Ask:
I was wondering if you have a second checking account or do you have a savings account for short term money storage.A while back,we wanted to open another account but we did not want to worry about having something that builds interest so we chose to open a second checking.It was for putting money back for something that we would soon need but were afraid we would spend it if it was in the main checking.
Answer:
We are actually looking at doing this right now. Since our recent move we need a bank that is easier to access on a day to day basis. I think that we are gonna keep the existing account we have to be an account that we pay our major bills out of (fuel oil, emergency fund, etc). I hate to put it in our savings and then pull it out when we need it, and if it's left in our reg. everyday checking it doesn't get saved. Also, I hate to have that money just laying around the house in an envelope.
Answer:
We have 2 checking accounts. One is for the monthly household expenses and insurances etc. We have a budgeted amount that is deposited in this account each pay and what is left is deposited in savings and the other checking account for groceries, gas and anything extra that comes up. This system works really well for us and we don't have to worry about having money for the monthly expenses and taxes because that money is always put aside and isn't spent on things we really don't need.
Answer:
I have two checking accounts - one regular and another for medical expenses. All the deposits made to the medical savings account are tax deductible so, by law, we have to keep that money separate.
In my main checking account, which does earn interest BTW, if I need to reserve money for an upcoming expense I just write a line item to withdrawn that amount from the balance. I then reverse the line item when I need to go to use the money. That way the money is in the bank but I don't accidently use it for something else. And I don't have to run to the bank to switch money around when I want to pay a bill (like I have to with the MSA - which is a major pain in the tushie).
I have read studies that said the more bank accounts a person has to manage, the less efficient they are with their money. That makes sense since some money always has to be in the account to keep it active. That money just wallows in the account, not doing much of anything. $100 here and there to keep an account open starts to add up.
I wish I could combine all my IRAs into one account. Unfortunately, they are all in different legal situations (one is muddied with pre and post tax dollars - ugh!) so they are better off left separate.
Answer:
We have one checking account and 4 savings accounts. One of the savings accounts is our emergency fund, 10% of dh's pay goes there automatically. One of the savings accounts is for $$ that will be used in the future - like Christmas, Dh's Nursing License, etc. The other savings account is for more *regular* intermitant expenses, like car repair, dental, clothes, etc. The other account is where we put unnexpected $$ until we can figure out what to do with it (like the $280 we got for Christmas) so it doesn't get absorbed into the checking account.
Since all of our banking is done online it's really not a big deal to transfer $$ when we need it. Plus all the interest that accrues in the accounts, except the emergency fund, goes to our *fun* fund where we save for our vacation.
Answer:
We have three checking accounts.
One we put dhs check into, the 2nd my check is automatically deposited into and then one just for dh with just his name.
We still consider all money ours but dh is so good at saving money. I always know how much money we have in our 2 accounts and where I want to spend it! He paid for half of the vacation last year from his account. He saves all the change and recyles our cans and metal from work. Then he deposits into his account and forgets about it.
Its pretty cool!
Answer:
We have entirely too many accounts! I had Bank of America before dh and I got married (2 accounts) and he had a local small town bank. So when we got married I was added to dh's account and that is our "main account" we use it to pay everything. When I started working neither one of those banks was close to me (over and hour away) so I opened an account here where I work and its only in my name. Mostly b/c dh hasn't made it in to put his name on. I deposit my paycheck directly into there and use it to cover things that the main account can't, and for birthdays, etc. So we have 4 checking accounts and its stupid. I will get rid of the bank of America as soon as I can make it over there. But I do like having 2 accounts b/c dh is just now learning how to better manage his money and so I know that my account is "safe" and we are never without money in an emergency.
We also have 2 savings accounts. I like 2 because we can have our regular long term savings and then a specialized savings for a vacation or large purchase.
Answer:
I have a second checking account in my name only, I highly recommend this for ALL moms, you never know one day you might need it! I also have 6 different savings accounts through ING DIRECT online that I automatically transfer money to from my Bank of America main checking account. No fees/ no charges to transfer money back and forth if you need it, it's quick and easy!
Answer:
We have 2 checking accts. 1 is a joint acct, dh's check gets dd in there. We use that mostly for household expenses. I opened a seperate checking acct orignially because dh didn't like how I handled money so he though if I had my own, I would be more responsable. Whatever! But my check gets dd inot my acct and I use it for bills and groceries and some other little things. It has actually made our lives alot easier having seperate accts believe it or not.
I just opened an acct with ING too. they have a 4.5% intersest so I figured WTH. So far I've made .12 in interst! HOpeing to turn this into a long term savings though.