Multiple bank accounts theory

[mouk786]

I've often read about the theory of having multipel bank accounts in order to contro lspending

How is best to work it?

1 account wage sget paid into

In this account have all direct debits and bilsl going out

Then transfer a certain amount to another account that is your 'spending money; which you take out with a debit card?

or is it just better to have 1 account so it might actually be easier to see WTF is going on.

[mybrainhurts]

Eh...?

[TheCarpetCleaner]

What?

[mouk786]

lol

there is a theory that if you have multiple bank accounts and seperate all your spending then it is easier to manage and contro lyour spending rather than having it all come out of one account.

[elster]

I have several accounts.

Money paid from Business Account to my personal account.

When I do thatI transfer some to bank account for bills, with a bit extra.
Some to a high interest account for saving
and the personal one is for day to day use.

[bigandclever]

Do you have self-control and discipline? If Yes, sort it out yourself. If No, put mechanisms in place that guide/help/constrict/force your actions. If wobbley-spaz-fingers kick in before 10pm consider posting all relevant bank details on tinterwebnet.

[Chilli]

mybrainhurts said:

Eh...?

[1]

mouk786 said:

1 account wage sget paid into

In this account have all direct debits and bilsl going out

Then transfer a certain amount to another account that is your 'spending money; which you take out with a debit card?

or is it just better to have 1 account so it might actually be easier to see WTF is going on.

I have several bank accounts, all of which have their own use. Ironically I find it much easier to see whats going on with my finances this way. The 2 main accounts I have are for exactly the purpose you describe; One for salary and DD's and the other a cash spending account. Both accounts are with the same bank and I manage them on the internet, really couldn't be simpler!

[mybrainhurts]

1 said:

I have several bank accounts, all of which have their own use. Ironically I find it much easier to see whats going on with my finances this way. The 2 main accounts I have are for exactly the purpose you describe; One for salary and DD's and the other a cash spending account. Both accounts are with the same bank and I manage them on the internet, really couldn't be simpler!

Yes it could...

One account and a calculator...

Or an abacus if you want to turn it into a fun activity...

[Shellz_Mach1]

I have several bank accounts, purely because banks have recently been offering money to open them! Plus, if you join quidco.com you can earn cashback on such things as opening accounts!

I've got an account for my bills, one for my mortgage (it earns high interest and then proceeds are paid into the mortgage at end of the year) and one for day to day spending. It also means I have lots more free overdraft available.

[1]

mybrainhurts said:

1 said:

I have several bank accounts, all of which have their own use. Ironically I find it much easier to see whats going on with my finances this way. The 2 main accounts I have are for exactly the purpose you describe; One for salary and DD's and the other a cash spending account. Both accounts are with the same bank and I manage them on the internet, really couldn't be simpler!

Yes it could...

One account and a calculator...

Or an abacus if you want to turn it into a fun activity...

But Shirley using a calculator to see how much money you have left to spend is more difficult than me looking at my cash point receipt to see how much I have left to spend!

[mybrainhurts]

1 said:

mybrainhurts said:

1 said:

I have several bank accounts, all of which have their own use. Ironically I find it much easier to see whats going on with my finances this way. The 2 main accounts I have are for exactly the purpose you describe; One for salary and DD's and the other a cash spending account. Both accounts are with the same bank and I manage them on the internet, really couldn't be simpler!

Yes it could...

One account and a calculator...

Or an abacus if you want to turn it into a fun activity...

But Shirley using a calculator to see how much money you have left to spend is more difficult than me looking at my cash point receipt to see how much I have left to spend!

I think I'm losing the will to live...

[1]

mybrainhurts said:

1 said:

mybrainhurts said:

1 said:

I have several bank accounts, all of which have their own use. Ironically I find it much easier to see whats going on with my finances this way. The 2 main accounts I have are for exactly the purpose you describe; One for salary and DD's and the other a cash spending account. Both accounts are with the same bank and I manage them on the internet, really couldn't be simpler!

Yes it could...

One account and a calculator...

Or an abacus if you want to turn it into a fun activity...

But Shirley using a calculator to see how much money you have left to spend is more difficult than me looking at my cash point receipt to see how much I have left to spend!

I think I'm losing the will to live...

That'll be all that time you spend counting your pennies

[mybrainhurts]

1 said:

mybrainhurts said:

1 said:

mybrainhurts said:

1 said:

I have several bank accounts, all of which have their own use. Ironically I find it much easier to see whats going on with my finances this way. The 2 main accounts I have are for exactly the purpose you describe; One for salary and DD's and the other a cash spending account. Both accounts are with the same bank and I manage them on the internet, really couldn't be simpler!

Yes it could...

One account and a calculator...

Or an abacus if you want to turn it into a fun activity...

But Shirley using a calculator to see how much money you have left to spend is more difficult than me looking at my cash point receipt to see how much I have left to spend!

I think I'm losing the will to live...

That'll be all that time you spend counting your pennies

Thought you said penises there, for a minute...

[1]

mybrainhurts said:

1 said:

mybrainhurts said:

1 said:

mybrainhurts said:

1 said:

I have several bank accounts, all of which have their own use. Ironically I find it much easier to see whats going on with my finances this way. The 2 main accounts I have are for exactly the purpose you describe; One for salary and DD's and the other a cash spending account. Both accounts are with the same bank and I manage them on the internet, really couldn't be simpler!

Yes it could...

One account and a calculator...

Or an abacus if you want to turn it into a fun activity...

But Shirley using a calculator to see how much money you have left to spend is more difficult than me looking at my cash point receipt to see how much I have left to spend!

I think I'm losing the will to live...

That'll be all that time you spend counting your pennies

Thought you said penises there, for a minute...

Best get that abacus out!

[mybrainhurts]

[bmw2002]

The last Shirley I knew couldn't use a calculator, bloody useless she was.

[Maxf]

I'd have a crack at managing your space bar - it seems to be being spent before it is required

[MK4 Slowride]

I have tow bank accounts. I get paid into my Natwest one and from that a transfer is made to my RBS account which pays all the bills. So I don't need to worry about spending everything and defaulting on the mortgage. Also I put a bit too much in the RBS account so end up saving at the same time.

It works for me but never thought there'd be a theory on it.

[mcflurry]

Its fine as long as you don't take too much money out of the wrong account. Kerching - £30 penalty charge arrangement fee...