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How to avoid frittering a lump sum?

Including Financial Independence and Retiring Early (FIRE)
tramrider
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Re: How to avoid frittering a lump sum?

#188823

Postby tramrider » December 22nd, 2018, 1:13 pm

MyNameIsUrl wrote:Semi-retired friends are trying to plan their finances and they are about to get a lump sum which is meant to be spent in equal instalments over the next 8 months. They have a bit of a tendency to succumb to temptation and the money needs to be organised to make discipline easier. It seems to me a monthly standing order into their current account would be a help.


One way to make the monthly amount more obvious would be to open an account with another bank/building society, put the lump sum into it, then set up a monthly standing order back into their main bank account. The monthly sum would then look like a limited monthly salary that they had to live within. It might help their self-discipline.


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