Why We Have 13 Bank Accounts
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- Опубликовано: 5 сен 2024
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Should Couples Have Separate Accounts: • Video
I got here by looking for a video about using multiple bank accounts to budget money. I am so happy so see the wealth of personal experience on this RUclips channel. I'm only twenty-two, and I'm not married. Yet, you two have earned a subscriber! Thank you so much for virtualizing all your life financial experience!
I need to do this! This is like Electronic Dave Ramsey Envelopes. Very good tip.
shestudios This system has truly changed our lives. Thanks so much for watching.
So true, electronic envelopes
As a single person I am still stealing this idea 💡 of multiple bank accounts. Thanks 🙏🏾
If I could like this video a thousand times I would!! This information you are giving for FREE would normally cost thousands of dollars if sitting with a personal finance coach! Thank you so much for these amazing tips!
You can also read books.
BlackWorldTraveler Are you assuming I don't?
Never mind. I was just told this type of money video is for people of a different level of income and situations.
@BlackWorldTraveler not necessarily true I did this with a credit union bank recently that I bank with for free and I don't make the most money pretty much I work at a Walmart and pay some bills and take care of myself but seeing what's safe to spent and what's to put in the emergency funds or the saving account for main bills or wealth building account I see that I have a edge to watch my money grow & not be to hasty to just swipe my card this video is great advice
Star Studio One
I know.
I was just curious about this multiple account thing. Thought it had something to do with CDARS but realized right away it wasn't but watched the video anyway.
I have a USAA and American Airlines CU accounts one checking and two savings account and two brokerage accounts.
This is for people with lower income it seems,financial issues,and high debt to income ratio.
And the person comment above was strange and response to me about reading books was odd.
Never read a comment like that before.
Thought she was going to bring up a favorite book about personal finance but I was wrong.
Normally the individual would bring tell me about the books they've read.
I've never done anything with accounts like this and I been saving since 4th grade and had a brokerage account buying stocks since 10th and already had an emergency fund.
I've read many finance books books from people like Jane Bryant Quinn or books like The Millionaire Next Door.
I make around $160k/yr. in Tulsa and invest and save more than half of that in my Roth 401k,401k,Roth IRA,REITs,Spyders,ETFs,dividend aristocrats,taxable emergency funds,etc...
Own a income producing rental in Rome and business/second home in Switzerland.
Have an investment club with people from U.S. And several countries
Already a 401k millionaire and million in net worth by 30yrs old.
Financially independent and retiring next year at 45.
Zero debt.
This is why I said never mind and her type of response told me I was in the wrong place.
Not my thing but whatever works for you.
ladyinmauve I (Tai) felt the same way in the beginning. However, once I tried the separate accounts, it made things so much easier and painless. We would recommend having a household checking to pay majority of the bills. Only have a separate monthly bill account separate from your household checking, if you have bills that are due quarterly, semi-annually and annually. We still take our grocery money out of the main household checking account in cash at the beginning of the month. Cosmetics can come out of your household checking during the months that you budget it. Your probably not buying clothing or cosmetics each month. Clothing would come out of the main household checking whenever you budget it for that month, as well. We would also recommend for you to have a separate vacation account. Hope this helps! Thanks for watching!
Question for you guys. What kinds of accounts are these? Checking or Savings?
The voice level was low so I connected my speaker via wifi and instantly I could hear loud and clear. Praise God!!
i think this might be a bit of a headache to set up at first, but worth it in the end. wal-mart charged us THREE TIMES for the same transaction last weekend, and our bank recommended that we separate our accounts so that when foolishness like that happens, it doesn't affect everything else. thanks for the confirmation!
curlykiki Girl yes!!!! So true. I was soooooo hesitant in the beginning when my husband (Talaat) suggested doing this. But, I can't stress enough, how thankful I am that we do things this way now! By doing this, the bank is right...you will notice things like this much quicker and easily. Thanks for sharing!
