So the past few years have been great for me in getting my life together financially. I’ve started saving for lots of things and eliminated all debt except for mortgage. My issue is I keep accumulating new bank accounts and it seems even though I have tons I could use more. It is cumbersome to keep all of them up to date and balanced, which I do every week and then more in depth monthly. It probably is about 6 hours a month of work to keep the accounts in order (1 per week and 2 for the monthly wrap up). I just wanna know if I’m doing something wrong or if there’s some way to simplify my accounts. Here’s a list of what I have:
General checking, pay bills from this account and paychecks go to this account.
Vacation savings
Home improvement savings
College savings for kid1
College savings for kid2
Roof savings (want to do solar panels and have this as a separate savings from general home improvement)
Escrow and taxes savings
Emergency savings
Funds account, which I split into about five categories like Xmas, car, smartphone, wife’s shopping fund, and assistance for relatives overseas.
I also have an investment account which honestly I don’t touch much.
I also have 4 credit cards which I pay weekly, mainly just keep them open to build credit.
It feels good to have a plan for all these categories it’s just labor intensive. Is there a better way I could be handling these types of goals? I’m nervous to have one savings that I split into like 15 categories because I think I’m much more likely to make errors.
Thanks
Submitted May 23, 2021 at 08:29AM by Jicama_Minimum https://ift.tt/3faElCX
