This week’s assignment comes from the four of hearts and asks why I have several different bank accounts which I sort of use in different ways but not in any consistent manner. And am I banking with the right bank? (NatWest)
For years I simply had a current account and then my bank went and opened a second account for me without my asking — it was some sort of perk of my current account.
Then, a few years back, I asked them for another current account because I’d been told that I would find it extremely helpful if I kept any money relating to the flat that I rent out in a separate account; it would make filing my taxes on it each year less of a headache because anything that the flat had cost me throughout the year (mortgage, insurance, plumbing problems) and anything it earned for me (rent) would be itemised in one location, one account.
Yes, this WOULD save me loads of time calculating my taxes if I only I really was making sure to put everything tied to my flat into this special account …
And then’s there another account, a fourth one, still with the same bank. I know I opened this one for a reason too … what it was I can’t remember.
Given some of my spending habits it’s been on my mind all year that it might be a good idea to remove some of my salary from my main account into one of these other ones to help keep me on track. Maybe. I can already see the futility of this.
But in any case this week’s assignment comes nicely timed on the heels of my budgetary homework and just weeks in advance of having to file my taxes. It’s time to look into these different accounts and work out how to use them, if any should be shut down in the interests of simplicity and to take a step back and ask is it time to leave NatWest?
Till Sunday …