Banking Account

[Black Ice]

Banking Account

Does anybody do any weird tricks with there checking accounts? A co-worker of mine has his direct deposit going into 3 different bank accounts. 1st account is for bills, mortgage etc living off of.
2nd account is for play money
3rd account is for saving.. Which he does not have a debt card for and doesn’t get money out of unless he absolutely has to.. Ive never heard of someone doing this I found it strange but also interesting


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I have everything going to my checking account with one bank.

My wife has some going to a credit union, her personal bank account and one joint account we share.

She pays all the bills like mortgage, cable, cell phones, Amazon prime, Netflix and dog insurance.

I pay the gym membership, landscaping, car notes(we only have my truck note) maid service, car insurance, Sirius satellite and home alarm.

She pays the grocery bill and I split it with her by transferring money to her account every month.

We typically spilt any large bills like a vet bill or income tax bill.




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[TalonErickson7]

I know folks who do this. Not to change the subject but have you found a career change yet?

Tested at Nustar as a Terminal Operator. And interviewed at Linde as a Instrument Tech interview went well but haven’t heard anything back yet.

Have multiple offers on land rigs but nothing that will have me me home every night like I would like.


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[LetsGetBloody]

Probably more than you wanted to know or were asking but here ya go! Hope this helps. Haha

Been working on the right automatic setup for years. This seems to work pretty well for us theough lots of direct deposits or automatic transfers when needed...

1...Contribution to 401k with Fidelity

2...PAY YOURSELF FIRST Savings which includes TD Ameritrade, Vanguard, & a safe cushion DO NOT TOUCH savings account with Marcus by Goldman Sachs (1.6% & FDIC insured savings account, Ally is pretty good now too at 1.5%). The Intelligent Investor, The Automatic Millionaire, and The Millionaire Next Door books are all great reads that helped us finally get our finances in order years ago and start paying ourselves first! That’s the reason these accounts exist. Highly recommend reading if you’re interested & have time.

3...Main Bank: 1 checking for all expenses & bills, 2nd checking for tithe, 3rd checking for vacation funds, 4th checking for big things we want to buy (pay ourselves a monthly payment until save enough cash to buy item. This really helps with staying out of debt), and 5th checking for smaller things my wife and I’d like to have

4...cushion checking through another bank that we can access so we don’t touch our main savings accounts

5...An additional Marcus by Goldman Sachs savings account to save up for rental properties & other investment opportunities only

[fbchunter]

Tested at Nustar as a Terminal Operator. And interviewed at Linde as a Instrument Tech interview went well but haven’t heard anything back yet.

Have multiple offers on land rigs but nothing that will have me me home every night like I would like.


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Good luck. I’ve heard Centerpoint will be hiring helpers soon. Starts at around 18 an hour i think. Within a year you’ll start your apprenticeship and in 3 years be making journeyman pay. Keep an eye on their website

[Daniel75]

I have 2 so far, one is my main DD account, the other is a bank I work off duty at. When I work there, my checks from there get DD there and I use that as my savings account. I’m about to open a 3rd account to set some stuff up on autopay, like my truck insurance and AT&T cell phone bill, which will save me $20+/month by using autopay, saving me $240+/year.

[Patton]

Yes. As a 1099 guy I do the following:

30% into my Tax ‘Savings’ Account
30% into Personal Savings
20% into Business Checking
20% into my Personal Checking.

[Fmjag64]

I do this as well.

[Aggie PhD]

When my wife worked in a small hill country town after college her coworker gave her some advice. Don't keep all of your money at one bank. These people don't need to know everything about you and your finances.

So I have a checking and savings accounts in one bank. Then have another savings account at another bank.

And move money at the first of the month for savings. When it is gone you don't spend it.

[bowhntrmatt]

I guess I’m a simpleton.

Both our pay checks get direct deposited into checking.
All bills are paid off that account.
We keep a certain amount in there at all times. Anything over gets moved to a savings account.
There is a certain amount we want to keep in savings at all times, and when we get considerably over that we will either take the extra to pay off debt or invest.

[BrianL]

When my wife worked in a small hill country town after college her coworker gave her some advice. Don't keep all of your money at one bank. These people don't need to know everything about you and your finances.

So I have a checking and savings accounts in one bank. Then have another savings account at another bank.

And move money at the first of the month for savings. When it is gone you don't spend it.

Trust me, we don't care about your finances unless you are causing loss or problems due to NSF, returned checks, etc. Sometimes it helps speed up a loan, but with 1000s to millions of accounts, and everything coming and going electronically no one should know.

I have splits going to 4 different accounts.

[BitBackShot]

It's not really "tricks" just setting up multiple accounts. It helps if you don't have the discipline to not spend all of your money.

I have a good friend that's a financial planner that does this with almost every bucket of possible expenditures. He's got an account for vacations, an account for automobiles, an account for recurring expenses, an emergency account, etc. His view is that once the money is gone and budgeted towards something, he won't touch it.

I have a checking account that I keep twice my monthly burn in. A savings account that I send money to every month, and a brokerage account that I trade in. Every 6 months, I take excess money from the savings account and depending on the market environment, I pay down my land loan, plug it into closed end muni funds, etc.

The multiple accounts thing is really just a way of forcing budgeting.

[gmac]

3 accounts

Checking
Savings
Investment

[44mAG]

I have a "high" interest online savings account that I don't touch. Have another savings account plus checking at the bank. I just keep a detailed monthly expense document. I put the same amount of money in the checking at the beginning of every month, and track how much I have left in it at the end of the month. This let's me know to the penny what our spending is every month. Once my bank savings account reaches a certain level, I move the excess over to the online savings.

[LROSE]

We have been doing our the following for about 15 years:
Checking Acct 1 (@ Bank)- Gets 75% of check. Used for bills and such
Checking Acct 2 (@ Bank) - Get a set amount each month. This is my slush fund
Savings Acct 1 (@ Bank) - Get Save the cash refund deposits, and held at roughly the same amount for quick access if needed.
Savings Acct 2 (@ CU)- Get a set amount each pay period and is at a CU that we would have to drive to in order to get the funds. Not easily available so we are not tempted to touch it. Used for taxes, large purchases (Vacations), and general savings

This does not include the 401K accounts we both have and college savings accounts setup for kids.

[MagicBlade]

I have no idea, my wife gets it all!
My allowance goes in my pocket.