Updated: Jul 5
You read the headline right, I have 7 bank accounts. (Eeeh, I actually have more because I have a business account too.) And yes, it keeps my marriage sane. I've seen YouTubers and financial bloggers brag about have up to 15 accounts so don't judge me.
This approach works for my husband and me because it keeps us organize and allows us to prioritize savings and investing. This system allows us to automate bills and not be late. It always helps us stay one month ahead of our monthly expenses. Having multiple accounts might seem overwhelming to you, so let me break it down real smooth for you.
The Bill Payer
The Bill Payer is the main account where all of our bills are paid from. From the mortgage to our wine club subscription, everything comes out of this account. And to ensure we don't have excess spending, we've calculated our total expenses and only put that amount in that account. But Morgane, what about bills that fluctuate? Well, good question! Two things, I have setup Surprise Savings (I'll explain this a little later) and I always manually transfer any extra money. For example, say my water bill isn't the normal amount. I just subtract what I budget and save the rest.
Where I place the money: I use a big bank to stash this cash. As mentioned, only what is budgeted for expenses is in this account. I recommend to NOT have a debit card attached to the account. This will ensure you have just enough money to pay just your bills.
The Spending Account
This Spending Account is used for groceries, gas, household, and more. This is a great way to keep on budget because I literally only have what I can spend in that account. The reason I don't have this mixed with the bill payer is to keep me on track with my spending. If I have extra money I always transfer it into my Savings Bucket.
His/Her Checking Account
Ariana Grande said, “Both his and hers, I want it, I got it,” in her smash 7 Rings. That was part of the inspo for purchasing my home and for having our own checking account. My hubby and I both have side hustles. That is usually what is in this account. This allows me a little independence to buy whatever I want to purchase without feeling guilty.
Where I place my money: I place these funds into an online bank with great customer service. Be sure to have the ability to transfer to and from this account for free.
Savings Bucket Account
Y’all don’t know how excited I get about my savings buckets. Basically my online bank offers 10 buckets to drop my money into every paycheck. We have set up several accounts such as Car Repair, Travel, Home, and 3-Months Expenses, just to name a few. We’ve set up what the bank calls “Surprise Savings” to drop into the account of my choice. This online bank has the technology to determine how much money you can spare from the account of my choosing and it pulls into the bucket of my choosing.
Where I place my money: I place this into an awesome online bank with great customer service, named Ally! Get into it!
His/Her Savings Account
As of this writing, it's just a her savings but I'm sure my hubby will get a savings account again. But if he doesn't, that's his choice. I know that I need my own personal savings as I have personal goals to accomplish to invest in this podcast. It's also nice to have my own savings.
Where I place my money: Same as buckets!
We both have our own investing accounts. From Roth IRAs to a 401k/403b and a vehicle for single stocks, we have options. Investing is important to me because it was never something my family talked about. My grandma did give us bonds for our birthday, but I didn't know anything about the stock market. I learned so much about the stock market from money coaches and money educators. Please do your research before investing in anything.
Where I place my investments: ElleVest, Fidelity and Robinhood.
How many accounts do you have?
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