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Started By
Message
Multiple Savings Accounts?
Posted on 3/8/22 at 8:43 pm
Posted on 3/8/22 at 8:43 pm
Wife & I would like to put a little bit of money from each pay check towards a few categories: vacation fund, camp or rental property, future kids. What would be my best option to do this. Wife has a spending problem so the best option would be something that is "out of site out of mind", where she can never really see it in her checking account. Any advice helps.
9
Posted on 3/8/22 at 8:59 pm to Nighthawk504
Vanguard money market?
I tried to hide money from myself
My company would direct deposit to my vanguard
I tried to hide money from myself
My company would direct deposit to my vanguard
Posted on 3/8/22 at 9:16 pm to Nighthawk504
Do what I did and just open a savings account on the app, so easy to transfer $ to savings from checking every payday, do it today and don’t tell anyone you did it and watch the $ grow
Posted on 3/8/22 at 9:29 pm to Nighthawk504
I take this same approach to personal finance. I have had no problems with Marcus by Goldman High interest saving accts.
I have a handful now. Extreme easy to setup online and great on the “out of sight, out of mind”
My wife is a joint acct owner but I’m not sure she even know how to log in…set weekly transfers across multiple accts for different categories and have had no issues… other than lowering the rates over the years, no fault of their own
I have a handful now. Extreme easy to setup online and great on the “out of sight, out of mind”
My wife is a joint acct owner but I’m not sure she even know how to log in…set weekly transfers across multiple accts for different categories and have had no issues… other than lowering the rates over the years, no fault of their own
Posted on 3/9/22 at 1:35 am to Nighthawk504
Put your goals on paper and address the problems with a real plan you can both agree to stick to.
Playing a shell game with accounts isn't going to fix this.
Playing a shell game with accounts isn't going to fix this.
This post was edited on 3/9/22 at 1:36 am
Posted on 3/9/22 at 6:52 am to Nighthawk504
Ally savings has customizable buckets where you can assign your dollars to different goals. You don’t actually open multiple savings accounts, just buckets within a single account.
Posted on 3/9/22 at 7:11 am to Nighthawk504
you need to reign her in then. make a budget and tell her you control the finances now. you give her an allowance for the budgeted bills. when i did that it allowed me to easily put away 60% of my income. it all went to rental properties. All these accounts is not the answer.
Posted on 3/9/22 at 8:16 am to Nighthawk504
Plenty of options as others have mentioned. May also be able to just ask your bank to put a specific savings account in credits only so you actually can’t touch it till you go in and change it back. Not sure if they would do this for savings purposes though as opposed to suspected fraud as I’ve seen it used before
Posted on 3/9/22 at 9:07 am to Nighthawk504
(no message)
This post was edited on 10/26/22 at 12:47 pm
Posted on 3/9/22 at 10:38 am to footballdude
Universally spectacular advice above. I also carry 6+ accts (Bills, Vacation, Mortgage, Savings, Spending, kids high school fund *in case we switch from public to private* etc.) All titled as such.
I have a budget on a spreadsheet that calculates how much needs to stay in bills, bills get paid, and every dollar after that gets a weekly transfer accordingly. We only "freely spend" out of our spending acct.
Another benefit doing it weekly is that I get a couple extra weekly transfers in a year vs monthly transfers. For example - I have an extra months of mortgage in mortgage acct at the end of the year and that what I use for Christmas.
Can break this down by acct any way you want. Hell can even give the wife her own "spending acct" to help her reign it in.
Good luck and God Speed!
I have a budget on a spreadsheet that calculates how much needs to stay in bills, bills get paid, and every dollar after that gets a weekly transfer accordingly. We only "freely spend" out of our spending acct.
Another benefit doing it weekly is that I get a couple extra weekly transfers in a year vs monthly transfers. For example - I have an extra months of mortgage in mortgage acct at the end of the year and that what I use for Christmas.
Can break this down by acct any way you want. Hell can even give the wife her own "spending acct" to help her reign it in.
Good luck and God Speed!
