Great video! I do it a little different. I have 1/2 of my emergency fund in HYSA and 1/2 in CD’s. My sinking funds are in two savings account. You don’t need nine savings account to break up the money. Just keep the totals on a piece of paper. Add and subtract for each sinking funds as you use them and refill the account. I have every bill that I can put on a credit cards! I pay it off ASAP. I might send one credit card six payments in a month. I average somewhere between $100 and $120 of cashback every month.
If you use a budget app like YNAB or Every Dollar, you don't need multiple bank account (except maybe a HYSA for the e-fund). 100000% easier than juggling 3+ bank accounts for every random sinking fund.
I definitely need to have separate accounts, otherwise I see a lump sum and feel I can take a little bit out here and there. If it's allocated with a separate name I then feel guilty if I pull money out while I'm saving for something.
I would add another like car fund for computers. They break, need routine replacement to a newer model, and have software/services subscriptions. Like automobiles in the US, they are required for employment too often.
Great Advice Dana! Although, TBH, all of those accounts would eat up a lot of fees here in Canada. My direct deposit comes in on whatever weekday is closest to the 22nd of the month. Over the last 8 years as I have been figuring out how to improve my financial situation, I have arranged payment dates where all of my obligations are over by the 6th of the month. It is great to know everything is paid within that timeframe. I also physically withdraw cash for my variable spending on payday and THAT IS ALL I HAVE TO SPEND that month. It took me quite awhile to not run out of money before I ran out of month! I have my emergency fund in 100 day investments (can still withdraw at any time, it just affects the interest), make charitable contributions on my credit card to earn cashback, and have automatic savings transfers every Friday. Do I still mess up? Of course I do! But not to the extent that I can't stop, drop and roll my way back on track without doing too much damage. Your words and thoughtful explanations are encouraging. Thank you.
I don't believe it's usual in the UK to have your salary deposited into more than one bank account. I've never heard of it. I have 5 savings accounts (2.9%) attached to my TSB current account and allocate savings according to my budget when I'm paid.
I really love the beginning of the year and the intentional assessing of progress and the re-adjusting of goals/steps. I am pleased with my progress over the past year and having clearly delineated accounts helps me to see that at a glance - new car fund, retirement/moving fund, travel fund, all on target and 2025 goals sets. General savings/emergency fully funded and enough to look into investing some in short term CD's to make more passive income. I'm glad that my credit union allows me to have these different funds. Wishing you and everyone success with your 2025 goals
I put mine in one bank account but on paper I have categories for all my different expenses. I may look like I have a good sum of money in my account but it has a job when the bill comes.
Dana, good video! I'm retired, so my income from Soc Sec and State Pension come close in days once a month. They both pay into a credit union checking account (interest-bearing) and I have 5 sinking funds into which I transfer money. I'm a retired accountant, so the kind of discipline it takes to move money into each of those accounts is not hard for me - it's ingrained after more than 30 years. I also do the OCD thing, writing down on a paper budget page every penny that goes out of my purse- cash, check or debit. I leave myself a little wiggle room, esp for things like shelf-stable foods for emergencies, candles & lamp oil, and the occasional buy of a movie view on a streaming service. I don't mind being considered a bit eccentric, living on a good-sized piece of land and caring more about the sanctity of the land and animals than the latest trends or a new vehicle every few years - we each make our choices. I love mine.
When we get paid, I move some (most) of our money into another account where bills are drawn from. This way, I'm sure the money is there when the bills are automatically drafted out.
In Italy where I live it is not a good idea to have multiple bank accounts as you do get charged quite a bit on a monthly basis just for keeping it open. It might be a little different for all online accounts, will have to look into it
Thanks for the great ideas. I especially like the idea of auto paying bills. I have separate savings accounts but at the same Credit Union. Should I have them at different banks? My Credit Union is brick and mortar but I do all my banking online anyway. I’ve never had a strictly online bank.
I have a few accounts at separate banks just to make it harder to access (like our holiday fund). That way there’s no temptation to just transfer money out of it. 😊
I don't keep an emergency fund in a bank....that is easy money for me to spend. I keep all my money at home...so it is much easier to keep it with me close by so I don't spend it at ALL...😊😊😊😅😅😅
😂😂 I feel you but learning our US cash deflates in value each year and an online only high yield saving account will make you money (my Capital One savings gives me 3.8% in interest a year and I don’t have easy access to it with a debit card). Best wishes super saver!!