I agree. We had a car rental company charge two separate accounts for one rental. We've even been triple charged in one account! It helps to have the major household expense account unaffected by the careless actions of other merchants. You don't go into complete panic mode.
OMGooness! I can see right now that you guys are going to throw off my time management schedule I have been sneaking every single minute to try to look at your videos since I stumbled across your site.... I love the 13 bank account idea and can see my Excel workbook with a tab for each account.
Lol! We are glad to see that you are enjoying our videos. I do the same thing...lol! Thanks for joining us. -Tai
I've watched this video some time ago. I'm a senior in college now and got my first loan and some other new bills. I just started making multiple bank accounts to save and actually follow my budget. So far it is helping. I love your channel!
Great video! I thought I was the only person who did this but now I think I need more. Thank you for sharing❤
Great idea! Our accounts are going haywire with all different types of payments coming out and overdraft fees. This will really help us!
This video came across my timeline and I saw you mention overdrafts fees. Did you ever get that corrected using this concept?
Wow! I just found you guys and have been hooked so far. When I first heard of all these accounts I'm like this is insane, but once you explained it it actually makes sense. It's the updated version of the envelope system (which I'm not good with the tracking on that😉) so I will be using this system. Thank You Thank You Thank You
I have accounts @ separate banks, If they are all @ 1 bank, for me, that's too easy to access, possible account issues, etc. I have commas, on all of them and far less stress in managing money. Just do what works best for you, but know it takes real DISCIPLINE to succeed!!!
My friend calls her accounts "pockets".
Interesting concept! I just started watching and downloaded several podcast. Sounds like instead of cash and envelopes you have checking accounts. Will be sharing this with others.
Wow at 1st I was sleptical about this. However, this is a great system that I cannot wait to tell my husband about. Thank you for sharing!
You mean SKEPTICAL
I first learned your "Envelope system" from you! This is one of my favorite videos from you! Great job! I manage my own money with 5 different bank accounts and it has made my life so much easier!
This is one of my favourite videos. Some time ago, I wanted to create a similar set up for myself, but one of my friends (who is good with money) talked me out of it. However, it is actually better for me as I am able to set money aside rather than have it all jumbled up in one or two accounts and then spend it because I've forgotten the intended purpose. Thanks so much.
Peace & blessings to you and your family.
Exactly I can set money aside too....rather than have it all mushed in together and forget what the cah is for....
very well put
This is great info, using these techniques along with the 7 baby steps today I became debt free and it feels amazing!!!!!!
***** No your definitely not extreme...LOL! We found it easier oppose to using spreadsheets, because it was difficult to get a feel when majority of the monies for different categories, was commingled together. If there is any monies left over in our main checking at the end of the month, then we move it out and put it into one of the other accounts so we can start over with the new month. We have been able to pay down our home much quicker, using this method. We love the fact that you and your husband are categorizing your money... period! Whether it be via Quicken or bank accounts. We love Craigslist too! We will have a video shortly talking about it. Keep up the great work. Thank you for sharing.
hi! I'm glad to see i'm not the only one working with that system
we have 2 savings accounts for my kids
1 for my retirement (im a stay at home mom)
1 for the next car
1 for the maintenance of ours cars
1 for the kids activities (danse, sport, etc)
1 for holidays
and 1 one for general savings (home improvement or emergencies)
1 for fun (clothes, make up, furniture)
1 for restaurant and cinema
then ALL our bills are "taken" from our main account each month, we've sent our approval to each company/state organisation (income tax, health insurance, electricity, etc) so that they divide our bill in 10 or 12 month and that we have each month the same amount of invoices to pay, no surprise
and i thought i was an alien :-) Love your channel, it challenges me to do better :-)
PS : sorry for my english, bisous de France :-)
Imn Nai We love it! That is so awesome to see that someone else does the same. Don't you love it? Thanks so much for sharing and watching.
Imn Nai but is that in the same bank? don't really understand
Sandy Fifi you can have multiple accounts in the same bank. And some banks will allow you to have a discount on the monthly fee by looking at all the money you have at the institution, instead of in each account.
