Post by Whisker on Aug 18, 2012 6:00:43 GMT -1
When times are tight and you’re struggling to manage your budget effectively, could the answer be jam jars?
Money is tight for most of us and it can be a real struggle to manage household budgets and keep clear of debt.
That’s why there’s been growing interest in so-called jam jar accounts. These almost always charge a fee but do much more than a standard or basic bank account.
Jam jar accounts manage your money for you. You specify what kind of ‘pots’ you need your account to contain and the account will automatically divide your cash up.
So, you might label one pot ‘bills’, another ‘savings’ and a third ‘spending’. Then the account only allows you to spend the money in your spending pot, giving you the reassurance that when your bills are due the money is there.
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Money is tight for most of us and it can be a real struggle to manage household budgets and keep clear of debt.
That’s why there’s been growing interest in so-called jam jar accounts. These almost always charge a fee but do much more than a standard or basic bank account.
Jam jar accounts manage your money for you. You specify what kind of ‘pots’ you need your account to contain and the account will automatically divide your cash up.
So, you might label one pot ‘bills’, another ‘savings’ and a third ‘spending’. Then the account only allows you to spend the money in your spending pot, giving you the reassurance that when your bills are due the money is there.
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) for the coming year. Then you divide by 12 and pay that monthly amount into the Saver account. You can have direct debits and standing orders handled by the account, so you don't have to actually sit down and pay your bills. It's all done for you. 
