Finally got my savings in order!

[TW]Fox;23745507 said:
Which of course they won't be as you can only open one per tax year, not that it makes a whole lot of difference given how terrible the rates are on ISA's at the moment.
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exactly, it'll make f all difference anyway

B@
 
I'm just starting to get my savings into order, Closing some I don't need to invest into others and pay into my premium bonds once I finally take control over it, something I've been meaning to do for a few years now xD
 
After seeing this I have opened a savings account and created a spreadsheet. Why I have not done this before I do not know. One thing it has made me realize is that I earn not very much and need another job!
 
If that's what you need to do to organise yourself then why not.

Fair play to you.

Do you have a cut of or ceiling limit for any of these? ie if your car doesn't need any repairs over the next 3 years you may be quids in bar fearing an engine change.
 
I only have one savings account, but I have a standing order set up for the minimum I want to save per month. When I've been paid, I'll manually transfer (based on what was left at the end of the previous month, expected extra spending, etc.) a further amount across.

If my current account is looking unhealthy towards the end of the month, I'll transfer some back. Doing it this way means I keep an eye on what's in my current account more frequently than I would otherwise (as it's always on the low side). It also helps me avoid overspending on things like takeaways as I look at the current account and think "I can't really afford that". It's worked well for me, and I'm saving a lot more than I used to.
 
I do the same I'm quite organised and anal when it comes to money.

Have a spreadsheet with all bills and income on to, my gf thinks I'm crazy.

All free money going towards debts for the next 6 months then I'll have 900 free cash per month to enjoy :)
 
There's no way I would be able to manage my money properly without a spreadsheet.
 
Stumble Bum said:
I use the self control method. It's pretty easy
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Very jealous! I've tried all my life and haven't got a penny in savings at the moment. Don't get me wrong, I saved for the deposit on a house etc but it was hard work. I like to make things easy for myself!

anjs said:
No pension payment oh i hope they are all ISAs
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Pension comes out of my pay cheque.

ince said:
although i admire your enthusiasm you need to relax and live a little.
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That's why I'm doing this. I've been too relaxed in the past and saved very little. In addition the prospect of living mortgage free before I'm 35 really appeals to me and will hopefully let me really enjoy myself and relax with my prospective family :)

bledd. said:
I do the same, treat them like 'folders', all virtual accounts for different uses.
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Mr-White said:
It's a shame you can't section up your bank account into sub accounts

MW
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Yeah, it's a shame this isn't possible.

DiCe! said:
After seeing this I have opened a savings account and created a spreadsheet. Why I have not done this before I do not know. One thing it has made me realize is that I earn not very much and need another job!
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Glad it might help someone else. I'm actually looking forward to the 1st of March just to see if all my calculations have worked out and I'm able to survive on how much I've given myself to live on outwith these savings.

Andy__C said:
Do you have a cut of or ceiling limit for any of these? ie if your car doesn't need any repairs over the next 3 years you may be quids in bar fearing an engine change.
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Something I'll consider come the time. It's going to take a couple of years before that happens so not really thinking about it. Specifically with unknown car expenses I imagine that will be come a "new car" savings fund really :)
 
OP, you make things so complicated.

Just save, if you want something, look at your account. Buy it if you have the money, don't if you don't. That is basically how I do things, that's the budget.

If I want something big, like a computer, then I would save for that, buy it when I have enough.

Having a budget for certain things create a "reason" for you to spend that money, like if you have £500 in your gadget account, you feel like you only can buy gadgets with it and may end up buying something you don't need as you see it as "excess".

Just have your living expenses covered, put the rest away. :)
 
I do something similar although not as split up

Current account - Spending money ie pub, weekly food, petrol, birthdays etc
3 savings accounts:
One for direct debits
One for unexpected costs such as repairs
One for general savings that doesn't really get touched other than for holidays

Surplus at the end of each year in the first two usually get spent on things like a new TV when i get my way or if the missus does then it's crap like carpets, curtains etc.
 
NZB said:
I do something similar although not as split up

Current account - Spending money ie pub, weekly food, petrol, birthdays etc
3 savings accounts:
One for direct debits
One for unexpected costs such as repairs
One for general savings that doesn't really get touched other than for holidays

Surplus at the end of each year in the first two usually get spent on things like a new TV when i get my way or if the missus does then it's crap like carpets, curtains etc.
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My savings is separate to hers! Lol
 
I don't see the point in all these accounts unless you got no self control or have a spending problem.

Anyway I tend to keep between 1k to 2k in my Current Account which more then covers the bills, if my balance goes over 2k it goes into Savings, if it goes under 1k then I will transfer out of Savings :)
 
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