I was just wondering what the average number of accounts people have, I know it varies with different countries but just curious.
we currently have 6 all with its own purpose
daily account - where all our money goes into
splurge (x2) - this is where we have our own spending money on things we want or need..its a set amount each month.
annual account - this is where we put money each month for our annual bills that come in every 3, 3 or 12 months (insurances, car rego,etc, we also add things like car tyres in so we can replace every couple years etc, we have just updated a lot of our big household items such as fridges/freezers/dryer etc so know they won't need updating for at least 5 years so we decide how much we need to save each month over the next 5 years and add that in as well)
ice account - (in case of emergency) this is our money to fall back on when something happens so we don't need the CC usually sits at $2000
savings - this is where we put our savings (right now it is savings for a house)
So do others do similar things? just curious this works for us and we use a cash budget as well...but I know a lot of different ways to do things so open to suggestions.
how many accounts do people have?
August 28th, 2018 at 04:48 am
August 28th, 2018 at 12:31 pm 1535455883
August 28th, 2018 at 03:19 pm 1535465955
August 29th, 2018 at 12:59 am 1535500772
August 29th, 2018 at 01:12 am 1535501537
We have a checking for everyday spending, with a linked savings for the buffer. These accounts are also linked to my kids' checking and short-term savings accounts so their allowances are 'direct deposited'. Then another checking at a different bank for the more important constant expenses like mortgage payments, IRA payments, and college tuition. It's linked to a savings that serves as our first EF for things like a household appliance failure or another household emergency. Those accounts are linked to our kids' long-term savings accounts, where deposits are matched (like a 401k), but they can't touch the money until age 18. Then finally we have an online savings with Ally Bank for our larger EF. It earns a more competitive interest rate.
August 30th, 2018 at 03:49 pm 1535640561