FoxxDenGive every account a job
For years, everything went through one current account. Pay came in, bills went out, I spent on my card, and whatever was left at the end of the month was… whatever was left. Usually less than I’d hoped.
The trouble with one account is that every pound looks the same. The money for next week’s council tax looks exactly like the money for Friday night. So you spend it, and then you’re short when the bill comes.
Three accounts, three jobs
- Main account: pay comes in here, and your personal bills go out.
- Bills account: a fixed amount moves across each month, and the household bills come out of it. They’re always covered, and you can’t accidentally spend that money.
- Spending account: a set top-up each week for food, fuel and fun. When it’s low, you know. When it’s empty, you stop.
Overspending can only happen in one place, so it can’t quietly eat your bills or your savings.
The bit nobody tells you
Your first spending top-up will probably be wrong. Mine was. That’s fine. After a couple of months, you’ll see whether it’s keeping up with what you actually spend, and you can adjust it. FoxxDen does that sum for you after a few balance checks.
You don’t need to change bank. Lots of UK banks offer free extra accounts or pots. And if you’d rather keep things simple with one account, that’s completely fine too. But if you’ve ever got to the end of the month wondering where it all went, this is the change that helped me most.