so you read this blog over here that said you need ten bank accounts and this blog
over here it said you need zero bank accounts and you only need to use the
cash system and you're just kind of sitting there with your one or two bank
accounts and now you're super confused because all you want to know is what to
actually do. Right!?! So today I'm going to tell you how I organized my bank
accounts, what works best for our family, and give you some real-life examples and
some real-life tips to actually help you get started organizing your bank
accounts
Hey guys! I'm Sami Womack from A Sunny Side Up Life and today I'm going to
tell you how I organize my bank accounts. This is the question I see a lot and I
just saw it again recently so I thought this would be a great time to do a video
and a blog about it. So the question that I saw said, "Advice on my bank accounts I
feel like I have too many my money is spread too far around and I'm wondering
how many bank accounts you have." So I've seen this question a lot and I've also seen
it flipped the other way like, "I feel like I don't have enough bank accounts - how
many bank accounts do you have?" So I'm going to tell you today how many bank
accounts I have, how I organize them what is in each one of them and a little
breakdown of the order that I transfer the money into when it is payday. So quick
sidenote before we jump into this topic is the Cash System versus the Debit
Card System so what I'm telling you about today is the debit card system. This is what I
do with my actual bank accounts with debit cards that I use, but a lot of the
techniques that I'm going to tell you today can also be applied to the cash
system. The cash system versus the debit card system is not so much about
organization- the difference in organization- it's just a difference of
where you actually store your money so you can still organize it the exact same
way if you prefer to do the cash system, so take that into consideration as you
go through the rest of this video. Okay so my bank accounts... first of all I have
three actual bank accounts at the bank and the fourth is- I do have some cash
savings that we like to keep here at the house and it's just handy to have some
savings on hand and just have that security that the bank doesn't have all
of your money and it's kind of nice since we live kind of far away from our
town and from an ATM that if we do need 20 bucks, you know, we can just grab in that
cash and that we know that we have it on hand at all times but we have three
actual accounts at the bank and I'm going to go into a little more detail
about each of those. We have a bills account, a spending account ,and a savings
account. So let's jump right into those! okay here's a
graphic that I made for you guys is kind of flow chart of how we do things
whenever it is payday and you can feel free to screenshot this if this helps you
kind of organize your own bank account. So you can see the dollar signs at the top
and the money is going to- it direct deposit into what I call our bills
account and then it goes out into our spending and our savings account and
then our savings account is broken down even farther into each of those. So I'm
going to go into detail about each of these accounts for you.
So the first bank account and the most important I think is the bills account
so when it is pay day my husband's paycheck is set up on direct deposit, but
if yours isn't and you go and manually deposit your money into the bank it works
the same exact way. So money goes straight into the bills account and for
me, I think that it's most important first and foremost to make sure that all
of your bills are paid before you do anything else because you can always
scrimp on groceries or you can always just not pay extra on debt that month or
just not save extra but you've got to have your bills paid I feel like that is
really first priority in everything as long as- you know- actually have money
for groceries of course, but I always pay bills
first and foremost. These include- these are what I include- as monthly bills. This
is your house payment, your electricity, water, phone, internet ,TV, any kind of
monthly memberships that you've decided is important and fits into your budget. If
a gym membership fits in your budget, Netflix, any kind of other.... I have an audible
account because I love audible and their books... that's super important to
me. If you have car payment, credit card minimums, etc, those are all what would be
in your bills account. And what I do is I add up just what needs to be paid for
this pay period to the penny plus $10. I like to do $10 just because I hate
seeing my bank account at zero after all the bills come out. I do $10 because it's
a small amount I'm not going to notice it missing in the grand
scheme of paying off debt or saving. It's just a $10 buffer in there. And I do $10 to
the penny on top of the exact bills amount. And that's all that is allowed to
stay in our bills accounts. Then I'm going to tell you what I do next. So in our second
account after I made sure all the bills are paid I transfer- all of these are in
bank accounts- but of course if you do cash you can just physically withdraw
the cash and put it in a cash envelope and it's the same idea... I just keep
mine at the bank and use a debit card. So in the spending account this includes
our groceries, our gas- or fuel for your car whatever you call it, I know different
people call it different things- so fuel your car, your extras... this would be like
your date night, your fun money, all those kind of things,
clothing, any kind of fun stuff like that, or eating out fast food... all of that
goes into spending the account because it's not bills. So I like to keep
those separate and I like to keep that in the bills account because then I know
that the bills are paid, the bills are taken care of and then only transfer
into my spending account what I'm allowed to spend and what I've budgeted
for for this particular pay period. So whatever you're allowed to spend is
what goes into your spending account when it's gone it's gone... and you make a
plan for that money. So say it's $500... How exactly are you going to spend that $500?