Not only does cash lose a lot of value over time, it is not protected in a natural disaster or fire. Try finding a fire box if a home is flooded or burned down. It's sad, but it is better to have at least some money in an insured bank or credit union.
How could I save a retirement fund? I have no idea how to get one. I am on disability. I want to make some sort of investment that will help me have some sort of retirement in 10 years. I do not have a job.
When she says Holiday fund, what she talking about is saving money to pay for Christmas presents , When she starts about vacation, that would be going on a trip, cruise, hiking going to Europe, visiting family and friends, this is what you would call going on Holiday. I’m in the USA 😊
Forever grateful this holiday season! 🎄 Mrs. Agnes Peterson completely turned my life around, helping me overcome massive financial debt with just a small investment. Her expertise is unmatched, and I’ll keep sharing her impact with the world.
My journey with her started after my best friend got back from New York and saw me suffering in dept then told me about her and how my life could change through her. Agnes Peterson is the kind of person one needs in his or her life! I got a home, a good wife, and a beautiful daughter. Note!.: this is not a promotion but me trying to make a point that no matter what happens, always have faith and keep living!!
YES!! That's actually her name (Agnes Peterson ) so many people have recommended highly about her and I'm just starting with her😊from Brisbane Australia 🇦🇺
Great video! I do it a little different. I have 1/2 of my emergency fund in HYSA and 1/2 in CD’s. My sinking funds are in two savings account. You don’t need nine savings account to break up the money. Just keep the totals on a piece of paper. Add and subtract for each sinking funds as you use them and refill the account. I have every bill that I can put on a credit cards! I pay it off ASAP. I might send one credit card six payments in a month. I average somewhere between $100 and $120 of cashback every month.
If you use a budget app like YNAB or Every Dollar, you don't need multiple bank account (except maybe a HYSA for the e-fund). 100000% easier than juggling 3+ bank accounts for every random sinking fund.
I'm so happy you are back. I really missed your videos. 🥰🥰
🥰 thank you
So so glad you’re back!
This is pretty much like the old envelope system; both are good.
I'm so happy every time you put out a new video. Great, practical tips. Thank you for sharing. :)
We use 1 checking account and 2 savings accounts but divide it all up on YNAB. We do keep track of all the categories, though.
Thank you! ❤️💕
yes.so clear.
Fantastic video! Opening additional bank accounts will be my first move!
I'm trying to payoff cc cards, but also work on truck repairs and house repairs
Will start on my emergency fund for 2025!
I definitely need to have separate accounts, otherwise I see a lump sum and feel I can take a little bit out here and there. If it's allocated with a separate name I then feel guilty if I pull money out while I'm saving for something.
I would add another like car fund for computers. They break, need routine replacement to a newer model, and have software/services subscriptions. Like automobiles in the US, they are required for employment too often.
Great Advice Dana! Although, TBH, all of those accounts would eat up a lot of fees here in Canada. My direct deposit comes in on whatever weekday is closest to the 22nd of the month. Over the last 8 years as I have been figuring out how to improve my financial situation, I have arranged payment dates where all of my obligations are over by the 6th of the month. It is great to know everything is paid within that timeframe. I also physically withdraw cash for my variable spending on payday and THAT IS ALL I HAVE TO SPEND that month. It took me quite awhile to not run out of money before I ran out of month! I have my emergency fund in 100 day investments (can still withdraw at any time, it just affects the interest), make charitable contributions on my credit card to earn cashback, and have automatic savings transfers every Friday. Do I still mess up? Of course I do! But not to the extent that I can't stop, drop and roll my way back on track without doing too much damage. Your words and thoughtful explanations are encouraging. Thank you.
I'm beginning student teaching next week! I'm going to show your videos to my high school Consumer Economics class! Yay! You'll be famous!
I don't believe it's usual in the UK to have your salary deposited into more than one bank account. I've never heard of it. I have 5 savings accounts (2.9%) attached to my TSB current account and allocate savings according to my budget when I'm paid.
I really love the beginning of the year and the intentional assessing of progress and the re-adjusting of goals/steps. I am pleased with my progress over the past year and having clearly delineated accounts helps me to see that at a glance - new car fund, retirement/moving fund, travel fund, all on target and 2025 goals sets. General savings/emergency fully funded and enough to look into investing some in short term CD's to make more passive income. I'm glad that my credit union allows me to have these different funds. Wishing you and everyone success with your 2025 goals
I put mine in one bank account but on paper I have categories for all my different expenses. I may look like I have a good sum of money in my account but it has a job when the bill comes.
