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<a https://www.thestudentroom.co.uk/showthread.php?t=7467335'> Year 12s: what will be the first way you research your future options? >>
<a https://www.thestudentroom.co.uk/showthread.php?t=7467335'> Year 12s: what will be the first way you research your future options? >>
<a https://www.thestudentroom.co.uk/showthread.php?t=7467335'> Year 12s: what will be the first way you research your future options? >>

Savings

Simple q (I think) - as a general rule of thumb should you aim to have less money in ur current account (I’m a student) than in your savings?

But if I need to top up my current account, I wouldn’t be able to just take money out of my savings? (I don’t have an overdraft/I’m w Lloyd’s)
Original post by unknowntsr
Simple q (I think) - as a general rule of thumb should you aim to have less money in ur current account (I’m a student) than in your savings?

But if I need to top up my current account, I wouldn’t be able to just take money out of my savings? (I don’t have an overdraft/I’m w Lloyd’s)

I have a student bank (savings) and a current account (spending). I transfer a set amount on sunday to the current account and what ever doesnt get spent gets transferred back. Can't you just sdo something like that?
Original post by unknowntsr
Simple q (I think) - as a general rule of thumb should you aim to have less money in ur current account (I’m a student) than in your savings?

But if I need to top up my current account, I wouldn’t be able to just take money out of my savings? (I don’t have an overdraft/I’m w Lloyd’s)

Typically it depends on the type of savings account. If it's easy access and there's no limit/penalty on withdrawals then you could leave only what you think you'll need in your current account and dip into your savings only if you need to.

I'd recommend doing a budget and seeing what you typically have left each month, then setting up a regular routine to put the excess into a savings account. Review it in a month or two to see if it's the most appropriate (i.e. if you think you can put £50 a month away, but two months down the line you discover you could probably do £75 and not have to dip into savings, change it. Similarly, if you start off with £50 but find you dip into your savings for around £20 extra, reduce the monthly amount to £30/£25 going forward).

Hope that helps :smile:

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