How much is going to go to groceries? How much is going to go to gas? How much is
your fun money, etc? So be realistic when you do this, realize- you know- that if you
have a family of five and you have to have groceries for a whole month $100 is
probably not going to cut it. Be realistic, but also challenge yourself
because remember- you know- you have goals and you don't want to spend all of your
money, and you want to make sure that you're having money left over to apply
to your debt or to throw into savings... so be realistic but also challenge yourself!
The thing that I love about having these accounts separate... and was really
life-changing for us... was having the money in the bills account I have that
reassurance that our bills are paid, right!?! ...and then with the spending account I
know for sure how much money is left. If it's you know two weeks till payday and
I only have $100 left I know things are going to be tight, I know that for sure, I
don't have to wonder when the money is mixed in the spending and the bills.
When they're mixed in you never know for sure what's still pending...
what's for groceries... this and that. So that's why I love having them separate,
and I know cash people will sometimes go even a step farther and have a separate
envelope for groceries, a separate envelope for fun money, and you can even
do that with your bank accounts if you're organized enough to keep up with
that many bank accounts, but for me this is what works really great and I plan it
out on paper, kind of how I'm going to break it down even farther. What's for
groceries, what's for gas, etc etc.
All right so the third account is a savings account. And a savings account for us- we just have one savings account
because like I said, I break it down even farther on paper and that's
what works best for me. And our savings account includes our emergency fund, our
sinking fund, and our next goal fund... I'm going to break those down a little
farther for you guys in just a second... but if you- like I said with the spending
-if you want to do these in cash... feel free to do them in cash, if you want to
have three separate savings account... one for emergencies, one for sinking fund, one
for our next goal. Feel free to do that too. For me, I like to just have one
savings account and then have on paper what is what. So my little tip here is
that the money that is left over after your bills, and then after your spending,
is what goes into your savings. Like I said, money goes straight into the bills
account, then our allotted amount goes into our spending, whatever is left over
goes into our savings. And if you feel like... a lot of people will say they don't
have enough to put in savings, or they don't have enough to apply to their debt...
well this is where you kind of want to work backwards and say "Well where can I lower
my spending? Where can I cut back my bills?"...and all those kind of things.
Which is a whole 'nother blog and a whole 'nother video [laughter]... but just a little side note there for you.
So I'm going to go into explaining a little more about what each
kind of these savings accounts are all about. So the first part of the savings
account is an emergency fund and of course this is before you've paid off your
debt... you really just want a small beginner emergency fund, what I recommend is
five hundred to a thousand dollars depending on your income, depending on
your family size ,depending- you know- if both spouses work, if you have a single
income, or whatever your family situation is... what you guys feel comfortable with...
somewhere in the $500 to $1,000 range. For us, we did a thousand when we were first getting started.
...before we paid our debt off. Of course after your debt
is paid off, everything except your house, you're going to want to go into bumping
up to that larger emergency fund... that's a three to six months worth of expenses
range and so we have our emergency fund thrown into our savings account with
everything else and I'm going to go into those other two types of accounts with
you guys. The second kind of savings is a sinking fund. This is what a lot of
people overlook in their savings, they totally skip this part and they let
things that are non regular expenses kind of sneak up on them and totally
ruin their budget... and I don't want that for you at all! So what I would love you
to do is to start a sinking fund- and we just mix this right in with our regular
savings- but you can obviously do a separate bank account if you want, do a
separate cash envelope if you want, whatever- you know- system works best for
you, but a sinking fund is... it includes holidays and birthdays, it includes
vacations, home and vehicle maintenance, any kind of annual registration or
license... maybe your job requires you to renew some kind
license every year or - you know- your vehicle registrations, there's lots of
things that only happen once a year that you would want to put in here. This can
also be clothing.. we only purchase clothes twice a year, we do a spring/
summer wardrobe then we do a fall/winter wardrobe, because that works best for us
in Texas with the way our weather is. So you might want to put your clothing
expenses in there... we do them in big lump sums like that. Or taxes, if you pay
income taxes, property taxes, any kind of taxes... you're going to want to apply
those to your sinking fund. Any kind of irregular bill... There's a lot of people
who have quarterly insurance and they let it sneak up on them and it's a big
lump sum, or any kind of annual bill you just pay- maybe homeowners association-
and you just do it once a year. So really think about it... and if you forget some of
those as you go through the year... what I like to do- what I did my first year...
