I've found PF to be very helpful so I thought I'd share my own methods.
My credit union doesn't seem to care how many accounts I have open, so through the years I've opened more and more. Today I have 11 accounts with aliases such as "Transportation", "Home Improvement", etc.
My utility debtors (Electric, Gas, Phone, Internet) auto-withdraw from the "Utility" account; DayCare auto-withdraws from the "Kids" account; And everywhere else where applicable.
Each payday my bank is scheduled to transfer funds from my primary checking (where direct deposit goes) to each account.
After years of doing this there have been good times and there have been great times. At one point my "Transportation" budget had been collecting and collecting - that was until I decided to replace the timing belt ($1,000) on my trusty old car.
Anticipating Budget tips:
I try to anticipate everything that will come my way. For example I know the registration on my old car is $120. Therefore I schedule $10/mo to come out of my primary checking and in to "Transportation".
Similarly I do the same for Tires, Oil Changes, Property Tax, Insurance (Car, Life, Home), Amazon Prime, Local Recreation Area Parking Pass, etc.
Transfer tips:
In the example of $120 car registration, $10/mo transfer is pretty straightforward ($10 x 12months = $120 per year).
More recently however I've preferred to have my funds distributed as soon as I get paid. Every two weeks a transfer would be made for $4.62. ($4.62 x 26 pay periods = $120.12 per year)
Since ElectricCompany is going to withdraw from my "Utility" account monthly, and I prefer to transfer bi-weekly as soon as I get paid, I take my average monthly utility bill, multiplied by 12, divided by 26. This number is the amount I transfer bi-weekly.
((($XXX average electric bill) x (12 months))/26 pay periods) = $XXX.XX transferred bi-weekly.
Limitations:
I hated carrying more than one debit card. Now I carry only one and then after, buying pizza for example, transfer funds from "Restaurants" to "Primary Checking".
There is a low that restricts the number of transfers to/from a savings account per month. Had I have known I would not have opened so many savings accounts.
Submitted January 08, 2018 at 06:14PM by pigbaboy http://ift.tt/2CS7Hnh
