My 15 Essential Bank Accounts | How I Organize My Spending Accounts + Sinking Funds
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- Äas pĆidĂĄn 21. 07. 2024
- Today's video is one I've wanted to share for a while - but I must warn you - it is a bit overcomplicated! I'm taking you through the 15+ bank accounts we have set up đł
I'll explain why in the world we have so many accounts in the first place and explain how we use each one...
While I'm not necessarily recommending you set your spending accounts and sinking funds up in the same manner, I thought you may find it interesting to see how different people's personal methods of money management can be! #bankaccounts #savingsaccount #HYSA
Leave me a comment and let me know how many bank accounts you have!
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*Thank you so much for watching today! I'd love to hear your thoughts on my longgg list of bank accounts đ If you don't have a HYSA (high yield savings account) you are leaving money on the table! You can open one here --> **czcams.com/video/AaH29-zhUhU/video.html*
I have 21 accounts in Capital One and I also have an Ally account where I use all 10 buckets. For me, itâs so much easier to have each savings goal and sinking fund completely separate. For my sanity, I need everything separate
Meee too - I really expected people to rip me a new one in the comments for this video but it seems there are a lot of brains that work like mine!
I have 37 buckets spread over 3 banks. This is not including retirement or investment accounts. It's so much easier knowing what you have at a glance.
I have 26 total. Most are sinking funds and like your Save/spend, which I use mostly like virtual enveloppes. Itâs worked very well for me for several years now. I like to see at a glance how much is left in my âenveloppeâ and if itâs empty i gotta wait until the next contribution period. That, combined with a thorough budget, helped me curb impulse purchases, but also helped me be much more serene because i know i planned everything out and have enough for everything AND can still spend on what i want (within the alloted budget)! đ
Looks great. I have like 7 :). I keep my sinking funds with the emergency fund but just list them separately on the spread sheet just to gain a little more interest. My emergency is fund is split 3 ways, cash (quick access $500), local bank ( less than 24 hrs access $1500), and online savings (2-3 days withdrawal $8000). Sinking funds are awesome because they are like a buffer for your emergency fund.
Love it, Kevin...great system!
All good
Less than a minute and a half in, and already loving this so much more than the physical envelopes. I thought I was crazy for opening up 5 so I feel really validated :) Anyway, thanks! *goes back to watching*
I used to be horrible at saving money until I found a system that worked for me and Iâd have to say right off the bat my brain works a lot like yours. I didnât have 15 separate accounts but I had 3. Every time I got a paycheck I would send a certain amount of money to my Chime savings account and whatever money I had left over in my Wells Fargo account I could spend. The trick that helped me saved was that it takes Chime at least 6-7 business days to deposit the money you sent to the account so therefore it motivated me to stay frugal with the money I already had available otherwise Iâd be completely broke for the rest of that month and by the time the money hit my Chime savings account my payday would be 7 more days later. Not only would I still have money in my Wells Fargo checking account from spending wisely and being frugal , but now I have more money coming in from my next paycheck and then the process starts all over again and my savings grows bigger and bigger and bigger. I tried cash stuffing but to see he money physically makes ME more susceptible to spend it. The multiple bank account system has been a god send for me and I never ever thought Iâd be excited about budgeting. When you find a system that works budgeting can almost turn into an addiction , but nonetheless an addiction thatâs good for you though !
I can appreciate what you are doing. It is basically what many do with cash envelopes but you are benefiting from the high yield interest. Like you, I enjoy hearing what others do with their money organization. I personally have 5 accounts and do a lot of what you do (and I have less need for accounts compared to the life you described). The rest I do in cash envelopes. Thank you for sharing your system!
I felt I might have too many accounts, over 20. I watched your video to decrease number of accounts but actually I decide to add 2 more accounts for fuel and food. those are on my budget categories but not on account. Maybe that's the one would relieve pressure! thanks for your video.
I have so many accounts, it's necissary for my ADHD to help me manage my money. If it's not separated I really get confused even if it's on a spreadsheet. I have many accounts at Navy Federal, Capital One and another Credit Union BCU. Also multiple brokerage accounts at Fidelity and M1.
