I first read this blog a few months ago
and it really made sense to me.
Yes, SEVEN bank accounts.
At first I was like "That can't be good for business."
But as I read on, I realized there really isn't any kind
of penalty for having multiple accounts open.
Think of it like filing your money the way you file
your paperwork. Each file has its own purpose.
Each account has its own purpose.
Each account has its own purpose.
I told hubby about the idea and he was on board.
We will move a certain amount into each account
every paycheck, depending on how we budget them.
every paycheck, depending on how we budget them.
We've decided to break ours down this way....
1. Husband's Acct
(Lunches, haircuts, internet in Japan, spending money)
2. Wife's Acct
(Grocery shopping, babysitting, gas, care packages, spending money)
3. Emergency
(Try really really hard not to touch this, ever!)
4. New Car Savings
(We opened a high-yield online savings account at Ally for this)
5. Family Savings
(For expected expenses: tires for the car, dental visits, etc)
6. Fun Money
(For vacations, trips, fun things we want to do with the kids)
7. Family Checking
(The hub of the whole ordeal)
With our money being "out of sight, out of mind" I
expect us to save a lot more than we currently do.
Even if we start by putting $10 in each account,
its better than nothing!
Since its tax time and most people are getting their
refunds back, I thought it would be a good time to
share this information. It is definitely a different
approach to saving, but could possibly be very effective!
Also, if you haven't signed up for mint.com yet,
I highly recommend it.
Especially if you open a million different accounts.
Mint.com will keep them all in one spot to make it easy!
(We opened a high-yield online savings account at Ally for this)
5. Family Savings
(For expected expenses: tires for the car, dental visits, etc)
6. Fun Money
(For vacations, trips, fun things we want to do with the kids)
7. Family Checking
(The hub of the whole ordeal)
With our money being "out of sight, out of mind" I
expect us to save a lot more than we currently do.
Even if we start by putting $10 in each account,
its better than nothing!
Since its tax time and most people are getting their
refunds back, I thought it would be a good time to
share this information. It is definitely a different
approach to saving, but could possibly be very effective!
Also, if you haven't signed up for mint.com yet,
I highly recommend it.
Especially if you open a million different accounts.
Mint.com will keep them all in one spot to make it easy!
I couldn't keep track on seven back accounts, but we're about to open a third. We have a joint checking and joint savings account with USAA, but have a hard time keeping money in it because they're connected. So we're going to go to a local bank and open up a local savings account that we can't access without physically going in to the bank. We're also going to set up an allotment to that account so we're putting money in it every month and don't really spend it to use as a big purchases and oh crap fund haha.
ReplyDeleteOn mint.com you enter all your info for every account and it keeps track of it all in one place. But yea, putting savings in an account that isn't easily accessible is a must!
DeleteWe have four, two of which we can not take any money out of unless we go in there physically and take it out. It works wonderfully for us :)
ReplyDeleteYep! I like the idea of being able to separate my "fun" money from my "emergency" money from my "expected expenses". And the husband acct and wife acct is nice because you are individually forced to watch your spending a little more when you're setting up an allowance for yourself.
DeleteI saw this article a while back and thought it was excellent information...thanks for sharing!!
ReplyDeleteI agree! Definitely an interesting approach to saving but I like it! :)
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