Help me organise my finances

[small2018]

I've read on here that people have various bank accounts for various things, segmenting their money in certain ways. Can someone help me with that?

How many accounts do I need and what should go on them?

Would be for me and DH.

Depends on what you need them to do - I have one for all monthly DDs, one to transfer to savings accounts for me & DD and the main one that my salary is paid into which has transfers set up to the other accounts - what is left is what I can spend for the month.

I've only recently learnt to budget! All my wages get paid in to one account. I wrote down all my outgoings and income. I transfer set amount out in to a different account for bills (mortgage, water rates, council tax etc), transfer another amount in to a Monzo account for 'my money' (make up, meals out, clothes etc) then what's left is food and fuel. I divide it by 4 for a 4 week month to see how much I've got each week. Seems to be working for me... So far! When I have a month with a birthday or a school trip for example, I take that out of my Monzo meaning less for my treats 😭

I would also suggest you have a banking app, you can then keep track of your accounts, how much your balances is and not spend and end up paying charges.

I have an excel spreadsheet to cover my spending, and plan ahead for bills, holidays, Christmas, school uniform/books, insurances, car expenses, etc. Covers my current account and credit card.

I put aside money every month into a savings account by standing order, and also a salary sacrifice from my paycheque to the credit union through work. (So 2 savings accounts - just because that works for me).

And that's it.

Thanks everyone.

I think I'm going to start by going through my direct debits and moving that money and the DDs away from my current account.

I found having a cash (spending) current account and a fixed monthly DD current account really useful when I started budgeting. We do all our monthly spending on a cashback CC so food/ fuel etc and have this to come out by DD in full out of the cash current account, anything left at the end of the month is sent to savings. It really simplified our budget and we knew exactly how much we had each month. We have a far more convoluted system at the moment to capitalise on cashback and rewards through different banks but I'd really recommend keeping fixed DDs separate.