How do you run your bank accounts? Is everything manual or automatic? Or do you do a mixture of both?
I found one of the best ways to reduce our outgoings, early on in our goal to move to Portugal, was to eliminate every miscellaneous automatic payment from our joint bank account; magazine subscriptions, monthly boiler cover (we self insure), work social funds. I cancelled everything; it’s so surprising how the little things add up.
We have a simple system that is all over in ten days, and so easy to control. Everything is set up automatically and if I need to change the amount of any savings, it takes two minutes.
| Date | Credit/Debit | Details | Amount |
| 23rd | Credit | Deposit from L | |
| 23rd | Credit | Deposit from M | |
| 25th | DDR | Electricity/Gas | |
| 25th | DDR | Council Tax | |
| 28th | DDR | Water Rates | |
| 1st | DDR | Mortgage | |
| 1st | DDR | Life Insurance | |
| 1st | DDR | TV Licence | |
| 1st | DDR | Digital TV | |
| 1st | DDR | ING – Big Trip | |
| 1st | STO | Regular Saver – Efund | |
| 1st | STO | E-Saver – Annual Bills |
{photo credit: dannyMcL}
{ 4 comments… read them below or add one }
Nice Job! I wish I could set up everything automatically, but am still working on it.
However, I do think it is important to get rid of all automatic miscellaneous payments. I have a few of those and the products are not even being used! Wasted money, I know.
Was it hard to set up the due dates with companies to fit the end/beginning of the month?
.-= Money Funk´s last blog ..Meal Plan Monday =-.
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Great post! This is very helpful. I’m sure I’d visit your site more often. Anyway, you can drop by my favorite online hang out too, at UK Student Community. Thanks!
.-= Micah´s last blog ..choosing your university.. =-.
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Rmit Seth of I Will Teach You to Be Rich has an excellent and simple budget plan from his book, here’s the link for his website one, I haven’t looked closely at it but I’m sure it’s the same as the book
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opps forgot link
http://www.iwillteachyoutoberich.com/automating-your-money/
Alot of people complain that his book is written for Americans while that is true he has enough good ideas to make it worthwhile reading
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