Thank you for the great advice
Dana, good video! I'm retired, so my income from Soc Sec and State Pension come close in days once a month. They both pay into a credit union checking account (interest-bearing) and I have 5 sinking funds into which I transfer money. I'm a retired accountant, so the kind of discipline it takes to move money into each of those accounts is not hard for me - it's ingrained after more than 30 years. I also do the OCD thing, writing down on a paper budget page every penny that goes out of my purse- cash, check or debit. I leave myself a little wiggle room, esp for things like shelf-stable foods for emergencies, candles & lamp oil, and the occasional buy of a movie view on a streaming service. I don't mind being considered a bit eccentric, living on a good-sized piece of land and caring more about the sanctity of the land and animals than the latest trends or a new vehicle every few years - we each make our choices. I love mine.
Great video
When chase offers 900 to start a checking acct do you take the offer ?
When we get paid, I move some (most) of our money into another account where bills are drawn from. This way, I'm sure the money is there when the bills are automatically drafted out.
I finally opened a HYSF today!
I like the idea of getting an account just for my car and an account for vacation.
❤ I love your videos
Thank you!! ❤️
I will be working on my emergency fund.
Good luck! Kick butt on getting your emergency fund completed in 2025!
@@Shelly_B Thank you!
In Italy where I live it is not a good idea to have multiple bank accounts as you do get charged quite a bit on a monthly basis just for keeping it open. It might be a little different for all online accounts, will have to look into it
Great point to be aware of any bank fees. Thanks for adding this!
Thanks for the great ideas. I especially like the idea of auto paying bills. I have separate savings accounts but at the same Credit Union. Should I have them at different banks? My Credit Union is brick and mortar but I do all my banking online anyway. I’ve never had a strictly online bank.
I have a few accounts at separate banks just to make it harder to access (like our holiday fund). That way there’s no temptation to just transfer money out of it. 😊
Definitely Emergency Fund😊❤😊
I don't keep an emergency fund in a bank....that is easy money for me to spend. I keep all my money at home...so it is much easier to keep it with me close by so I don't spend it at ALL...😊😊😊😅😅😅
😂😂 I feel you but learning our US cash deflates in value each year and an online only high yield saving account will make you money (my Capital One savings gives me 3.8% in interest a year and I don’t have easy access to it with a debit card). Best wishes super saver!!
Not only does cash lose a lot of value over time, it is not protected in a natural disaster or fire. Try finding a fire box if a home is flooded or burned down. It's sad, but it is better to have at least some money in an insured bank or credit union.
Car fund/pay for my car!
When you say "10 to 15% of your salary, goung to retirement," is this gross or net salary?
❤
❤️❤️❤️
How could I save a retirement fund? I have no idea how to get one. I am on disability. I want to make some sort of investment that will help me have some sort of retirement in 10 years. I do not have a job.
I am confused. I thought that what we called holidays were what you call vacation. Now you're talking about both. Aren't they the same thing?
She's speaking about two different things. All examples of what you might need to spend money on.
When she says Holiday fund, what she talking about is saving money to pay for Christmas presents , When she starts about vacation, that would be going on a trip, cruise, hiking going to Europe, visiting family and friends, this is what you would call going on Holiday. I’m in the USA 😊
Forever grateful this holiday season! 🎄 Mrs. Agnes Peterson completely turned my life around, helping me overcome massive financial debt with just a small investment. Her expertise is unmatched, and I’ll keep sharing her impact with the world.
How does this trading stuff work? am really interested but I just don't know how to go about it. I heard people really make it huge trading
My journey with her started after my best friend got back from New York and saw me suffering in dept then told me about her and how my life could change through her.
Agnes Peterson is the kind of person one needs in his or her life! I got a home, a good wife, and a beautiful daughter. Note!.: this is not a promotion but me trying to make a point that no matter what happens, always have faith and keep living!!
She's an excellent investment advisor. I was privileged to attend some of her seminars, that's how i started my crypto investment
YES!! That's actually her name (Agnes Peterson ) so many people have recommended highly about her and I'm just starting with her😊from Brisbane Australia 🇦🇺
Isn't she the same Mrs Agnes Peterson that my neighbors are talking about, she has to be a perfect expect for people to talk about her so well.
If u haven't walked in my shoes you have no room to judge me on what I'm doing. With my money.
Absolutely agree! 👍