But you must do your research, or you'll be charged for each account, and that defeats the purpose.
tremendously helpful..I'm a newly Wed at age 47 to a man who believes in 2 as one. You both have been a huge blessing to me..helping me understand how to work together as one and why......thank u!!
Ohhh my word I just can't stop watching these videos. I'm really learning a lot. Thank you!
+Daphny Lesihla nee Duma Awesome! We love to hear that.
just want to say you guys have helped motivate my wife and I to create a real budget and get control of our money. the multiple bank accounts is really just the envelope method. We are currently doing this now but only for my car note and insurance. We will do this for the rest of the bills as soon as i get my wife onboard! Thanks for the video!
I LOVE the idea of an account for quarterly, semiannual and annual bills! I've struggled with that over the years. Will definitely be opening another checking for those bills.
Wow! Great idea. I am a single mother and I have been trying to get my finances in order. I like this!
great video guys
My husband and I are finishing up the FPU class at our church. I came across your channel and I just love it. It's nice to see how a real couple applies the principles. Thanks so much!
+Brittany Von Rissen Awesome! Thanks so much for joining us.
Replay : Thank you both you have truly been a blessing. I have been working on paying down my debt and my mortgage. Thank you for all you do. Grace & Peace to you all. Congratulations Pastor’s.🎈🎈🎈🎈🎈🎈🙌
I agree completely with this method. I had two accounts and was paying so much monthly in overdraft protection fees etc and now I have 4 accounts which works for me, I'm single no kids so I am ok with 4 but it works!!!
I just found your channel yesterday when I was searching for another topic and I LOVE you two! These are such helpful topics! I love this idea with the multiple accounts! Thank you for sharing! :)
Great advice!
I thought we were extreme with 4 accounts! I like the fact you categorize your monies; we use Quicken for that but I love the dining account! We'll be opening one this week! There's those days where I can use a break from cooking everyday and I can be at ease without the thought of overspending in takeout. Thanks for sharing your wealth of information!
Also Craigslist is the bomb! You know Briana, well she introduced us to Craigslist years ago after she bought a car for $300! We moved to Texas using Craigslist! LOL
When you mentioned ComEd and Nicor, I had a flashback!! LOL
This was definitely food for thought. We will consider as we review our finances. Thank you for sharing.
VaranoFam Thank you for watching!
Just started watch you guys and so far so good. Thank you for taking the time to help others.
I have a 10 year old car on its last leg. I do not have a new one because I did not want a car note. Now, with your suggestion, I will save up until the car breaks down. If it lasts even one year, it gives me one less year of financing. Fantastic! I am very glad I finally found you guys on here
I absolutely love this genius idea and I cant wait to try this method!!! Thank you!!
Thank you for the video. I have opened 5 accounts- 1.checking 2. dreams-wealth 3. emergency 4. Christmas and vacation 5. miscellaneous-arrears, special allowances, over time-again it will go into long term investments
I just set up 6 bank accounts after watching this video a few weeks ago. I pay off my credit card in full each month, I owe one more payment on a personal loan,, and now I'm ready to tackle my car loan. Thank you for your advice!
I have broken my savings account into separate "funds" that I track via Excel. And then I have a few other accounts for things like "spending" and "bill paying"
I'll probably open another separate account for sinking funds - those payments that aren't due every month, but they come due several times each year. This way the savings (emergency and survival) funds are even more sheltered from being touched.
Love the idea! Thank you for the suggestion! We all appreciate the great info you two put out in your channel! Keep it coming!!!
Hi. I'm a new subscriber. I lost my job a couple of months ago and found your channel by searching youtube and just trying to figure things out. I'm declaring that I will have substantial income again before this month is over and this video has given me some different ways of looking at how to budget. Thanks for the video.
Love the message and refreshing to see couples that work together financially rather than couples that have to constantly fight over money.
