[Sunnycat]

DH and I are terrible with money. Can't save money at all and we just p*ss away money like water.

So I was thinking of giving my mum some money to save for us. She said she will put it in a high interest account for us. She knows we are crap with money and I know she won't rip us off.

DH on the other hand thinks its pathetic and that we should be able to save money ourselves. Whilst I agree with him that we should be able to save money, we clearly can't.

What do you think EB?

This post has been edited by Sunnycat: 18/12/2012, 03:48 PM

[JECJEC]

If it works for you then do it. Maybe its pathetic, maybe you should be able to save but if your not and this works then it is the way to go.

[HollyOllyOxenfre...]

If you honestly can't do it yourselves and you can trust your mum with it, I think it's a good idea. That said, is it really going to teach you discipline in the long run?

What about setting up a weekly/fortnightly (depending on when you get paid) direct debit into one of those high interest accounts that you can't access immediately? Or organising it through your payroll? It would mean the money is being saved automatically, but you and your DH are still the ones who decide if and when to withdraw it from the savings account, so it would slowly get you to be more responsible.

ETA - I think realising you're crap with money is the first step, regardless of the method you choose to try and remedy it, so in the long run hopefully you'll get better with it

This post has been edited by HollyOllyOxenfree: 18/12/2012, 03:51 PM

[rabbit hyde]

Yes you should be able to save money yourselves in an ideal world, but you've been able to acknowledge that at the moment finances are not your strength.

I was terrible with money up until about a year or two ago, and it's something that takes practice. If you're in a position where you have a trusting relationship with your mother and this will help you and your DH reach your goals - it's at least worth a try.

[coffy11]

Yeah a bit pathetic

[Jax12]

Who cares if it's pathetic? Do what works for you! If you have found a system that will allow you to actually save then that's the important thing. You can re-examine your method down the track once you get in the habit of putting some money aside and can see the fruits of your savings in the form of a nice figure sitting in an account somewhere. Maybe that will give you the motivation you need to be stricter with yourselves in the future? Good luck with whatever you decide.

[AllegraM]

You've recognised your problem and found a solution. Good for you.

Maybe set up one of those internet hard-to-access high interest accounts and set a small second savings plan just to get into a good habit.

[Sunnycat]

If you honestly can't do it yourselves and you can trust your mum with it, I think it's a good idea. That said, is it really going to teach you discipline in the long run?

What about setting up a weekly/fortnightly (depending on when you get paid) direct debit into one of those high interest accounts that you can't access immediately? Or organising it through your payroll? It would mean the money is being saved automatically, but you and your DH are still the ones who decide if and when to withdraw it from the savings account, so it would slowly get you to be more responsible.

ETA - I think realising you're crap with money is the first step, regardless of the method you choose to try and remedy it, so in the long run hopefully you'll get better with it

I already have a high interest account and direct debit and payroll set up but I still manage to transfer it to spend. The problem is I have no impulse control when it comes to spending or eating.

[missjoads1234]

Whilst it would be excellent if you could save the money yourselves SC, it'd be good as well if your mum can do it for you. It really is a good skill to learn however, i agree with the PP's regarding a high interest account. We have one linked to our everyday account and they are excellent.

I was wondering - and i mean this with no disrespect, no malice - how did you buy your place?

[WinterIsComing]

DH is a bit like that. Once upon a time, we saved an enormous amount in proportion to our then income, because I was the only one who had electronic access to the savings account. I would transfer money into our "spending" account, he would withdraw his weekly money and that would be it.

Over the past two years, he regained his access, and despite us making nearly double of what we used to (due to a dramatic rise of his pay), we didn't save at a higher rate.

So no, not pathetic, you either have financial impulse control or you don't. Nothing like forced savings.