Saving where it can't be touched!

Hi,

We set up an ISA with our bank account and agreed an amount we could transfer for wedding savings each month. This way it was separate our normal account however we could access it when needed.

I think you can get some accounts where you can't withdraw money more than so many times a year so this may help if are worried about spending it but you might just need to think about the logistics of this if you need to pay out deposits etc.

For us the most important thing was a planning / tracking spreadsheet (boring I know!) but this allowed us to work out up front how much we thought we needed to save up based on quotes and then worked out how much we realistically could put away each month after bills etc and then we just had to be disciplined not to touch it. Very hard at times though!

I'd say an ISA or dedicated savings account, you can check on them when you're at the bank or doing online banking, but you can't spend them accidentally.

I have a savings account with NatWest, but the card can only be used to withdraw or pay in rather than paying for things like on a debit card. This means you have to consciously go into your account and withdraw or transfer the money, rather than paying something on your debit card and accidentally dipping into your savings.

One thing about ISAs: there is a cap on what you can put in during one tax year/ calendar year regardless of how much you withdraw. Say the cap is 1000, you put in 1000 and withdraw 800, even though there's only 200 left you have already paid in up to the limit and have to wait until next year to pay in any more (if that makes sense and I simplified the numbers, the limit is probably a bit higher)

Lastly: always read the small print with these types of accounts, some charge you for taking your money early etc.

Hey!

We opened a new joint account with Halifax, it has a card so we can pay for things from the account BUT we leave the card at home so we can't use the money.

It means we don't touch it, but it has the plus side of being able to make payments/purchases from that account without having to swap money around accounts.

Rxx