Yes, makes sense, I have ADHD too lol...
I just opened two new accounts, so I've got 3, Main, Bills and Spending. This makes me so happy and it's easier to not over-spend, and I don't have to worry about bouncing auto-pays. I'm very excited about my new budget and paying off debt and saving and no longer living paycheck-to-paycheck. So on one hand I'm like "This is an excessive amount of accounts." and on the other hand I'm like "I want a dedicated home decore account." lol
Hahahahhah I completely feel that đ
Loved the video đ„°. We have about 25 accounts so I totally understood where your brain is/was. Mine works the same. I like to immediately look at my accounts and know what I have for each big category we have.
I also do the same with temporary accounts where it sits empty until I need it for something else. Some of our temp items that come up throughout the year: summer fund, back to school supplies, move out expenses (weâre military and move every 3-4 years) I usually start this fund the year before I know weâre about to leave.
I love it, Amoy!! And I agree, the temp accounts are really helpful for us too...thanks so much for sharing your system - and many thanks to you and your family for your service + sacrifice!
THIS is the system ai have been looking for! Clearly I overcomplicate things as well. lol
That's is so excellent I wish I had that amount years ago
it looks like you are using a version of the envelope savings method! The system works, don't get me wrong, but may I suggest that a double- entry system does the same thing without the need for all of the transfers. It looks like you already have a good chart of accounts. Also congrats on the work you have done thus far!
I have 13 bank accounts. I have 2 kids, and they both have 2 accounts, so thatâs 4 right there. I also have a debit card that I use on purchases only relayed to them, so thatâs 5. I have 2 debit accounts, 1 for coffee & cig purchases and the other for clothes, pedicures and the hair salon - so thatâs 7 ⊠I have a family vacation fund, an emergency savings fund, and an account where I save for birthdays and Christmas gifts - Iâm up there lol!
I love it!!!! Thanks for sharing!
Great video Kristin!!! Really enjoyed that. We have 5 bank accounts. One joint (similar to operating), all bills & spending comes out of there, one for all sinking funds, one for savings (EF, new car, house renovations etc), then a Revolut account each for our personal spending. This system works for us. I keep a tracker then of how much is in each sinking fund for example.
Love this, Leanne! Before setting up all these accounts, I used to track mine on a paper tracker too - that worked great for us too!
@@KristinStones I'm not in the U.S and my bank will only allow me 2 savings accounts in addition to my current (checking) account so this is how I do it. Maybe another bank would allow it, I don't know, but I like to have them all at the one bank so I can make instant transfers. I don't mind tracking them though, in fact I love my spreadsheets! haha.
HI Kristin. I have 10 accts. I do my budget similar however I put same amt in each category each pay check. Like car acct gets 80 dollars a pay, gift acct 40 $ per pay. I think that as long as it works for you- it's all good! I also use the Envelope system for groceries. Gas. Walmart etx
Hi Christine, thanks for sharing your systemâŠglad it works well for you!
We have 4, plus a business account and the kids have savings too. I like the idea of more accounts because itâs great for visual people.
You know what, Lauren...that's a great point - I'm a very visual person so maybe that's why this works for me...thanks so much for sharing!
Iâm only three minutes into the video, but am really intrigued to see how this works for you! We have four bank accounts, but that only works because our savings account allows us to divide money up within the one account. If we didnât have that feature, we would need at least 9, maybe 10.
Cassie, Iâm so glad to hear youâre intrigued! Ahh yes, ok, we could do that too inside some of our accounts as wellâŠthanks for sharing!
I loved this video, Kristin! We have over 20 different accounts. I followed you from start to finish. I enjoy watching how other people manage their finances too. Big Thumbs Up!
Thanks so much, I'm really glad you liked it - and love that...guess our brains work similarly đ
@@KristinStones You're welcome âșïž Growing up I've always heard it said "don't keep all of your eggs in one basket"...
I have 8 accounts love being organized
Ahhh love itâŠme too!!
Do you pay with debit straight from the accounts or credit cards to earn points?
This was an interesting video! I have 2 checking accounts and 4 savings account
Glad you liked it, Teresa, thanks for sharing!
