Where do you hide your running away fund

[Somuchsugarinoneday]

If you have one?

I’m soon going to be working more hours and earning almost double what Dp does. I’m not planning to run away, but I do want to save that money and Dp is hopeless with money and it all gets frittered away somehow.
I want/need to save the money for an important reason-medical tests and help for my ill Dd and then possibly a trip to Disneyland in a year or so. I plan to work very hard for as long as this opportunity presents itself and to save as much as possible.
I’m thinking cash in a larger envelope, but where? My thoughts are in a high up picture frame in Dd’s bedroom, but i’m not sure 🤔

Where do you hide yours, if you even do?

Make sure you get paid into your own account and transfer however much you decide into the joint account. My husband and I have always completely shared finances but are both paid into our own accounts. Then you can regularly squirrel some away, just in case.

Starling bank is easy to open an account with - all done via an app and all online. I do have a card though so I don't know how easy it would be to do if you didn't want the card sent to the house.

However I don't agree with secret accounts. My father used to hide all the bank books so my mum wouldn't know how much he had when they split up. He definitely diddled her out of a chunk but when he died I got it so I bought her a car so she got it back.

Also, DH and I have our own accounts which our salaries are paid into. Then we have a joint account for bills.

How old are you @Somuchsugarinoneday ? I ask because you sound very financially naive about a simple savings account.
Keeping cash is madness - there is no interest and no security.
You can open a savings account in your own name - some, such as ISAs and premium bonds cannot be be joint anyway.
It can all be done online without postal letters or statements.
Keep your passwords secure.
Open a new email account with a different password if you want to use that for your finances.

Yes. I don't get post for any financial stuff - all online! I have an ISA that DH kind of knows about but can't access and has non idea what's in it. He's also shite with money....

Problem now is if you are on UC a joint claim it needs to be declared so he would know anyway.
Personally I think everyone no matter what sex should have a to use your words "running away fund"
Best to have one and not need it rather than need it and not have one.

Get it all paperless. Can you open an account at a different bank. I have three different banks for no particular reason. All are paperless and all used online.

No, this is the thing, it’s cash and I need to pay own taxes etc, he won’t know how much is coming in

No letters to the house. Savings account online. Premium Bonds on line (reinvest any winnings).

There is absolutely no need to tell DP about any savings account.

But ..if it's a joint account will he not ask where your wages are going assuming they are paid into it? He'll see a transfer out whether it's £50 or £500

Sit down, have an adult conversation, maybe have wages paid to own account and transfer your share of bills to joint account and then you are able to have your own savings

I don’t hide anything , we have separate finances and a joint account for the household which we 50/50 on

And @Somuchsugarinoneday - write a Will. I know he is not your DH but he may try to make a claim etc. The only way of controlling your finances after death and ensuring your DC gets their money is through a Will with a trust.

Could start a revolut account? You don’t ever get post apart from your initial card which you could have delivered elsewhere as you pick your delivery address rather than having it to delivered to your billing address

Just open an app based account such as Monzo, Starling, Chase etc
No paperwork will come to your house as it’s all online.

Open a Chase account. It’s all online. No letters. They have a great interest rate for the first year.

Most accounts are paperless now so no statements showing up in the post. If things are tricky it's a good Idea to have a bit of cash. If discovered you can always say you are following new government guidance about being prepared for weather events etc. Google that and also make a point of getting something else from the list. They recommend torches, radio, cash etc. Think about buying a fake book for the cash that blends in on the shelf or hollow out and old one so there's a nice hidey hole. Taping an envelope behind a picture is not a bad idea. If you are the only one who uses the chest freezer then consider that as well. Google hiding cash in freezer. Final tip. Prepaid cards. Buy when you can then hide as above. If discovered they are part of your Christmas savings plan. 💪

That sounds like an old person 2

Posted at the same time.

You'll need to save for your taxes separately. He careful,you don't want a tax bill.

Cash is easy, just pay into any account in your name via the post office. Open a second current accounts pay all the cash in there. Keep some for your taxes and transfer the rest to an ISA or premium Bonds or savings account.

Literally cash? Id probably hide it in the loft(or wherever he doesnt go) in a fire proof box.

Pp made a good point about UC.

But personally I'd have a separate account with monzo or similar. As long as he didn't see the app on your phone.

Yes. No statements, or letters.

Historically we had a couple of joint accounts - one was for bills and household spending, the other was for take-aways, holidays, general frittering. But our salaries were paid into our own private accounts. It seems odd to only have the one joint account.

Now, in our 60s, we are looking at making all accounts joint, just so that if one of us pegs it, the other one won't have too much faff accessing money.

Get it paid into your own bank account and save it. Only pay an agreed amount into a joint account.
no more.

The other massive problem with cash in an envelope is that if you need to leave quickly you might not be able to access it. A bank account on your phone will be with you all the time.

You get paid in cash ??

Do you have an address (ie parents) you can use as a correspondence address? Even online banks sometimes send post as per regulations

This!

I’m not sure if he’d be mad, but it would seem strange-keeping a secret from him, when we’ve always shared money and he’s earned more for a few years. Wouldn’t it be a bit of a piss take?