Do people use savings pots to manage annual club subscriptions?
Considering a typical scenario
Squash club (£295)
Porsche Owners club (£60)
Golf club (£1,800)
Gentleman’s club (£600)
Yacht social club (£35)
Badminton club (£180)
I suppose you could create a pot for each club. Open each for a 0.01 and setup a monthly contribution (x/£12). Then when the pot hits £500, convert to a ‘interest bearing’ pot and divert the monthly sub. Seems a maintenance pain right? Each year the subs go up too - more maintenance (yawn).
Create a single ‘subscriptions’ pots and aggregate the monthlies. You might maintain a minimum of £500 in this case - just withdrawing when a club comes due.
Is there a feature where pots automatically convert to ‘savings’ pots?
Curious to know how others manage this or if they bother at all.