I came across this video last year, and implemented it immediately. Thank You Tai and Talaat! Having multiple bank accounts has allowed me to prioritize monthly for annual expenses and hit several savings goals. I've since flipped two of my accounts into High Yield accounts. Thank you again!
This was AWESOME! Thank you for sharing! I can't wait to show my husband!
This is awesome! thank you for explaining it so well! y'all are really cute too! do you this written out somewhere?
this answered my question.
. I thought it's weird to have a lot of bank accts.. but I think this really makes sense. :)
You guys are adorable. Finishing each other's sentences and stuff. Glad we're not the only ones that do that. My husband and I stumbled into this method about a year ago out of sheer desperation. We were getting so confused and muddled about all our different savings goals and spending needs that we set up ten accounts. It's been AWESOME. One each for retirement, down payment, new car, flips, taxes, car insurance, a miscellaneous household expenses account, emergency fund, HSA, and a miscellaneous savings account. We also bank at two different banks. Keeps it even stevens. We still use envelopes, but we buy a lot of stuff online these days, so our biggest cash categories are fuel and food.
I love it . I live in Mobile, Alabama didn't know that this was an option. Thanks for sharing.
Love your videos!
My wife and I also have several sinking funds and it has been a huge game changer. We have our main checking account, savings account, and just one additional checking account.
In the second checking account is where we store all of our “sinking funds” at. We track the allocation of each funds amount in “every dollar app” that Dave Ramsey recommends.
My wife and I find this is very easy to track.
I am so glad that t
Your method works for you:-)
I just wanted to share what we do and how it is very simple using the app.
Our sinking funds so far are:
1- baby fund
2-vacation fund
3 car maintenance fund
4- car replacement fund
5-kids needs
6- kids back to school fund
7-life Insurance
8-Veh tax/ tags find
9- miscellaneous fund
10-wife’s hair fund :-)
I have to admit, I thought 13 accounts was crazy when I saw the title but I'm so glad I watched the video. This is awesome. Thank you for sharing.
MsSassyMT Awesome! Thanks so much for watching.
Awesome!!! We actually do the same thing!! We have a car fund, my 3 kids acct., vacation, Christmas, property tax, 1k emergency fund, 3-6 months savings!! These are the accounts that we absolutely do not touch!!! Love this!! You guys are awesome!!
WifeMommyFamily Journey Wohoo! It's great to see someone else doing the same thing! We're not strange after all...LOL. Thanks for watching.
Fantastic tips guys!!!
Thanks so much for sharing your knowledge!!!!!!!
+Cindy Rogers Thanks for watching!
this sounds a lot like a modern day enveloppe system :)
Love this idea! I definitely plan on implementing it once we’re done paying off our debt and have our emergency fund complete.
We have a bazillion bank accounts (mostly online savings) and we ADORE them. Ours are usually sinking funds for things like home repairs, car repairs/insurance/purchase, kids' cars (because our oldest will be driving in a few years), medical/vet expenses (for larger, unexpected ones), vacation, home heating expenses (a real expense, here in New England), things like that. It works very well for us, such a blessing to say, "Oh no, we're low on heating oil! It's gonna cost about $550 to fill that tank!" No worries, heating bank account to the rescue! It is easier for me to have it all separated out, to really see how much we have allocated for what already.
My fiancé and I always argue (or just avoid the convo altogether!!) about how we will fairly decide how much "fun money" each of us gets, because there is currently a huge difference in our personal incomes. One of us makes just over TWICE as much as the other.
L Banks Suzie Orman has a formula for couples that have big income differences. It's based on percentages, it's a winner.
Hello His And Her Money. I love you and I wish I had meet you years ago.
This is awesome! You all are heaven sent. I wish I had found you earlier
+Janice Vance Thank you!
this is some of the most awesome ideas I have ever heard in my young adult live god bless you both for your wisdom I will sincerely try. thank you your subscriber johnny
At first I thought, who needs 13 bank accounts? But after your explanation it all makes perfect sense. In a way this reminds me of the envelop system but with more structure and a much better overview. Thanks for sharing. #debtfree
Svetske Yes, your right...it's similar to the envelop system. It makes things sooooooo much easier. Thanks for watching!
