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hotsauce345
my love, my life, my son
Member since 1/09 4169 total posts
Name:
Melody
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the 7 bank accounts every family should have - opinions?
The 7 bank accounts every family should have (video Segment)
I stumbled upon this...what do you think? Right now I have 3, One for mortgage and bills, one for other living / daily expenses and one for my Avon business. I used to have an ING but closed it out when I needed the money when I was younger. I like the reference to a filing cabinet with different folders though.
What do you think? would this help you or do you feel your current system is working just fine?
ETA: forgot, I actually have 4...one is my sons. All his Birthday money, money from our change jar etc. goes in there. Eventually when we get back to living below our means again we will be contributing to it weekly.
Message edited 1/8/2013 1:51:17 PM.
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Posted 1/8/13 1:16 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: the 7 bank accounts every family should have - opinions?
Now, if only I had enough money for 7 accounts.
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| Posted 1/8/13 1:24 PM |
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the 7 bank accounts every family should have - opinions?
I wish I had money to put in 7 accounts. Each account would have about $10 in it.
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| Posted 1/8/13 1:25 PM |
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PaddysGirl
Little princess is here!
Member since 4/07 5923 total posts
Name:
Crystal
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Re: the 7 bank accounts every family should have - opinions?
Posted by neener1211
Now, if only I had enough money for 7 accounts.
Seriously, same here.
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| Posted 1/8/13 1:25 PM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: the 7 bank accounts every family should have - opinions?
Posted by myboysmyheart
I wish I had money to put in 7 accounts. Each account would have about $10 in it.
For real
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| Posted 1/8/13 1:26 PM |
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MrsFrizzle
<3
Member since 9/09 4628 total posts
Name:
Kristin
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the 7 bank accounts every family should have - opinions?
We have 4 physical separate accounts and then within our main account we have 9 sub accounts....it's just sort of our way to budget and maintain some "out of sight, out of mind" savings.
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| Posted 1/8/13 1:28 PM |
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hotsauce345
my love, my life, my son
Member since 1/09 4169 total posts
Name:
Melody
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Re: the 7 bank accounts every family should have - opinions?
Posted by neener1211
Now, if only I had enough money for 7 accounts.
that was my exact thought...but it often seems like I'm in the minority on LIF when it comes to income levels 
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| Posted 1/8/13 1:34 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: the 7 bank accounts every family should have - opinions?
I have
checking- where I keep bill money for my current bills, gas and other things I use my debit card for
this is linked to my operating account- where I keep extra money for regular expenses
then I have the follow savings accounts
Short term savings- for shopping or unplanned expenses
IRS- I am 1099 so I need to put money aside
Long term savings- right now it's for a down payment on a house-
I also have these broken down by percentage- so when I get a commission check I plug the total in and see what needs to go where- it's really working for me
I used to just put everything into 1 account and that was a mess
I have everything linked and labled online at TD bank- but I can only access 3 of the 5 accounts with my debit card
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| Posted 1/8/13 1:35 PM |
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DumpsterBaby
My compass when I'm lost
Member since 5/11 2210 total posts
Name:
My anchor when I get tossed
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Re: the 7 bank accounts every family should have - opinions?
Posted by neener1211
Now, if only I had enough money for 7 accounts.
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| Posted 1/8/13 1:36 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: the 7 bank accounts every family should have - opinions?
We have several. For my mom I have 2 accounts. One that all of the set monthly bills come from like mortgage, car insurance, etc and one that's more for day to day expenses. I did it that way to make it impossible to spend the mortgage money by accident.
DH and I have separate accounts and we both pay certain bills, but we don't have it all calculated like this woman does
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| Posted 1/8/13 1:44 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: the 7 bank accounts every family should have - opinions?
Including our kids account's we have 9 bank accounts. Each kid has an ING and a Chase account. We have a main savings account, a checking account, and an account we just pay our mortgage from and one we pay our life insurance payment from (using direct transfers from our paychecks). We also have one old one we don't really use, but have open. We use Mint.com to manage them all.
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| Posted 1/8/13 1:46 PM |
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hotsauce345
my love, my life, my son
Member since 1/09 4169 total posts
Name:
Melody
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Re: the 7 bank accounts every family should have - opinions?
I like her plan. Unfortunately I wound't be able to put money into all 7 accounts or at least not close to any amount that would be anything significant in the near future for ANYTHING...except maybe ice cream. but if we follow through with our plan to get out of this house and get back to living below our means (our goal for the year, preferably within the next 6 months)...this is something I definitely would like to do.
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| Posted 1/8/13 1:49 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: the 7 bank accounts every family should have - opinions?
Posted by neener1211
Now, if only I had enough money for 7 accounts.
Exactly.
I guess if I think about it, between DH & I, we have 5 but a couple are not mentioned in that article.
My checking
His checking
Joint Savings
My Stocks
My Mutual Funds (Sep. acct.)
The last 2 were set up by my grandfather and I would consider them as emergency money.
Message edited 1/8/2013 2:33:55 PM.
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| Posted 1/8/13 2:32 PM |
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Onemoretime
LIF Adult
Member since 9/12 1077 total posts
Name:
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Re: the 7 bank accounts every family should have - opinions?
