Inconvenience banking for bad money handler!

I am bad with money ... I spend more than I have in my account and am pretty much always overdrawn.
I have resolved to rectify this problem and am looking for advice on inconvenient banking.
My biggest downfall is my debit card so I'm getting rid of that. It's such a temptation for me ... and it annoys me that the money is not instantly gone from my account ... it might take a few days.
I wonder do any of the banks do bank books anymore? Like the ones where you actually have to go into the bank to get your money out?
Basically I'm trying to go cold turkey ... cash only for a while to get myself back on track and improve my habits!


Thanks in advance.

post office savings account.

Henny Penny said:

I am bad with money ... I spend more than I have in my account and am pretty much always overdrawn.

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Just get rid of the overdraft facility (both authorised and unauthorised) to avoid the second problem. The first problem can only be rectified by addressing the spending habits that lead you to spend all your money presumably unnecessarily. Draw up a budged and stick to it.

My biggest downfall is my debit card so I'm getting rid of that. It's such a temptation for me ... and it annoys me that the money is not instantly gone from my account ... it might take a few days.

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What do you mean? That the money is not gone from your current account when you spend using the credit card? If that's what you want then get a debit card.

I wonder do any of the banks do bank books anymore? Like the ones where you actually have to go into the bank to get your money out?

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Yes - usually for savings rather than current accounts though.

Basically I'm trying to go cold turkey ... cash only for a while to get myself back on track and improve my habits!

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As above - I don't think that this is necessarily the solution. A better strategy would be to objectively review your situation and address the issues that are leading you to spend all of your money and more, draw up a realisting budget and stick to it. As ever keeping a detailed spending diary for a couple of weeks and thinking carefully about each purchase is good preparatory work for this.

Henny Penny said:

I wonder do any of the banks do bank books anymore? Like the ones where you actually have to go into the bank to get your money out?

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Credit union?

Thanks folks. BTW Clubman it is a debit card I have ... but living outside of the capital I find it takes a few days for transactions to be processed on my debit card .... leading me to a false sense of security about the amount of cash I have. I am really trying to improve my spending habits ... just looking for a bit of help ... not sure about the credit union though ... think I'd rather put it under the matress!

Sorry - missed your reference to debit rather than credit card.

not sure about the credit union though ... think I'd rather put it under the matress!

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Why?

Any bank account is inconvenient if you don't have an ATM card, just cut it up.

Congratulations Henny Penny on identifying your weakness! Half the battle is won.

Don't cut up your debit card, you may need it.

I'd suggest that you take the card out of your wallet. Put it somewhere safe at home. It means that you can't use it on impulse when you're out. Any use of it has to be a deliberate decision.

I did this with my credit card, it worked a treat for me.

Or try the classic wrap-card-in-plastic-&-freeze-it-in-tub-of-water routine.

D8L

D8Lady said:

Or try the classic wrap-card-in-plastic-&-freeze-it-in-tub-of-water routine.

D8L

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I know a few people who could benefit from this I tell ya.

Back on topic, taking the card out of your purse/wallet and hiding it in the sock drawer is definitely the way to go. I did that with mine a while back, debit card and credit card.. I live in Dublin and when I wanted to buy something I didnt really need, off I went to the atm machine but found a queue of 20 people ahead of me at it and that soon cured me of my spending habit.

Best of luck with it.

I.C

the whole credit union experience is working for me - to get the money out you need to bring yourself and book to branch and withdraw.
I destroyed the visa after writing down the number and security pin. I can buy and book online but not in the shops which was where i could do damage. The return in my CU is slightly better than a bank deposit account.

Would suggest you withdraw a fixed amount each week and then pop your card into a bowl of ice and stick it in the freezer until the following week, it will take about 24 hours to thaw - so you have to think twice about what you want to do with it.

Cancel your overdraft and hige your cheque book.

A trusted friend is currently the custodian of my own Mastercard and I cut up my VISA card. I went from owing about 3500 to just over 1200 which I'll have cleared by the end of november. So I'll owe nothing but a small car loan (which for where I live is essential) but the repayments are quite small.