Discretionary pot - for my weekly spending. Standing order sent from this account weekly. Committed pot - for my bills. Direct debits assigned and pre arranged transfers set up to transfer money from the pot to my main account for standing orders and pre-authorized monthly payments. Remittance pot - for any credit card spending. Credit card direct debits here and any spending on credit cards I put in this pot. Annual pot - for annual spending such as Amazon Prime, Insurance etc. Transport pot - for my monthly transport costs. Reserve pot - for any other temporary money not allocated elsewhere. Not savings as these are in an external Marcus account.
I think mine are all fairly obvious!
I want to get to about 3 months salary in my emergency fund.
Direct debits / standing order comes of groceries / bills pot. I put anything I spend on a credit card into that pot and the full amount gets paid out of there.
Christmas is locked until November but Iāve nearly reached my goal - first time Iāve not been panicked about Christmas!
Car for insurance, MOT, tyres and all that, I pay the same amount in here every month Holiday, I pay in every month and then all holiday or trip expenses come out of it Laptop I pay monthly and budget for a new laptop every four years Phone Same but for new mobile phone every three years Fuel I have a crappy commute and spend over Ā£100/mo on fuel which goes in a pot so I donāt spend it on coffee Choir Pot to cover the standing order for choir membership fee Window cleaner to cover the money I will owe the window cleaner whenever he shows up Bills where all the direct debits come from except my pension Pension where the DD for my pension/ISA goes, itās a much larger amount than the rest of the bills so keeping it separate should make it easier to keep an eye on the total bills spend Buffer a fake overdraft in case of need to overspend, I just clear any leftovers into here at the end of each month
Fairly self explanatory! Transport- diesel costs to get to workā¦currently emptyā¦been a long month! Archie Football- pay my sonās football subs each season- scheduled Ā£5 a month and locked until next April so its ready for the next season! Beer- to pay for my occasional night out! Savings- savings! Unpaid Leave- I am planning on taking a few weeks unpaid leave next year so this will cover the downfall in wages Moneybox- all my round upās go here and the Moneybox DD is taken from here too
House - Saving for my first home Round Ups Month - My monthās allowance sits in here getting interest whilst I use a weeks worth at a time Moneybox - Pay into here before it is sent to MB via DD Klarna - Store money for my Klarna purchases here so know I have the money when itās due iCloud - Monthly iCloud storage payment goes in here Offset Earth - Keep my Ā£5 a month in here until it the DD is due Netflix - Keep the cost in here until itās due
House - savings pot for my first place, soooo close Car Tax 19/20 - locked pot, each month I put the same amount into it to reach a set goal Car insurance - locked pot, each month I flex what I put into it to achieve the set goal which is an estimate. If it costs less than Iāve saved Iāll keep the rest for next year Car bill - bills pot for my car finance Phone bill - bills pot for any DD to do with phone Emergency fund - regular pot, built by the weekly saving challenge using IFTTT. Aiming for 3x + monthly salary 1p saving challenge - regular pot, 1p saving challenge using IFTTT. Not for anything specific Croatia - locked pot with a goal. Will be unlocked when I fly out, happy to have hit that goal already
Do you make use of the loyalty schemes that some pumps offer?
Iām using Shell Go+ and have found the savings quite generous, had about a tenner off in the last month.
I went a bit overboard with mine, but it gives maximum visibility! A number of these rely on IFTTT and some custom API integrations to ensure money moves around correctly, but it finally means whatās in my CA and JA can actually be spent without trying to keep track of what else is due.
Monthly deposits are 1/12th of the annual spend there, and then our practice allows you to pay monthly via DD, to cover generic appointment costs across the year, so then it just becomes a bill pot.
Car for insurance, MOT, tyres and all that, I pay the same amount in here every month
Holiday, I pay in every month and then all holiday or trip expenses come out of it
Laptop I pay monthly and budget for a new laptop every four years
Phone Same but for new mobile phone every three years
Fuel I have a crappy commute and spend over Ā£100/mo on fuel which goes in a pot so I donāt spend it on coffee
Choir Pot to cover the standing order for choir membership fee
Window cleaner to cover the money I will owe the window cleaner whenever he shows up
Bills where all the direct debits come from except my pension
Pension where the DD for my pension/ISA goes, itās a much larger amount than the rest of the bills so keeping it separate should make it easier to keep an eye on the total bills spend
Bills
3mths Expenses
Xmas
Car Deposit
Holiday 2020
Loft Conversion
Energy Storage
House - Saving for my first home
Round Ups
Month - My monthās allowance sits in here getting interest whilst I use a weeks worth at a time
Klarna - Store money for my Klarna purchases here so know I have the money when itās due
iCloud - Monthly iCloud storage payment goes in here
Offset Earth - Keep my Ā£5 a month in here until it the DD is due
Netflix - Keep the cost in here until itās due
and I used to think Ā£200 was bad!
[spoiler]Especially in such a beautiful part of the world (I am biased)