This post was edited on 3/9/22 at 10:41 am
Posted on 3/9/22 at 2:12 pm to tigerfanatic61
quote:
I also carry 6+ accts (Bills, Vacation, Mortgage, Savings, Spending, kids high school fund *in case we switch from public to private* etc.) All titled as such.
overkill for most and not needed
you think someone with zero money management skill or discipline who cannot manage 1 account will be able to do 6? from the get go?
you should only need 1 slush fund/savings account (other than a normal checking for bills) and appropriately manage it or prioritize it. what do you need first? vacation or spending on school needs? etc. etc. you could easily track that on a sheet by need as monies are allocated per money deposited. but hey whatever works for you.
Posted on 3/9/22 at 2:14 pm to timdonaghyswhistle
quote:
Playing a shell game with accounts isn't going to fix this.
agreed. need to learn to manage and prioritize 1 before you go get 6
Posted on 3/9/22 at 3:08 pm to Nighthawk504
I'm old school. I have one savings account but I have a steno pad with a running total broken down by categories showing how much is in each category.
Posted on 3/9/22 at 3:11 pm to Fat Bastard
May be overkill for most but financial setups are not one size fits all.
I'm answering the OP question/ making suggestions rather than bashing his approach. With 60%+ of Americans living check to check any sort of money management/categorizing is doing better than most.
"Managing" 6 is easier for my wife and I than 1 because all the money has a place to go instead of "oh look, the checking account has $1,000" so I go spend $300 on groceries only to realize that $800 in bills were coming up and I only really "have" $200.
Sounds irresponsible/ ridiculous for someone fiscally responsible but its reality for the vast majority of people.
Thanks for you input and laughs.
I'm answering the OP question/ making suggestions rather than bashing his approach. With 60%+ of Americans living check to check any sort of money management/categorizing is doing better than most.
"Managing" 6 is easier for my wife and I than 1 because all the money has a place to go instead of "oh look, the checking account has $1,000" so I go spend $300 on groceries only to realize that $800 in bills were coming up and I only really "have" $200.
Sounds irresponsible/ ridiculous for someone fiscally responsible but its reality for the vast majority of people.
Thanks for you input and laughs.
Posted on 3/9/22 at 3:48 pm to blackoutdore
quote:
Ally savings has customizable buckets
This, know a few people who use this and they love it. Basically like having up to 10 different accounts but it's just sub-accounts off 1 savings account of your savings account with them. They call it "buckets" or somethiing.
Basically people have categories like car fund, vacation fund, emergency fund, etc...and put money into each every month to build up.
This post was edited on 3/9/22 at 3:53 pm
Posted on 3/9/22 at 6:03 pm to tigerfanatic61
This post was edited on 10/26/22 at 12:46 pm
Posted on 3/9/22 at 6:21 pm to footballdude
(no message)
This post was edited on 10/26/22 at 12:46 pm
Posted on 3/9/22 at 6:25 pm to blackoutdore
quote:
Ally savings has customizable buckets where you can assign your dollars to different goals. You don’t actually open multiple savings accounts, just buckets within a single account.
Came to discuss this. I have this and I love it.
Right now I have four "buckets"-
Vacation
Competition Dance
Competition Cheer
Kids Summer
So for each of those four items, I budget out a year of costs. On payday, I have 1/24th of those annual costs go into those buckets. When I need to pay for stuff, I pull back whatever I need and pay it.
The first three are pretty self-explanatory, the kids summer is just some money for stuff the kids want to do during the summer, like go to the waterpark, etc. It's not a lot but the kids are home during summer and always want to go do stuff.
I also have a "slush" fund at my bank, and at the credit union, I have a emergency fund and I have a Christmas club account.
It's really not hard to manage, because it's all automatic. The e-fund is full and all the others get auto funded each payday.
Posted on 3/9/22 at 10:47 pm to LSUFanHouston
We have a checking account to pay bills out of.
Marcus Savings for larger Home/Car/Vacay goals
Marcus Savings for Emergency Fund
Each have our own Amex Bluebird card for our "Fun Money" that is ours to spend however we want.
Marcus Savings for larger Home/Car/Vacay goals
Marcus Savings for Emergency Fund
Each have our own Amex Bluebird card for our "Fun Money" that is ours to spend however we want.
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