Pa

[thirtypl]

I have difficulty managing money due to impulsive spending and lack of control as well as a long term disability and medical condition. I got into £3k debt on a credit card during lockdown but cleared my last payment on Friday. Is it okay to ask my parents to open a bank account for me to pay money to stop me from buying everything impulsively? I'm 30 and live with my parents.

Can you open the account but give them the card and the online details? Post office acct or monzo or similar. That way you can access IF you NEED to.

Its great you realise the issue.

If they open an account in their name then the money you pay in becomes theirs; which may cause problems later on with inheritance tax or means testing for care/benefits etc.

I would look at opening an account in your own name and then not setting up any sort of access for it (or setting it up with only your parents knowing the password). Then you can set up a direct debit to transfer the money every month and not touch it.

Or maybe something like Premium Bonds where it’s a bit of a hassle to withdraw the money - not enough to stop you if you truly want to, but it takes a couple of days which may deter impulsive spending?