Re: the 7 bank accounts every family should have - opinions?

Interesting read! Have to see how many we had...definitely had a bunch....Might be close to that.

Re: the 7 bank accounts every family should have - opinions?

7 accounts may be overkill but if you have kids, it makes sense. DH and I have separate checking and savings accounts, and a joint account which covers groceries and utilities. DH has separate ING and investment accounts, I also have a Discover Online savings and ING savings account but decided to transfer those funds into my general Savings acct w BFCU because its easier to track, I Love mint.com, I can see a snapshot of all my accounts and credit cards in 1 place.

Re: the 7 bank accounts every family should have - opinions?

Re: the 7 bank accounts every family should have - opinions?

I like the idea of breaking up your money for various reasons but for us, 7 is a bit much. DH don't have, and never have had, separate accts so there is NO need for that in our case but we do have an acct. for our DD, we have a savings acct., and then we have two checking accts. I always divide up our money across the accts. depending on what we're paying or saving for. Works well. I like the organization of it.

I think the idea is solid, you just need to tailor it to your own specific needs as a family.

Re: the 7 bank accounts every family should have - opinions?

OMG.... an article that validates all the accounts I have!!


I've always sworn it makes it easier and always get the look like "she's not fully committed to the marriage if she's keeping seperate accounts".

Re: the 7 bank accounts every family should have - opinions?

This is WAY too complicated.

We have 3 checking accounts. One for the Bills. One thats mine. One thats hubbys.

Savingas account that ALL savings go to.

I have FSA but thats work related.

No kids.

.

Re: the 7 bank accounts every family should have - opinions?

it's funny b/c we actually just downsized from a larger number of accounts last year and I think this is working out better for us.

we have
checking
savings
savings
kid checking
kid savings
HSA

we used to have another checking and savings.

we maintain them at two separate banks.

Re: the 7 bank accounts every family should have - opinions?

I have

2 - 529 funds
1 checking
1 savings
1 retirement

I am single so, I would subtract 1 account that the author suggests for a spouse.

I guess I'm doing something right. However, I only have 1 savings, that I put about 7% of my salary in (less % if I add in child support to my income).

If I earned more money, I would put in 10% or like the author says, to put 5-10% in TWO seperate savings (1 emergency and 1 for new appliances, vaca, car, etc). Plus, I don't have that much in savings, maybe enough to live for 6 weeks if I lost my job. And, I really want to take a nice vaca, maybe Disney, so I better start another savings for that (oh, Jet Blue points on my CC!!)

Advice needed: should I increase the 1 savings I have to 10 % of take home, or create new account?

Message edited 1/9/2013 5:15:02 PM.

Re: the 7 bank accounts every family should have - opinions?

I don't think you need 7 different accounts to differentiate in your head what things are for

Re: the 7 bank accounts every family should have - opinions?

Posted by DiamondGirl

I don't think you need 7 different accounts to differentiate in your head what things are for

Re: the 7 bank accounts every family should have - opinions?

I think the plan might be perfect for certain financial personalities. For us we work well together with our finances and goals, so we don't have some of the accounts she has listed - we have others that she doesn't list.

Re: the 7 bank accounts every family should have - opinions?

It was an interesting read and makes sense. We have one checking where we pay bills. My daughter's saving account. An ING savings that we don't touch and are saving for a down payment on house

Re: the 7 bank accounts every family should have - opinions?

Posted by MrsMeloyellow

Posted by DiamondGirl

I don't think you need 7 different accounts to differentiate in your head what things are for

maybe not, but if you're saving for something specific...out of sight out of mind might be a great thing. Less temptation to dip in. Especially if it's an ING account bc it takes time to transfer / withdraw...it's not so "easy access" (or at least it did when I had one)