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To be giving my sister money to look after when she is skint.

(22 Posts)
Shinyshoes1 Thu 01-Sep-11 14:17:50

It's that time of year again the big 'C'. grin Due to previous financial difficulties I am limited as to opening abnk accounts. I have a basic one with the CO-OP, and one with Tesco.

I have asked my sister to 'look after' some money for me for Christmas, this is to make sure I dont spend it. if it's in an account that I can access I have no will power and will dip into it. If my sister holds it I wont be able to get at it as easily.

My DP said that she has no money , fancy getting her to look after money for you. I didnt think I was doing anything wrong , perhaps I just wasn't thinking full stop hmm


btw please dont let this be about my lack of self control when it comes to money

ChaoticAngeloftheUnderworld Thu 01-Sep-11 14:20:22

Well I'm skint and I'd never dream of taking someone else's money if they asked me to look after it. If I was your sister, I'd be offended at your DP's implication hmm

Shinyshoes1 Thu 01-Sep-11 14:22:26

I dont think he's implying she will steal it, he thinks it's insensitive that I get my sister who is skint to look after money for me for Christmas when she says she cant afford to do Christmas this year herself.

I do treat her every Christmas, i normally give her a book of Tesco stamps that i've saved to help her out a bit

knittedbreast Thu 01-Sep-11 14:27:19

put your cash in an isa that you can only access twice a year. once at christmas and then you have one left.

i opened an isa and am very strict at atking cash out, and now actualy have savings and look ofrward to saving, christmas is almost done!

ChaoticAngeloftheUnderworld Thu 01-Sep-11 14:33:34

Then my apologies to your DP blush

knittedbreast has a good idea.

izzywhizzyletsgetbusy Thu 01-Sep-11 14:34:39

please dont let this be about my lack of self control when it comes to money

Sad to say, but that's exactly what it is about. If you are saving for Christmas you should cultivate the strength of mind and the resolve to use the money for its intended purpose, and only 'dip into it' to buy gifts/items that are needed for the festive season.

creamola Thu 01-Sep-11 14:34:57

it depends

could your DP look after it for you instead?

you could open a ISA as someone else suggested.

Whatever you do do not be tempted to go with a christmas savings catelogue

Can you trust your sister ?

If you can go for it

Catsdontcare Thu 01-Sep-11 14:39:09

I have two bank accounts. I put money in one to save for holidays and xmas and to stop me dipping in here and there I threw out the pin number that came with the card so I can't use the cash machine or pay in stores with the card. I can still get money from it by going into the bank but not without time consuming hassle which is ok when I need it at christmas but not worth it for the sake of 20 quid here and there!

Rubyx Thu 01-Sep-11 14:39:53

I have a sister who is constantly in overdraft / up to her credit card limits. 7 years ago i took out a loan for seven thousand pounds and consolidated all her debts. She was to put a fixed amount into my account. Happened for a while and then i found out that she had maxed more cards and was another 6/8 thousand in debt. Finally sorted her out ( four years ago) and then i put some money aside in an empty savings account in her name. Just asked for it back and she has spent it. Saying she got herself into a mess again and just used it and was going to pay it back!!!!! I am not working currently ( i;m fostering and waiting for placements) and she is earning 30K
At the moment i would say don't trust anyone ;-(

mollymole Thu 01-Sep-11 14:40:46

can you still buy savings stamps at the large supermarkets

porcamiseria Thu 01-Sep-11 14:41:11

i think you need to think about why you cant look after your money! can you seriously not open a small savings account with a building society, then give your sister the paper work and say dont give to me till dec 1st?

Shinyshoes1 Thu 01-Sep-11 14:42:08

Yes I trust my sister absolutely.

My DP would take too long putting it in a bank, then using , £20.00 here £40.00 there and before I know it the majority would have been spent without him realising. He takes an age to do anything.

I dont know if I could open an ISA due to my very very poor credit rating from previous financial problems

He thinks it's very insensitive ta ask my sister to do this when she has no money herself

Catsdontcare Thu 01-Sep-11 14:49:14

Alternatively could you buy some high street vouchers every time you've got some money you want to put by for xmas? Then just buy your xmas stuff with the vouchers?

biddysmama Thu 01-Sep-11 14:49:44

we have a standing order that comes out the same day the wages go in, into a bank account we dont touch until its needed

cycletrack Thu 01-Sep-11 16:35:57

What about a regular saver with penalties for withdrawal? There are a few about and at least you'd be earning some interest too.

I don't know much about credit unions, but would that also be worth looking into? I'm guessing they would be more lenient to those with past money problems.

SnakeOnCrack Thu 01-Sep-11 16:38:41

I don't think you need a good credit rating to open an ISA or savings account do you? You're not asking for credit after all.

whackamole Thu 01-Sep-11 16:41:06

I opened a savings account with ING, it's fairly easy to get money in and out (online or telephone transfers) but as I don't access it often and it is not my regular bank I don't.

I didn't want an ISA due to the regulatory controls - once you have put in or taken out the max amount you can't use it anymore.

Loads of places have savings accounts with penalties for withdrawals - IE max one a month, or a charge if under a certain amount etc. I'd look on moneysupermarket myself and do it that way. I wouldn't want anyone else to have responsibility for my money.

IHaveAFeatureWallAndILikeIt Thu 01-Sep-11 16:41:42

would your credit history stop you opening an account? Surely it would just stop you from having a overdraught or credit.

Why not pop into a bank and see? I don't think they would do a credit check to just open a basic account.

Why not just put cash into envelopes under your mattress? When we are on a budget we find envelope budgeting very effective.

ddubsgirl Thu 01-Sep-11 16:47:28

hmmmm i may just open a isa can do it at weekend when i get paid only £1 to open(barclays)
i dont know much about them,do you need to pay a certain amount in to them?

Lougle Thu 01-Sep-11 20:01:39

Co-op will open an ISA for you, even if you have declared bankruptcy in the past smile

ninedragons Thu 01-Sep-11 22:58:03

I have a couple of internet savings accounts. You have to transfer the money out of them into your current account when you want to spend it, which would prohibit impulse spending if that's your problem.

Shinyshoes1 Thu 01-Sep-11 23:40:23

Thanks all for the great advice, especially Lougle who hit tha nail on the head wink

I shall be looking at a savings or an ISA account to open

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