How Many Bank Accounts Should You Have? Digital Envelope Method
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- เผยแพร่เมื่อ 20 ก.ย. 2024
- In this video, I am talking about our bank accounts. In some cases, 1 checking and 1 savings account isn't enough. Having the ability to compartmentalize our money in different accounts has been life changing. Once a lover of cash envelope (I still am) now I am able to use the same method but digitally. Watch the full video to see how we set-up our 11 accounts.
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About me:
I'm a blogger at keeksfinanciald..., wife and mother of a handsome son. My goal is to motivate and encourage others on their financial journey by sharing my own experience and journey.
Disclaimer: I am not a certified or professional financial advisor. This video is for informational purposes only and does not constitute as professional financial advice. My advise based on life's experiences and trial and error.
It's such a great feeling to know you have the money set aside when things like Christmas birthdays, car maintenance arrive. Very sensible budgeting, love it x
Having accounts also let you get interest rates. Great job.
I wish you had a visual of these accounts, I'm not following your description of the accounts.
Awesome my set up is similar to this as well but I use a digital envelope app to track my sinking funds in one of my accounts..thanks so much for sharing
Sis its new methods i here from you. I am going to apply this in to my personal life
i have a few accounts too. like you, I don't want a debit account that's attached to most of them, ESPECIALLY the one where my paychecks are deposited to!
I Love your Goals and set-up multiple Accounts!
Thanks
Oh man you are so beautiful! And also great content
This sounds interesting. I'm learning the Profit First strategy for small businesses. You need at least 5 accounts. Where did you find a bank willing to let you open up 11 accounts or do you pay for some of them?
It's honestly better to not have them all in the same place. For example a high yield savings account or IRA account should be with an online bank/financial institution since you'll get more rates and you don't need card access plus you want to not make it super easy to transfer a high yield savings account to your regular checking. It should only be transferred of you're in dire need of it.
Also when it comes to checking accounts it's better to not have all your checking accounts in the same bank as well because some places have checking accounts where you can get cash back with debit like discover. Your main account should be a place you can physically go into though.
Have to tried Qube Money yet?
No but I'll definitely look into.
You but with Qube you have to pay a monthly fee to use that feature. Just keep that in mind 😇.
What banks let you have free multiple accounts? Also with debit cards?
Capital One 360 & Ally are a couple
@@mcajack Capital One only gives you 1 debit card for all your accounts.
Mine are with 3 different banks and I only have 2 debit cards. I do external transfers when needed and the money is available the same day.
You had me onboard until the Christmas account. To each his own...
I think you can tailor it to your needs though and guessing they have a large family so maybe that account makes sense.
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