font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by paternobama
Hello everyone, I don't know how to save money, whatever money I earn I spend all of them. So please suggest me how should i save money?
What I do is I have 2 current accounts and multiple savings accounts
Current Account 1 - direct debits, standing orders and wages
Current Account 2 - day to day spending
Savings for car maintenance, tax, insurance ect
Savings for presents
Savings for medical bills (my glasses are ~£100)
If you setup current account 1 correctly you should have wages coming in, bills paid, savings topped up and a lowish balance (but never below 0)
Current account 2 is then used for day to day spending, on a basic account it's pretty well impossible to go overdrawn and incurr fees (most bank fees tend to be direct debit)
If you need to spend on car, you transfer into your spending account (for my annual insurance I transferred money while on phone renewing, so I got amount right)
This is working for me so far (been about 6 months), nice to know that money in spending account isn't needed for a bill
Martin