I’ve got a small favor to ask! 😊 If you’re enjoying this video, please take a moment to like 👍 and hit subscribe 🔔. It's a simple way to support me and the channel 💖. I’m so grateful to have you as part of our debt-free community! 🙏
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 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.
These are great ideas. I’m self employed and the money comes in small amounts most days of the month. I tend to let it accumulate and then transfer it to two separate accounts - one for my household expenses and one for taxes. I do have another account for my emergency fund, it’s a money market account but I will see if I can put that money in a HYSA.
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
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 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.
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.
Wow Dana, we have a van that we have a payment for and we were only able to do monthly payment so we roughly pay about $400 a month and we’re almost paid off so what my husband and I are going to do which I think is a smart move here I’m going to open Another account and just put that $400 in there and then if anything needs to be done on the car the money is there if we need to buy another car the money will be there so I’m gonna continue to pretend that we have this payment but we’re putting itin a car account so I’m thinking smart here so thank you for that tip and we don’t have a new car well it was new but used only one other person owned it. The last two vehicles we had we owned right out. We just bought it right out, but you know we’re learning. We’re still learning and these videos are helping me.
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 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.
Hey Dana, yes that is a great way to go about it so let’s see talking about accounts. We have our joint checking account where I have access to it as much as my husband does we have a savings account. We also have a line of credit, and a tax-free savings account and we have my credit card with another bank that I used to be with which I don’t have any other account except my credit card with them. Every year I try to get better and better at our finances and I have books where I write things down so I have a book dedicated to what we owe on our line of credit, what we owe on the credit card and what we have in our tax free savings and then I have another Book where I keep all the history of the house insurance and the car insurance because we have that together under one insurance to save. So I keep track of that every year and I compare it from the year before. OK how much did we pay last year? How much is it going up now and then I try to figure out how are we able to come up with the extra money to pay so usually when one payment goes up save the car payment goes up the house insurance goes down. I worked the money out that way and it basically pays for the other one that went up if I’m saving on the other, so it’s all good and it’s great. Everybody has a different way of working things out. There is another method I’ve recently seen. It’s a binder and in the binder has a bunch of folders little pockets within these folders and it tells you on the first first one you put one dollar then you put two dollars in and so on and so on until you reach your goal that’s another way of doing doing it as well. Now if you’re fancy and rich or you have the ability to have somebody do it for you can pay somebody to take care of your money and do it for you. That is one way but it’s really not that hard as you explained it so thank you for sharing this. It really helps.
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. 😊
If you actually have enough money to “vacation” & “holiday spending”, you already are doing better than most of us. I don’t think this video works for working poor. But good on you for making more money than 75% of us.
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.
This video isn’t for you. And that’s ok, I’m also in another category. But I’m confident the money fairy will visit and then I too will relate to entertaining the notion of purchasing a $100k vehicle 😂
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 😊
I’ve got a small favor to ask! 😊 If you’re enjoying this video, please take a moment to like 👍 and hit subscribe 🔔. It's a simple way to support me and the channel 💖. I’m so grateful to have you as part of our debt-free community! 🙏
Done ✔️ Listening to your library of videos. It needs to be a brain change ❣️
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.
I'm so happy you are back. I really missed your videos. 🥰🥰
🥰 thank you
So so glad you’re back!
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 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.
This is pretty much like the old envelope system; both are good.
Will start on my emergency fund for 2025!
These are great ideas. I’m self employed and the money comes in small amounts most days of the month. I tend to let it accumulate and then transfer it to two separate accounts - one for my household expenses and one for taxes. I do have another account for my emergency fund, it’s a money market account but I will see if I can put that money in a HYSA.
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.
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'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!
Oh wow! That's humbling and exciting. Thank you!! Hello to them all!!
I wish all schools would teach these basics!! ❤
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 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.
Fantastic video! Opening additional bank accounts will be my first move!
So many say we don’t multiple savings accounts but I personally love having them broken out so I can monitor the balances
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.
Wow Dana, we have a van that we have a payment for and we were only able to do monthly payment so we roughly pay about $400 a month and we’re almost paid off so what my husband and I are going to do which I think is a smart move here I’m going to open Another account and just put that $400 in there and then if anything needs to be done on the car the money is there if we need to buy another car the money will be there so I’m gonna continue to pretend that we have this payment but we’re putting itin a car account so I’m thinking smart here so thank you for that tip and we don’t have a new car well it was new but used only one other person owned it. The last two vehicles we had we owned right out. We just bought it right out, but you know we’re learning. We’re still learning and these videos are helping me.
Dana I am so delighted to see you back on UA-cam. I’ll find “subscribe so I can continue to watch your videos. Thanks!
Thank you!!! 😊 ❤️❤️❤️
I'm trying to payoff cc cards, but also work on truck repairs and house repairs
Great information. Thank you!
Glad it was helpful! 😊
I like the idea of getting an account just for my car and an account for vacation.
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.
Thank you for the great advice
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.
Hey Dana, yes that is a great way to go about it so let’s see talking about accounts. We have our joint checking account where I have access to it as much as my husband does we have a savings account. We also have a line of credit, and a tax-free savings account and we have my credit card with another bank that I used to be with which I don’t have any other account except my credit card with them. Every year I try to get better and better at our finances and I have books where I write things down so I have a book dedicated to what we owe on our line of credit, what we owe on the credit card and what we have in our tax free savings and then I have another Book where I keep all the history of the house insurance and the car insurance because we have that together under one insurance to save. So I keep track of that every year and I compare it from the year before. OK how much did we pay last year? How much is it going up now and then I try to figure out how are we able to come up with the extra money to pay so usually when one payment goes up save the car payment goes up the house insurance goes down. I worked the money out that way and it basically pays for the other one that went up if I’m saving on the other, so it’s all good and it’s great. Everybody has a different way of working things out. There is another method I’ve recently seen. It’s a binder and in the binder has a bunch of folders little pockets within these folders and it tells you on the first first one you put one dollar then you put two dollars in and so on and so on until you reach your goal that’s another way of doing doing it as well. Now if you’re fancy and rich or you have the ability to have somebody do it for you can pay somebody to take care of your money and do it for you. That is one way but it’s really not that hard as you explained it so thank you for sharing this. It really helps.
I finally opened a HYSF today!
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 am going to work on holiday fund
Great video
Thanks for the visit
❤ 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!
I need to do debt pay off.
You can do it!!
Girl, you talkin' about all these bank account and I already ran out of money
Car fund/pay for my car!
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. 😊
If you actually have enough money to “vacation” & “holiday spending”, you already are doing better than most of us. I don’t think this video works for working poor. But good on you for making more money than 75% of us.
Perhaps. But there are many who vacation and holiday spend even when they don’t have enough money. ❤️
You mean to tell me that you don't spend any money for gifts at the holiday?
What do you think about velocity banking?
I did a video on it recently. ua-cam.com/video/9d_L1fkRnmI/v-deo.htmlsi=wxCG2SgorwZQgqZ0
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.
❤
❤️❤️❤️
My employer doesn’t do direct deposit
When you say "10 to 15% of your salary, goung to retirement," is this gross or net salary?
Hi! I do net. But if you decide to do gross, that is certainly OK too. The point is to be contributing.
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.
This video isn’t for you. And that’s ok, I’m also in another category. But I’m confident the money fairy will visit and then I too will relate to entertaining the notion of purchasing a $100k vehicle 😂
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 😊
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! 👍