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Cost of living

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Best way to budget to avoid spending on a debit card

1 reply

PenniesDownTheSettee · 31/05/2024 16:17

I've just been through my electricity and gas bill and realised that not sending in weekly readings because i finally had a smart meter installed has been a disaster. And my salary has also dropped by a third, so I need to find a simple way to budget that involves money being paid into one account, then set amounts transferred to other accounts for rent, bills, DDs, weekly food shop etc ? I don't have a smartphone, so prefer to use different bank accounts, possibly withdrawing a set amount each week in cash (probable for the food shop which is the biggest stressor).Or maybe just have a second account to live off, and keep salary and all DDs in main account?

OP posts:
NewName24 · 31/05/2024 17:50

You could do this in any bank. Set up an account from which all STOs and DDs are taken, and transfer the money you need to cover them from the account your pay goes in to, on pay day.
Make sure you have enough in there (remembering a Direct Debit amount can be different each month) so you don't incur charges / go overdrawn.
If you are able, set up some sort of a savings account and put some money in that every pay day too, and then you know what is left in the account with the debit card is available for spending.

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