I just had a running list, because if you sit down and you try to think all of
these irregular expenses off the top of your head you're going to miss one or
two or more, so just don't really- don't really stress over it, but just kind of
keep a running list as something comes up go, "Yeah you know, I wish I would
have had an extra $50 for that... next year I'm going to be prepared and
I'm going to do that." So that really helped us... we did started with
Christmases and birthdays, and then as we went through our first year of budgeting
we added in that running list as things- you know- as things came in the
mail, as things expired and we had to renew them, and then our second year of
budgeting we were really on top of that Sinking Fund. So what you're going to
want to do is add up this whole year worth and then you're going to want to
contribute to that fund little by little maybe every paycheck or maybe every
month or whatever works best for you but you just want to be contributing to it
throughout the year so those things don't sneak up on you and totally ruin
your- you know- your November budget when it's Christmas shopping time or things
like that so you want to be prepared for all these non-regular expenses
So the third part of my savings account is the "next goal fund" and this is the
fun part.. this is where you want to consult your goals list and you want to
start saving for things- of course if these are non-needed things this is
going to be after you've paid off your debt and after you have that emergency
fund saved of course... you don't really want to be saving for anything too crazy
unless it's needed. But say your car is on its last leg and you know
it's going to break down, it's totally a need, this is where you're going to want
to start saving for those... this is how you save up and pay cash for these large
ticket items... is you actually do it! Maybe you need to set up a separate savings
account at the bank or a separate cash envelope or whatever works best for you
but this is where you really put the pen to the paper and make those goals come
to life. So if you don't already have a goals list, make a goals list and write a
money amount next to that goal. Say you want to pay cash for your next vehicle
and it makes sense for your family to spend say $10,00 on a car
and you want to save and buy that in cash. So put that in your goals list
figure out how long it's going to take you to save. If you want to have it by
next year, divide it up by how many paychecks you have between now
and then and start contributing to that next goal fund and make those goals
really happen. This is how you do it, you actually save and pay cash for large
ticket items by having a space in your savings account for them... and that's how
we did it. So I would like to encourage you to do the same thing.
Okay, one more time here is my flow chart... I hope this helps you guys. This is how we break it
down, so like I said, feel free to take a screenshot of this maybe it will help
you organize your bank accounts or your cash envelope system a little bit better
just to recap real quick what we do is... we get the direct deposit money straight
into our bills accounts, we leave just enough plus the ten dollar buffer to pay
the bills, then we transfer over our spending allowance
for the pay period, whatever is left over goes into savings, and then our savings breaks
down into the emergency fund, the sinking fund, and the next goal fund.
Hey, if you've never created your own budget and you're looking to get started today
then I want you to check out my customizable Budgeting Starter Pack worksheets
These are the actual worksheets that my family used to get organized, track our spending,
pay our bills on time, grow our savings, set some awesome goals, as well as pay off
over $225,00 worth of debt in the
past three years. So find the link and check them out for yourself. I think you're going to love them!
thank you so much for watching my video today I hope
this video helps you get a little better idea about how I organize my bank
accounts, hopefully it inspires you how to
organize your bank accounts, or your cash envelope system. If you like this video
hit the like button, leave me a comment with a little bit of feedback, and I
would love it if you would share this video with your friends. Every share
helps me so much, and I so appreciate it. I would love for you to subscribe to my
youtube channel so you can keep up with all of my new videos.... and I will see you next time.
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