What I appreciate about the way you two organize is you're looking to retain your wealth and not make the financial industry wealthier than necessary. I think the biggest pitfalls in my money spending habits in the past have been over relying on credit and financing, which only serves to make someone else wealthy with my hard earned money. What you two are sharing requires discipline and communication, which require maturity. I'm happy to see you sharing this knowledge with your children as well.
Loving the concept! Will run this by my husband
Awesome, have him watch it too!
I don't have a mortgage, so set up a separate savings account, titled "Our Home Escrow"...added up annual expenses (house and vehicle insurances, property tax, vehicle registrations/license, etc). Add a 10% "fudge factor" in case one of those increases, then divide by 12. That's the monthly amount that goes into the "escrow." (Btw, paying insurance annually can save a monthly service charge, depending on your provider...😉)
I had two accounts at the same bank and it was a total mess. A joint account with my husband and a seperate acct for my business. They deposited money in the wrong account and took money out of the account that was supposed to get the deposit. That was a very bad experience for me. I cant imagine having 13, sounds like a nightmare.
I definitely practice this, though I also use a spreadsheet to track so i dont need this many.
Great info.
1 thru 13 , please make a distinction for the type of account
Example
1 -3 checking
4-7/11-13????
8/9/10 savings
1
Wells Fargo must love you..... Hey we opened all of these banks accounts frivolously and they didn't even notice..... WINNING 🥇
I thought I was the only person who did this. Great concept and Idea. To me the best way to save money.
My suggestion is establish a medical expenses accoint.
We didn't qualify for one at the time. We do have one now. Thanks for sharing!
@@HisandHerMoney excellent.
Do you have a certain dollar amount that is allocated for each account?
Percy Days I do for my accounts.
great video! I appreciate your ideas. You two seem to have it figured out.
Toni Jackson I know right!!?
Hi T & T, I just started watching your videos and can't wait to watch more. I am doing Mystery shopping already am am with a few companies that you mentioned. It's funny how some people don't think Mystery shopping isn't worth it. But I agree, it all adds up. I pick up pennies, heads up or down. If I found one, I'm lucky. LOL. Also I watched your video on the 13 bank accounts, which I already do, just not as many. It really helps to have separate accounts. One account you have was for appliances breakdown, etc. I own 2 rental properties, one is a duplex and 1 is a single family home. I have Home warranty insurance on each which costs me about $44-50 a month each. I have only had the homes for 2 years and I was concerned about things breaking at the same time before I got enough money in my " House account". Have you two heard of or considered home warranty insurance? So far, they have repaired an old dryer, refrigerator, and replace a new furnace.The repairs have saved me at least $1000 so far, if not more.
+Cheryl Goodlin Thanks so much Cheryl for sharing! Yes we have heard of home warranties. We have personal family members that have them and it has saved them a lot of money. We may do a video on this in the future. Thanks so much for watching!
Y'all are ALL STARS! Thank you for sharing these fantastic messages about finances!
13 accounts seems extreme. I do the same thing with 4 accounts. 1 checking for monthly bills, 1 checking for annual bills, 1 savings for emergency, 1 savings for other: fun money, travel, special purchases, etc. The system is solid... It works fine.
new subsrciber. absolutely love all your info! thank you for sharing such great tips!
+Frenchell Hampton Thank you so much for joining us!
Thank you! I’ve been playing with the idea of using more bank accounts to help with budgeting and keep seeing “the 4 or 5 bank accounts you need” and was feeling ridiculous for feeling like I actually need more.
This was wonderful!!!! I can’t wait to try this. I’ll probably start off with 5 accounts since it’s just me. Great idea guys!
