Stop Saving Your Money!

[tinapbeana]

jim, congrats on finding a system that works for you.

with that said, i just prefer not to have that many accounts that i am regularly accessing. don't know if it's a security preference or laziness, maybe a little bit of both. i have a main checking, secondary checking, local and online savings. yes, the same number of accounts, but it's the frequent access that doesn't work for me.

all pay goes into main checking, and my allowance and grocery money is taken out in cash. cash works for me. roth and savings are taken out of main checking the 3rd of the month and sent to the online account. all bills are paid via the main checking account.

any extra from my allowance is put into 2ndary checking b/c i use that money for extras and/or side businesses, so there's no co-mingling of funds. any money left from main checking at the end of the month goes into the local savings account as a slush fund (aka EF).

[jIM_Ohio]

for us, I send my paycheck to two accounts and the wife to three accounts. Our "old" bank charges for electronic bill pay, and we have about 500 checks left... so we are keeping that checking account for cash purposes. The corresponding savings account has some loans which are about the paid off.

It is a system, and I like many small piles as opposed to 1 or 2 big ones when it comes to money.

[tinapbeana]

Originally Posted by jIM_Ohio

It is a system, and I like many small piles as opposed to 1 or 2 big ones when it comes to money.

heheheh! maybe that's my preference: a few bigger piles to make me feel like i'm getting ahead

whichever way, i agree with you jim: find a system that works for you.

[Stuartthomas]

Great Post, I really appreciate your issues in this perspective...Lot’s of resources in this thread; I’ve got lots of reading and research ahead of me but I tip my hat to you guys!!

[av2000]

Agree. Saving money on savings account is a dead investment. Taking the risk and putting your money into something that is profitable is a great venture.

[canada94]

Good advice, you are emuch better off making your money work for you, by investing it wiseley, you get such low return rates from banks these days, so are better looking around at ways that gives you a better return of investment