Comments on: 6 Reasons Having One Savings Account Can Be Bad

By: Mimi

Mimi — Thu, 13 Jun 2019 12:30:13 +0000

This is probably one of the dumbest articles I’ve read. If you budget, you don’t need that many accounts. Y’all need YNAB.

By: J. Money

J. Money — Fri, 04 May 2018 10:16:58 +0000

In reply to Andrew J Field. Love seeing other peoples' systems - thanks for chiming in!

By: Andrew J Field

Andrew J Field — Fri, 04 May 2018 09:44:57 +0000

I actually have 2 Checking Accounts and 2 Savings Accounts. The first Checking Account is for my Inflow (Direct Deposits, ect.) and the second is for my Outflow (Bills, personal spending, ect.). My Savings Accounts are an Emergency Fund and a Reserve. Though I think I’m going to open at least one more Savings for a goal Account.

By: J. Money

J. Money — Thu, 12 Apr 2018 18:05:18 +0000

In reply to SavvyFinancialLatina.

Haha yup – exactly why I still rock only one savings and one checking too :) Well, that and I’m now much better about my finance and goals than back in the day… I do like this multiple strategy when you’re just starting out a lot.

By: SavvyFinancialLatina

SavvyFinancialLatina — Thu, 12 Apr 2018 16:07:18 +0000

We’re actually moving from multiple savings accounts (goals) to less savings accounts. The goal is one, but we might end up with a couple.
I’m trying to simplify and see how it goes this years. We have 401Ks, ROTH & Traditional IRAs, HSA – so it’s getting to be a bit too much.

By: J. Money

J. Money — Thu, 12 Apr 2018 13:50:23 +0000

In reply to Chad. Nice! Never heard of it until you two.. Love that it turns bright red like that haha... it's the small things!

By: Chad

Chad — Thu, 12 Apr 2018 11:25:52 +0000

In reply to EBeth. I use Virtual Wallet for my daily checking and very short term savings. I have separate dedicated savings account at Ally for the 1.45% since PNC cannot come close to that rate. I am a big supporter of the Virtual Wallet in getting people out of debt and away from paycheck to paycheck since it can visualize and show you on the money bar what should be coming out within the next 2 weeks and you know you cant spend. It also turns bright red when it notices a possibility to not have money so you cannot ignore it.

By: J. Money

J. Money — Mon, 08 Jan 2018 20:05:06 +0000

In reply to Debbie. Thanks, friend! You too!

By: Debbie

Debbie — Sat, 06 Jan 2018 10:31:27 +0000

In reply to J. Money. Update: talked to Vanguard yesterday. They have some funds that require only $1000 to open. The regular gov't settlement fund is almost like a savings account & currently pays 1.35% if you have money in that. Happy 2018!

By: J. Money

J. Money — Mon, 01 Jan 2018 12:32:32 +0000

In reply to Debbie. How weird?? Never knew of that rule...