Comments on: How I Set Up My Bank Accounts http://ptmoney.com/how-i-set-up-my-bank-accounts-the-right-way/ Real Personal Finance for a Life Without Limits! Mon, 13 Feb 2012 03:00:34 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Barryhttp://ptmoney.com/how-i-set-up-my-bank-accounts-the-right-way/comment-page-1/#comment-15434 Barry Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=96#comment-15434 Good info PT, thanks for sharing. I agree with the concept of visualizing/diagraming your accounts, it involves minimal effort and is very beneficial (and you've reminded me to update mine). I think one of the most important topics you discussed was the automated aspect of your system...sounds like you need to get the emergency fund automated ;). Automated payments, savings, etc...all very important IMO. Our setup is not so different from yours, but we do not yet have children, so no 529s. One approach that we implemented a couple of years back was to save for short term items separately from our emergency fund (annual expenses, vacation, xmas gifts), which was super easy with ING Direct's separate accounts. Also, we treat car expenses as a utility expense, and pay $xx each month, whether it's to a lending corporation or a savings account for our next car purchase. I don't enjoy car expenses, so I could be convinced otherwise, but we currently follow this plan.Thanks again for your time with the blog. -Barry Good info PT, thanks for sharing. I agree with the concept of visualizing/diagraming your accounts, it involves minimal effort and is very beneficial (and you’ve reminded me to update mine). I think one of the most important topics you discussed was the automated aspect of your system…sounds like you need to get the emergency fund automated ;) . Automated payments, savings, etc…all very important IMO. Our setup is not so different from yours, but we do not yet have children, so no 529s. One approach that we implemented a couple of years back was to save for short term items separately from our emergency fund (annual expenses, vacation, xmas gifts), which was super easy with ING Direct’s separate accounts. Also, we treat car expenses as a utility expense, and pay $xx each month, whether it’s to a lending corporation or a savings account for our next car purchase. I don’t enjoy car expenses, so I could be convinced otherwise, but we currently follow this plan.

Thanks again for your time with the blog.
-Barry

]]> By: PThttp://ptmoney.com/how-i-set-up-my-bank-accounts-the-right-way/comment-page-1/#comment-15278 PT Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=96#comment-15278 Thanks, Jeb. Glad you found it interesting. The thing about banking is that it's become so hard to switch things up. Once a bank has you, it's hard to break free. You'd have to change direct deposit, bill pay, auto withdrawal, credit cards, etc. It's in each bank's best interest to make it hard for you to move your situation around. Thus, I think many people just do it the way they've always done it versus finding the optimal way. Exp: We still have money in Primerica from like 3 years ago. Been meaning to move accounts for a long time. It's just a pain in the ars to get all the docs lined up. Thanks, Jeb. Glad you found it interesting. The thing about banking is that it’s become so hard to switch things up. Once a bank has you, it’s hard to break free. You’d have to change direct deposit, bill pay, auto withdrawal, credit cards, etc. It’s in each bank’s best interest to make it hard for you to move your situation around. Thus, I think many people just do it the way they’ve always done it versus finding the optimal way. Exp: We still have money in Primerica from like 3 years ago. Been meaning to move accounts for a long time. It’s just a pain in the ars to get all the docs lined up.

]]> By: Jebhttp://ptmoney.com/how-i-set-up-my-bank-accounts-the-right-way/comment-page-1/#comment-15257 Jeb Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=96#comment-15257 Very interesting article. I guess everyone does their own thing. I may need to look at our set up and see if there are easier ways to streamline some stuff. We still do things the old fashioned way....write out a bunch of checks for bills. Also our credit card is not a rewards card but it is tied to our bank which makes online transfers easy. Very interesting article. I guess everyone does their own thing. I may need to look at our set up and see if there are easier ways to streamline some stuff. We still do things the old fashioned way….write out a bunch of checks for bills. Also our credit card is not a rewards card but it is tied to our bank which makes online transfers easy.

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