Hello I'm new to this site and the whole "real world" handling finances thing. I have a few questions just curious all suggestions are welcomed. How many Checking or Savings accounts should one have. Also is it feasable to save money while paying off debt or to dump all funds into debt and than save. Just curious.
Budgeting New to this Place Suggestions Anyone
January 25th, 2009 at 08:43 pm
January 25th, 2009 at 09:30 pm 1232919009
The fewer checking and savings accounts the better. It is just easier to balance and keep track of everything. That is just my opinion.
January 25th, 2009 at 09:32 pm 1232919157
January 25th, 2009 at 09:37 pm 1232919440
January 25th, 2009 at 10:03 pm 1232921009
January 25th, 2009 at 10:04 pm 1232921088
January 25th, 2009 at 10:07 pm 1232921222
January 25th, 2009 at 10:08 pm 1232921281
January 25th, 2009 at 10:21 pm 1232922067
even if you dont have a tremendous amount of debt, a sizeable EF is a good idea especially in these times.
on the number of account question, well at the moment i have a main account, four savings accounts, and two credit cards. the four savings accounts are all fee free, and the interest is calculated 'as one' so i dont miss out on that. the credit cards dont carry a balance, one is fee free and one is a fee-carrying reward card - i earn more rewards than the fee so its feasible for me to have it. the only fee account is my main account, and i have to have that one because thats where my loan is linked to.
in saying all that, its about to change in the next month when DF and I combine accounts and buy a house.
i guess what i am saying is that everyone is different. you may want just one main account and one savings account, or you may want to have several savings accounts.
January 25th, 2009 at 10:44 pm 1232923454
January 26th, 2009 at 12:27 am 1232929653
January 26th, 2009 at 01:32 am 1232933558
January 26th, 2009 at 06:29 am 1232951358
If one of the things you are aiming for is simplicity, or you have a tendency to misplace or hate to reconcile your accounts, then one checking account.
If you are running a small business, might be necessary to keep your business separate from your personal - then two checking accounts.
Savings accounts - again it depends. For an emergency fund - just one, and if you are in the US, FDIC, FSLIC, NCUA insurance is a must. For projects - you would need to decide whether you want subaccounts (ING is useful for that), or separate accounts.
January 26th, 2009 at 04:31 pm 1232987490
January 26th, 2009 at 05:55 pm 1232992532
And the advice everyone else already gave you is gtreat.
Take care.
May 20th, 2018 at 01:41 am 1526776866
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