Way too much!
We have 4 accts
Checking
Long term savings- don't touch
Short term savings- always touching 
Kids account- 1 account for both kids in my name. This account will be split in half when the kids need it.
We both have 401k's , Roth IRA's, and stock accounts but that is for retirement
Message edited 1/8/2013 2:39:07 PM.
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| Posted 1/8/13 2:38 PM |
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computergirl
LIF Adult
Member since 5/05 3118 total posts
Name:
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Re: the 7 bank accounts every family should have - opinions?
We maintain several accounts. A checking account, a main savings account, a car-savings account because we like to pay cash for cars, a vacation-savings account, a property-tax-savings account (we paid off our house last year so now we set aside money monthly for tax payments), and small savings accounts for each kid.
I see it as just an organizational system. Automatic deposits are made into each of those accounts from DH's paycheck each pay. Forced savings without having to do a thing.
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| Posted 1/8/13 2:47 PM |
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MrsM429
Mama x2 <3
Member since 12/10 4946 total posts
Name:
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the 7 bank accounts every family should have - opinions?
I could never keep track of that many accounts lol.
DH and I just set up the following:
-my checking
-his checking
-joint checking
-joint savings
We pay our bills and everyday purchases (such as gas, food shopping, etc) from our joint checking, and use our seperate accounts when we're getting something for ourselves. I use my debit card for lunch, getting my nails done etc.
Our savings we do not touch under any circumstances. There have been times we really needed to dip into it, but ended up staying afloat without it. It's our house fund, our nest egg and I have to constantly remind DH that we can't touch it until we're ready to buy a house.
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| Posted 1/8/13 3:02 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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the 7 bank accounts every family should have - opinions?
I totally agree with all the girls that said who has all the extra money to put into those accts?!?! Clearly the person who wrote the article does not live on LI... 
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| Posted 1/8/13 5:29 PM |
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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Re: the 7 bank accounts every family should have - opinions?
Posted by MaZz
I totally agree with all the girls that said who has all the extra money to put into those accts?!?! Clearly the person who wrote the article does not live on LI...
It's probably one of the people on Pinterest who say they're a family of 4 living on $14K per year!
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| Posted 1/8/13 5:35 PM |
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MrsFrizzle
<3
Member since 9/09 4628 total posts
Name:
Kristin
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Re: the 7 bank accounts every family should have - opinions?
Posted by MaZz
I totally agree with all the girls that said who has all the extra money to put into those accts?!?! Clearly the person who wrote the article does not live on LI...
We do....and believe we're not Rockefellers or anything (we own a house too)
We portion out our paychecks the second they hit our accounts.
1. Prior to buying a house we created an emergency fund which is 3 months of bills and is a separate account.
2. We have an automated savings plan that takes out an amount monthly. It's small but adds up.
3. We have savings - which is our spending money.
4. Checking (joint)
5. We have an account for our car payments (but it was required to get a discount to have it separate or we wouldn't have this.)
6. We have a money market we're the majority of our savings is.
7. Then we divide up the rest of account in further sub accounts for vacations, car, gifts, christmas etc.
Each account gets a small amount deposited into it each week.
ETA: We do NOT do this because we have problems handling our money or bc we would spend too much otherwise. It is just that DH likes to see the money separate and know how much we allocate for each other. It's his version of a budget rather than putting it on paper.
Message edited 1/8/2013 10:50:57 PM.
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| Posted 1/8/13 6:01 PM |
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blustar214
So in love with my little girl
Member since 1/10 2471 total posts
Name:
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Re: the 7 bank accounts every family should have - opinions?
For those of you with all these different accounts - where are they? Are they in an ING type of account where you can earmark things?
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| Posted 1/8/13 6:08 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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the 7 bank accounts every family should have - opinions?
I don't think it's necessary to have all those different account unless you are really horrible with your money and have no self control. We have 3 account and that's good for us
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| Posted 1/8/13 6:32 PM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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the 7 bank accounts every family should have - opinions?
Only 2 accounts for us - one checking one savings. All those accounts would drive me crazy.
Money does not burn a hole in our pockets so we dont need to have a million different pockets.
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| Posted 1/8/13 6:34 PM |
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gdubs
This baby is awesome!
Member since 11/10 2467 total posts
Name:
Gina
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the 7 bank accounts every family should have - opinions?
We have SOME of the accounts she mentioned. We have each have our own checking accounts then a savings and a joint checking. Not everyone can use an HSA but we do max out our FSA which isn't much since they lowered the limit this year. On top of that we also have our 401ks and an investment account and we'll open a savings for DS once he's born.
I think she broke it down into too many accounts. I would forget which account was for what if we had that many.
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| Posted 1/8/13 7:13 PM |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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the 7 bank accounts every family should have - opinions?
I agree that she broke it down in to too many accounts- I can handle my money perfectly without 7 accounts.
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| Posted 1/8/13 7:37 PM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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the 7 bank accounts every family should have - opinions?
We actually have everything but the HSA account. Although we have additional accounts. DD has her own account and DH and I each have a savings in addition to the husband and wife checking. However money isn't divided into them like she suggests
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| Posted 1/9/13 8:22 AM |
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