Jesus has put that in my mind for a few weeks now to open another account. I normally am good with my money but I've been dealing with Worker's Comp and have exhausted my savings. I'm working my way back to that with God ordering my steps. Thank you for your time and wisdom.
I love this idea. I presently struggle really bad with money but I am DETERMINED to make a budget and stick with IT! Thanks for being transparent.
You people have managed your money and bills well and have been responsible.Great job!
Great information. My family just moved to a new state and are basically starting over. This has given us a great starting point.
I think I would like to try this method after paying down some of my debt. I just finished baby step 1, and now I'm really excited to get some debt payed off. I think that as the debt dwindles, I will feel the freedom to have different accounts for different things. Right now I'm maintaining two accounts. My checking account is at one location, and my savings account...where my emergency fund is, is at another location. I will continue to save each month, adding to that emergency fund even while I'm paying off the debt, because $1,000 won't cover all emergencies. Thanks for sharing!
You all are such a blessing!!! I am single, but I am learning so many helpful tips from you. May God enlarge your territory in this area because so many of US need the information you are sharing!!!! Blessings to overflow!
dlupchurch Thank you so much! It is our desire to help so many people. Thanks for watching!
I really enjoyed this video. Just starting to get serious with my finances.
bret combest Hopefully you can see this reply. For some reason we can't reply to your question in our feed. We did a video discussing, how to choose the right bank account. These are all the things that we did, to find the best account for our needs. Hope this helps! Thanks for sharing. ruclips.net/video/tpJEH2A_OZo/видео.html
His And Her M
Great video glad I found your channel today! If you ever update this vid please put the emergency account at the beginning just in case someone doesn't make it through the entire vid. I was worried you weren't even gonna include it 😬
Great video. I have a very similar system, I have 6 bank accounts (I'm single and have no dependents). I started doing this after reading Dave Ramsey's book. Thanks for the video.
Sounds chaotic at first, but it makes total sense and worthy of trying instead of trying to build up one savings account and hope for the best with no strategy. Thank you for sharing!
I love this!!! I appreciate the knowledge.
+DidYaMissMe Mc Awesome! Thanks for taking the time out to watch.
I do this but through YNAB, it gives you electronic separate 'categories' that overlay your real account. I never check my bank balance anymore, just what's in each ynab category. When you get money coming in, you simply allocate every penny to the categories.
Super excited to see I'm not the only one who does this!! Awesome guys!!
Bills & tithe, monthly, vacation, eating out, fun money, 3 for kids, house hold appliances, emergency. Which am I missing?
Check out our post on our site with the full details of each account. Hope this helps! www.hisandhermoney.com/why-we-have-13-bank-accounts/
Thank you for sharing I will definitely be doing this is Wonderful God Bless appreciate your Wisdom!!!😊🙌🏽❤️
Makes so much since. I have 3 now and plan to open 2 more soon. I also have 2 grandchildren I plan to open accounts for. Nice info.
Awesome Video. Me and my wife were just talking about having more than 2 accnts. I just recently started my new career and have a healthy income and so we just started trying the whole budgeting thing and, ya know, being an adult. Your videos are very helpful in nudging us in the right direction.
+Ortiz 805 We love this system! Thanks so much for watching.
Do you pay a monthly fee for each account? What banks offer this?
Thanks a lot for video. I learnd many things even if I came from french Africa country. Gold bless you.
Hey guy's, this was a n excellent idea. Keep on sharing. I will be watching you.
very informative video. you probably saved me time and headaches in the future. plan to use all ideas and tips
Really like this idea!! I have pondering about doing this now we are. Thanks
Go for it!
I love your RUclips channel for all the truly helpful budgeting info, tips and bank account ideas. Although I am not sure I would have that many extra accounts, I do see the point in adding more for categories that work for me, especially saving regular monthly amounts for bills that come up semi-annually etc. Thanks!!
Dawn D one of my financial planning clients does the same thing to organize the plan we have for him. It can be a very effective strategy (eg multiple account each having its own objective)