings into Halifax.

    I'd start off working out what the car insurance etc costs over the year and put an extra half aside so next year it's not such a shock. Shop around too with topcashback and put it in the pot.
    I'd cut back on birthday/ xmas gifts til the debts paid off. Look on hotukdeals for gift ideas.
    Then I'd have 3 months money behind me

    Your debts main one that needs to go first though
    My targets to end 2018:
    1) To get down to 11 stone then treat to a safari. At start 17 stone 7 lbs *61lbs lost* *30lbs to go*
    Started SW16st13lbs tues11/7/17 - 38 weeks in -53lbs
    -> target 11 st 13lbs by mid June -> 11 weeks & 17lbs to go
    2) to find new challenges
    • dawyldthing
    • By dawyldthing 9th Apr 18, 9:19 PM
    • 2,846 Posts
    • 2,857 Thanks
    dawyldthing
    • #3
    • 9th Apr 18, 9:19 PM
    • #3
    • 9th Apr 18, 9:19 PM
    Do ask yourself if you need the car though. I know it's convince etc but it's surprising how much you could save if you didn't have one. I've never drove and I recogn I spend less on public transport than what I would if I had a car (probably just on insurance alone to be fair)
    My targets to end 2018:
    1) To get down to 11 stone then treat to a safari. At start 17 stone 7 lbs *61lbs lost* *30lbs to go*
    Started SW16st13lbs tues11/7/17 - 38 weeks in -53lbs
    -> target 11 st 13lbs by mid June -> 11 weeks & 17lbs to go
    2) to find new challenges
    • Dobbibill
    • By Dobbibill 9th Apr 18, 9:46 PM
    • 2,918 Posts
    • 3,905 Thanks
    Dobbibill
    • #4
    • 9th Apr 18, 9:46 PM
    • #4
    • 9th Apr 18, 9:46 PM
    It depends what you put into piggy bank accounts.

    Holiday
    hobbies
    emergency fund
    groceries
    house repairs

    It's personal preference and I don't believe there is a right/wrong answer but whatever works for you.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • thegirlinthegreenscarf
    • By thegirlinthegreenscarf 9th Apr 18, 10:59 PM
    • 61 Posts
    • 120 Thanks
    thegirlinthegreenscarf
    • #5
    • 9th Apr 18, 10:59 PM
    • #5
    • 9th Apr 18, 10:59 PM
    House repairs, emergency fund & holidays is a good shout. The rest is already accounted for
    MBNA £2,000
    CAR £3,000 (Interest free loan from family member)


    **Want to be on my way to being debt free for 40**
    • thegirlinthegreenscarf
    • By thegirlinthegreenscarf 9th Apr 18, 11:01 PM
    • 61 Posts
    • 120 Thanks
    thegirlinthegreenscarf
    • #6
    • 9th Apr 18, 11:01 PM
    • #6
    • 9th Apr 18, 11:01 PM
    You’re right. I need to cut back. I have been cutting back and spending less, but I should’ve done it years ago.
    MBNA £2,000
    CAR £3,000 (Interest free loan from family member)


    **Want to be on my way to being debt free for 40**
    • thegirlinthegreenscarf
    • By thegirlinthegreenscarf 9th Apr 18, 11:03 PM
    • 61 Posts
    • 120 Thanks
    thegirlinthegreenscarf
    • #7
    • 9th Apr 18, 11:03 PM
    • #7
    • 9th Apr 18, 11:03 PM
    Definitely need the car - I work in the middle of nowhere, I tutor & I have s daughter and a husband who works unsociable hours. I will of course need to “step up “ to get cash back credit card etc
    MBNA £2,000
    CAR £3,000 (Interest free loan from family member)


    **Want to be on my way to being debt free for 40**
    • datlex
    • By datlex 10th Apr 18, 7:44 PM
    • 1,598 Posts
    • 1,490 Thanks
    datlex
    • #8
    • 10th Apr 18, 7:44 PM
    • #8
    • 10th Apr 18, 7:44 PM
    with easy access savings accounts you can sub divide your money as much as you like. For example one of my savings accounts is for haircuts. Basically it is worth having a place to put aside money you don't want to spend yet.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

864Posts Today

6,596Users online

Martin's Twitter
  • Today's twitter poll: have you ever seen a ghost?

  • RT @JohnnyMercerUK: Another important day ahead in achieving parity of esteem between mental and physical health: the breathing space schem?

  • RT @mmhpi: Third time lucky? After being delayed twice, tomorrow MPs are due to debate our #RecoverySpace proposals in parliament. @helen_u?

  • Follow Martin