I am notorious for wanting to have dozens of bank accounts for dozens of things. In my spring cleaning effort this year, I did away with at least four different accounts and honestly, I feel a whole lot better because of it. So here is a break down of what I have going on right now.
Checking
I finally have just one checking account. No more funny business here. Other than the mandatory 10 debit purchases I have to make a month to keep the thing free. I only use this for bills. I have been leaving an extra $25 from every paycheck in here in hopes of watching it accumulate over the years.
I finally have just one checking account. No more funny business here. Other than the mandatory 10 debit purchases I have to make a month to keep the thing free. I only use this for bills. I have been leaving an extra $25 from every paycheck in here in hopes of watching it accumulate over the years.
Savings
I don’t do nearly as much contributing to this account as I should. But as soon as I accomplish some goals from DebtStomp, I am hoping to start contributing at least $100 from each paycheck here. But for now, all that’s in it is the money I have deposited for gift cards that I have “bought” from myself.
I don’t do nearly as much contributing to this account as I should. But as soon as I accomplish some goals from DebtStomp, I am hoping to start contributing at least $100 from each paycheck here. But for now, all that’s in it is the money I have deposited for gift cards that I have “bought” from myself.
Challenge Savings
I have to watch this guy constantly. Any left over change from debit purchases gets deposited in here (which is a beautiful system, might I add). I collect my loose change and dollar bills throughout the month and roll them to deposit at the end of the month. A break down of this will be on my networth tracker. I also deposit the extra margin from my bills into here as well.
Example:
Budget for Car Loan: $300
Actual Car Loan: $298.49
That extra $1.51 is then put into this account. Monthly this gives me an extra $18.12. Not bad!
I have to watch this guy constantly. Any left over change from debit purchases gets deposited in here (which is a beautiful system, might I add). I collect my loose change and dollar bills throughout the month and roll them to deposit at the end of the month. A break down of this will be on my networth tracker. I also deposit the extra margin from my bills into here as well.
Example:
Budget for Car Loan: $300
Actual Car Loan: $298.49
That extra $1.51 is then put into this account. Monthly this gives me an extra $18.12. Not bad!
IRA
I didn’t have much guidance when I set this one up. So I haven’t been contributing like I should. I am hoping to get it over that $2000 mark by next year and convert it into a Roth IRA. Ultimately the goal is to max it out yearly.
I didn’t have much guidance when I set this one up. So I haven’t been contributing like I should. I am hoping to get it over that $2000 mark by next year and convert it into a Roth IRA. Ultimately the goal is to max it out yearly.
Company Matched 401k
As of right now I am contributing the 5% that my company requires for them to match it but from he looks of it, they won’t actually be contributing anything until I hit my 1,000 hours of full time status. I have thought about it a lot and I have not really missing that %5 so I am just going to let it do it’s thing. Then come August, I should be seeing some company contributions.
As of right now I am contributing the 5% that my company requires for them to match it but from he looks of it, they won’t actually be contributing anything until I hit my 1,000 hours of full time status. I have thought about it a lot and I have not really missing that %5 so I am just going to let it do it’s thing. Then come August, I should be seeing some company contributions.
Now that’s not that bad! I’m actually impressed with how simple and effective this system is. Very much pleased with the outcome thus far this year.
No comments:
Post a Comment