I have 11 accountsđ I didnât want to go over 10 but I recently opened another checking account for personal spending. I was trying to keep my personal spending in my bill pay account but that wasnât working for me. I need to compartmentalize my finances for it to work for me. I deposit money in that account & use my credit card to get the cash back rewards. Then use the account to pay the credit card back as soon as the payment post.
Love it!! Thatâs how we use ours too - I have a video showing that part coming out on Friday!
As of today I currently have six bank accounts 3are checking and other 3 are savingsâŠâŠ
I have 3 accounts. 1 checking, 1 savings, 1 online savings
The main thing is that is working for you, we all must discover the way that works best for us. Keep kicking it Kristin and best wishes
Thanks, John and yes, I agree! I'm a big advocate for doing what works for you (even if people think you're nuts) đ Thanks for watching!
Hi, I just bought your budget book and I feel like yours is making more sense to me then others Iâve tried. Where are these accounts from? My bank wonât let me have more than 2 accounts.
Hey Jennifer! So glad to hear itâs making sense to you!! I have accounts at a few different places - these are from Cap1 and Ally.
Would love to see how you use these and how much you add to them each month.
Check my budgeting playlist to see the amounts and I have a video explaining how I actually mange them tomorrow morning!
Iâm so on board with this, but how do you create more than a primary savings and a primary checking? Is it all one bank with several checking accounts or multiple banks?
Either or both! I recommend a checking at least as your local bank and then to keep money you donât need immediately in a high-yield savings account where youâll at least earn a little bit of money on it :)
Do you use the vehicle account for repairs or does that fall under emergency fund?
We use the vehicle, unless there wasnât enough, then weâd dip into emergency!
I have two bank accounts, but a total of 22 âbucketsâ or âVaultsâ in savings
Oh ok, so pretty similar!
The only thing Iâm confused about is how you actually manage the accounts..do you have a separate debit card for each account? Do you charge it all to one credit card then pay what is owing from each account? Do you buy everything on one receipt then split it up after?Do you use excel spreadsheets or maybe something like YNABâŠthatâs what Iâm trying to figure out. I have like 12 accounts but Iâm struggling with how to look after them with the least amount of work.
Hey Carla, yes, I pay it all on my credit card and take what's owed from each account and move it all to my "spend" account and pay my credit card bill from there. I am currently trying YNAB again (I tried it years ago and hated it) the past 2 months and I'm finding it saves me a lot of time and I'm really liking it!
Do you keep a debit card for each account you need to spend from? Or do you transfer it to another account before you spend? Like the vehicle for example. For insurance, repairs, gas, car wash. Do you just use that card for the car wash each time. And how do you keep track of which card is which.? I'd be worried I'd mix everything up.
Hi Cecily, no, I don't use a debit card at all...stay tuned...my video next Friday morning will go into detail about how I actually use and manage them all!
@@KristinStones wonderful thank you!
So do you have 15 debit cards?
i like it
Are all your accounts with the same bank and how how do you manage 15 accounts do you get charged fees?
Most of our accounts are currently with Ally and our local bank (with the majority being with Ally) and no, we don't pay any fees or have any minimum balance requirements at either bank.
I have 3 accounts
Hubby and I have 7 accts.
Is in the same bank or different banks?
Two different banks - one local and one online.
Can I ask you how much better you feel within yourself since you have made these financial changes in your life, do you feel more secure and in charge of your future. thanks Kristin
John, it has made a positive impact in almost every area of my life - that's why I'm so passionate about helping other women take back control of their finances. I hate seeing them feel so hopeless because I know how that feels and I know it's possible to turn it around! Nice to hear from you, John...hope all is well!
@@KristinStones So happy for you , some men need a kick in the pants as well regarding money. You have and are doing a great job, I have been running around the State playing tennis tournaments, it is nice touching base again with you . Take care - and enjoy the journey and I am so glad this has really changed your life for the better. John
Haha, you said it, not me đ Oh wow, that sounds fun and thanks for the kind words, as always!
@@KristinStonesThe kind words are well deserved. Have a great day
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What kind of account do you keep your Spend/Save accounts in?
Online checking accounts