My 15 Essential Bank Accounts | How I Organize My Spending Accounts + Sinking Funds

it looks like you are using a version of the envelope savings method! The system works, don't get me wrong, but may I suggest that a double- entry system does the same thing without the need for all of the transfers. It looks like you already have a good chart of accounts. Also congrats on the work you have done thus far!

I have 37 buckets spread over 3 banks. This is not including retirement or investment accounts. It's so much easier knowing what you have at a glance.

Do you pay with debit straight from the accounts or credit cards to earn points?

THIS is the system ai have been looking for! Clearly I overcomplicate things as well. lol

That's is so excellent I wish I had that amount years ago

I have two bank accounts, but a total of 22 “buckets” or “Vaults” in savings

As of today I currently have six bank accounts 3are checking and other 3 are savings……

I used to be horrible at saving money until I found a system that worked for me and I’d have to say right off the bat my brain works a lot like yours. I didn’t have 15 separate accounts but I had 3. Every time I got a paycheck I would send a certain amount of money to my Chime savings account and whatever money I had left over in my Wells Fargo account I could spend. The trick that helped me saved was that it takes Chime at least 6-7 business days to deposit the money you sent to the account so therefore it motivated me to stay frugal with the money I already had available otherwise I’d be completely broke for the rest of that month and by the time the money hit my Chime savings account my payday would be 7 more days later. Not only would I still have money in my Wells Fargo checking account from spending wisely and being frugal , but now I have more money coming in from my next paycheck and then the process starts all over again and my savings grows bigger and bigger and bigger. I tried cash stuffing but to see he money physically makes ME more susceptible to spend it. The multiple bank account system has been a god send for me and I never ever thought I’d be excited about budgeting. When you find a system that works budgeting can almost turn into an addiction , but nonetheless an addiction that’s good for you though !

What kind of account do you keep your Spend/Save accounts in?

The only thing I’m confused about is how you actually manage the accounts..do you have a separate debit card for each account? Do you charge it all to one credit card then pay what is owing from each account? Do you buy everything on one receipt then split it up after?Do you use excel spreadsheets or maybe something like YNAB…that’s what I’m trying to figure out. I have like 12 accounts but I’m struggling with how to look after them with the least amount of work.

I can appreciate what you are doing. It is basically what many do with cash envelopes but you are benefiting from the high yield interest. Like you, I enjoy hearing what others do with their money organization. I personally have 5 accounts and do a lot of what you do (and I have less need for accounts compared to the life you described). The rest I do in cash envelopes. Thank you for sharing your system!

I felt I might have too many accounts, over 20. I watched your video to decrease number of accounts but actually I decide to add 2 more accounts for fuel and food. those are on my budget categories but not on account. Maybe that's the one would relieve pressure! thanks for your video.

Are all your accounts with the same bank and how how do you manage 15 accounts do you get charged fees?

I have so many accounts, it's necissary for my ADHD to help me manage my money. If it's not separated I really get confused even if it's on a spreadsheet. I have many accounts at Navy Federal, Capital One and another Credit Union BCU. Also multiple brokerage accounts at Fidelity and M1.

Less than a minute and a half in, and already loving this so much more than the physical envelopes. I thought I was crazy for opening up 5 so I feel really validated :) Anyway, thanks! goes back to watching

I’m so on board with this, but how do you create more than a primary savings and a primary checking? Is it all one bank with several checking accounts or multiple banks?

I have 13 bank accounts. I have 2 kids, and they both have 2 accounts, so that’s 4 right there. I also have a debit card that I use on purchases only relayed to them, so that’s 5. I have 2 debit accounts, 1 for coffee & cig purchases and the other for clothes, pedicures and the hair salon - so that’s 7 … I have a family vacation fund, an emergency savings fund, and an account where I save for birthdays and Christmas gifts - I’m up there lol!

I have 3 accounts. 1 checking, 1 savings, 1 online savings

Is in the same bank or different banks?

I have 8 accounts love being organized

Would love to see how you use these and how much you add to them each month.

I have 11 accounts🙈 I didn’t want to go over 10 but I recently opened another checking account for personal spending. I was trying to keep my personal spending in my bill pay account but that wasn’t working for me. I need to compartmentalize my finances for it to work for me. I deposit money in that account & use my credit card to get the cash back rewards. Then use the account to pay the credit card back as soon as the payment post.

Hubby and I have 7 accts.

Great video Kristin!!! Really enjoyed that. We have 5 bank accounts. One joint (similar to operating), all bills & spending comes out of there, one for all sinking funds, one for savings (EF, new car, house renovations etc), then a Revolut account each for our personal spending. This system works for us. I keep a tracker then of how much is in each sinking fund for example.

HI Kristin. I have 10 accts. I do my budget similar however I put same amt in each category each pay check. Like car acct gets 80 dollars a pay, gift acct 40 $ per pay. I think that as long as it works for you- it's all good! I also use the Envelope system for groceries. Gas. Walmart etx

I have 3 accounts

Loved the video 🥰. We have about 25 accounts so I totally understood where your brain is/was. Mine works the same. I like to immediately look at my accounts and know what I have for each big category we have.

I also do the same with temporary accounts where it sits empty until I need it for something else. Some of our temp items that come up throughout the year: summer fund, back to school supplies, move out expenses (we’re military and move every 3-4 years) I usually start this fund the year before I know we’re about to leave.

i like it

Wow, thank you for this Kristin! Definitely will check that CIT account out. Newly married and it's been difficult actually budgeting. Typically it's just expense tracking right now 🤪

Do you use the vehicle account for repairs or does that fall under emergency fund?

Do you keep a debit card for each account you need to spend from? Or do you transfer it to another account before you spend? Like the vehicle for example. For insurance, repairs, gas, car wash. Do you just use that card for the car wash each time. And how do you keep track of which card is which.? I'd be worried I'd mix everything up.

I have 21 accounts in Capital One and I also have an Ally account where I use all 10 buckets. For me, it’s so much easier to have each savings goal and sinking fund completely separate. For my sanity, I need everything separate

Hi, I just bought your budget book and I feel like yours is making more sense to me then others I’ve tried. Where are these accounts from? My bank won’t let me have more than 2 accounts.

This was an interesting video! I have 2 checking accounts and 4 savings account

Looks great. I have like 7 :). I keep my sinking funds with the emergency fund but just list them separately on the spread sheet just to gain a little more interest. My emergency is fund is split 3 ways, cash (quick access $500), local bank ( less than 24 hrs access $1500), and online savings (2-3 days withdrawal $8000). Sinking funds are awesome because they are like a buffer for your emergency fund.

I’m only three minutes into the video, but am really intrigued to see how this works for you! We have four bank accounts, but that only works because our savings account allows us to divide money up within the one account. If we didn’t have that feature, we would need at least 9, maybe 10.

I loved this video, Kristin! We have over 20 different accounts. I followed you from start to finish. I enjoy watching how other people manage their finances too. Big Thumbs Up!

Can I ask you how much better you feel within yourself since you have made these financial changes in your life, do you feel more secure and in charge of your future. thanks Kristin

👍👍👍👍👍

The main thing is that is working for you, we all must discover the way that works best for us. Keep kicking it Kristin and best wishes

We have 4, plus a business account and the kids have savings too. I like the idea of more accounts because it’s great for visual people.