Many years ago I watched a programme on TV about “Managing your money” and there was a very wise man on there who said that he had “about 20 savings accounts and put a small amount of money into each every month” to save there being any large scary bills once a year, or once every few years.

I decided about 2 years ago to adopt this scheme, but perhaps not quite to his extreme, and this is what I now do, which so far appears to be working exceptionally well.

  • Christmas Account – £25 per month (Allows for  £300 of present buying every Christmas)
  • White Goods Account – £8 per month (Allows for 1 new white-goods appliance every 5 years)
  • Car Insurance Account –   £19 per month (Allows for my car insurance at £230 per year)
  • Car Servicing and Tyres Account – £35 per month (Allows for one service every year and new tyres every 5 years)
  • Car Road Tax Account – £40 per month (The real down-side of owning large 4×4 family vehicle – the extortionate road tax of £460 per year)
  • House Fixing Account – £5 per month (To allow for minor fixtures and fittings a lightbulbs etc)
  • Birthdays Account – £15 per month (Gets expensive with a large family!)
  • Rates Account – £50 per month (The equivalent of council tax for those on the UK Mainland)
  • Clothing and Shoes Account – £3 per month (A new jumper or pair of jeans most years and a new pair of trainers every 3 years)
  • Heating Account – £50 per month (Allows for a fill up of oil once per year at £560)

Total outgoings to savings accounts every month:  £250.00

Hopefully this will give you some ideas! It really does work!




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