Like so many other people I have always had a hard time keeping track of my account balance, specifically when payments don't post as quickly as I expect them to. This was especially true when I would send checks to pay some of my bills and the people or companies I paid would wait days, or sometimes weeks, to cash the check. I understand what it means to balance my check book but that solution never worked well for me.
To remedy this issue for myself I opened a second checking account. Each time I was paid it would get deposited into my "spending" account, and I would then sit down and review all the bills I would have to pay before my next paycheck. I would then transfer whatever amount of money was needed to pay those bills to my "billing" account. The money left in my spending account was then safe to spend, and I knew the exact amount of money I had for my other expenses, groceries, gas, or a night of entertainment.
February 05, 2019 at 06:09PM
