Money Matters
orangehills
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
How many accounts?
So now that I know my DH and I will each have a Roth IRA.. question. We have one savings/checking account at our normal local credit union bank. Is that enough? We are saving our efund and want that in liquid cash. Once the efund is completed, we'll be saving for a house and I plan to just open another savings account at my bank for that.
Does that sound like I'm on the right track? I'm getting overwhelmed at how many accounts there can or should be, and I'm just trying to get them into as few accounts as possible!
Re: How many accounts?
We have a billion accounts. H and I each have a solo checking and savings with a credit union. We each have a solo "fun money" account at a bank, along with joint checking. I have a solo savings account at that bank as well. Then we have 6 or 7 CapitalOne360 savings account, because they earn better interest. Those are our save to spend accounts, and there's no minimum, which is awesome. We have Downpayment, Car Maintenance, Car Registration, Gifts, Travel, Vanguard (we recently transferred our poorly performing Roth IRAs from our bank to similar funds in Vanguard, we'll be emptying this account into the new fund any time now), and Charity. Rather than give a small donation (people on the GBCN boards who work in non profits say that fewer bigger donations help more than many small ones) we save to make larger donations to a few orgs once a year.
It's all about comfort. I prefer to have my savings less accessible so that H and I aren't tempted to spend it. Our C1360 account serves that function.
If anyone needs a 360 referral pm me, I get $20 and you get $25 if you open up a savings account of $250 or above, and you get $50 for a checking account. I got my referral from someone on the other board, and it worked no problem. One thing to note, with the checking accounts (NOT the savings account) they do a credit check because of the overdrafting chance. Just something to keep note of.
We have our checking, savings, and E-fund savings account at our local Credit Union. This is where most of our money goes. The E-fund savings is fully funded, and never gets touched (we also have a portion of it in a small investment that earns more interest, but that's separate). I also put our monthly amount for property taxes in there so it is separate from our "slush" savings account.
Then the other savings account is used for house updates, trips, car repairs & registrations, etc. I make sure we have $1,000 in this at all times, because I would rather touch that to get by than our E-fund.
Our checking is used for everyday, budgeted expenses.
We also have a checking and savings account at my old bank where my bonus checks and commissions go into. The savings account is used as our baby fund/ infertility fund, since neither of our insurance covers IF and we will be pursuing it in the near future. Then the checking is used strictly for vacations outside of our 3 day weekends away that are budgeted into our regular savings (think Carribean, week long annual family trip, Mexico, etc).
Lastly, I have my Tastefully Simple checking and savings account so I can keep that entirely separate from our everyday expenses, for tax purposes. At the end of each party, I transfer 50% of my income to the savings account and leave the other 50% in the checking to pay for business expenses. When my savings account gets to $1,000, I use $500 to put toward a debt.
So long story short, we have 7 accounts total. If I didn't have my TS business, then we would probably only have 5 accounts.
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I think we have 13 checking/savings accounts total between the two of us. We each have our checking accounts from before we merged, which we use for our "fun money" - mine at a local credit union, and his at Chase. We each have a savings account attached to those, but we don't use them. Then we have our joint checking account, which we use for almost everything, and 8 savings accounts with CapitalOne360. We have our E-fund, savings for a house down payment, a vacation fund, savings set aside for a baby, my "tax withholding" since I pay quarterly estimated taxes, my health insurance savings since I pay a premium in full yearly, a car account where we save up for our semi-annual insurance payment and any major repairs, and finally we have our "weekly money" account. That last one should probably be called our "self-control" account or something. It came up when we got fed up with running out of our budgeted money at the end of the month. We budget for the month and pay ourselves 1/4 of it each week. We don't spend as fast, don't feel poor as often, and we earn interest on money that would otherwise be in checking.
ETA: I can't count.
"You know you're in love when you don't want to fall asleep because reality is finally better than your dreams." - Dr. SeussFor my wife and I we both have our own checking and savings accounts. I currently have three 401(k) and IRA accounts, my wife has a Roth IRA and I think another retirement account.
As for joint accounts, we have one joint checking tied to our vacation/children/gift savings account. We also have a joint savings account for emergencies, car repairs, and car insurance.
We finally have enough money to open up a savings account for our LO so we will be doing this over the weekend.
Wow, I don't know how you guys keep all those accounts straight!
DH and I have one checking, savings and CC with a local credit union.
I have a stock account from before we were married.
I have a pension and retirement account at my work (I rolled over all of my previous 401ks to my current employer).
DH has a pension with his current employer and two previous 401(k)s which we need to decide what to do with. He will either roll them both over to his current employer or he will leave them where they are or maybe he will do something else. He has made a couple job changes in the last couple years so we have to figure that out.
When you've been married this long, you need a ticker to remind you.
Baby Boy M - 08/01/2013
It's not bad for us at all, with CapitalOne360. We have "nicknames" for all of our accounts, so when we log in online to view our checking or savings balance, we see an account summary page with all accounts and balances listed: joint checking, then E-fund, etc. - all named by their purpose.
I also use mint.com to keep track of things across banks.
btw, I didn't think to mention our IRA in my original reply. We have one of those in my name, and we'll open another in his next year.
"You know you're in love when you don't want to fall asleep because reality is finally better than your dreams." - Dr. SeussH and I just recently joined account after being married for 1 year. At first it seemed very overwhelming and I was asking the same thing, but here is what we have and it works for us:
Bank of America: 1 joint checking with 1 joint savings- We signed up for "keep the change" program which dumps all that extra change from checking purchases into the savings account. That's all we usually keep in there unless we transfer money over from the checking if we are holding money for something coming up. We pay all of our bills out of this, gas, fun money, and whatever is left gets transferred into:
Capital One (formerly ING): We have 1 joint savings account with 3 different sub-accounts named :vacation fund, house fund (DP), and savings account. This savings account covers a few months of living expenses also any money we will need for extras that come up when we buy a house (new roof,renovations etc)
We each have a 401K at work
That's it!
We have 3 accounts at our bank. We have a checking account where we withdraw cash for the month, our paychecks are deposited to, and we pay all our bills from this account. We have a savings account just for our emergency fund. This is liquid like we want it to be, but gets very little interest- in our minds that's okay, it's the price of feeling secure. We also have a savings account for our actual savings (we budget each month for things like insurance, travel, home repairs we would like to do) and put that money into this account. I have an excel spreadsheet that I use to keep track of exactly how much is in each fund for the savings account.
At the end of the month we level off our checking account, and transfer everything above that to the savings account. Sometimes we save more than we expected to because a bill was lower than budgeted and so we deal with that extra money every couple months when it is significant and budget it into one of the savings accounts.
Yeah, too true. I think we decided- we'll have our joint checking, our joint credit card. Then one joint savings through our daily use bank that will have a smaller amount in it for little things or saving for vacation. Then over at a place like schwab we'll have a high yield checking for the efund so it's easily accessible during an emergency, and then a high yield savings for house dp. Not to mention we each have an IRA and one pension and one 401k too. I think that's enough, I'm overwhelmed with just that!