The BEST and EASIEST Way to Organize Your Bank Accounts | How Many Bank Accounts Do You Need??

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How are you organizing your bank accounts? Is it one large pot of money for everything you do? Is it a tangled mess of accounts where you have one checking account for some bills and another for other bills, but then a savings account that you also use as a checking account?
In this video, I walk you through my simple flow chart that represents how my money is organized. I've been doing this for years and I no longer have to worry about having enough money in my account to pay a particular bill. As long as I get paid, I always have enough money to pay all of my bills. Anything in my regular checking account is just for me to spend. I don't even have to worry about watching my budget because the money is already in the right place!

[@Raul619Meza]

Great advice. I'll definitely be doing this. Also, I like the white board. As someone who learns better visually, more white board videos would be nice ☺️

[@FocusedSpender]

I realize I'm a visual learner as well. I was at a client meeting for work and I was struggling to follow (it was a staff org chart). So I got up and started mapping out what they were saying on the whiteboard.

[@vgb10dst]

OMG, I have the same setup! I even have two emergency fund account, don’t ask why...bottom line, when I was following Dave Ramsey I setup an account with just $1000, it has a little bit more in it now but less than $1400 but the other emergency fund has 3-6 months of income. I’m happy I’m not alone...at first I thought I had to many savings account but to be honest, it keeps me on track...Thanks again for sharing and educating

[@seneca8046]

What banks allow you to have so many categories? I have Fremont federal credit union and I had to pay to open a checking account and I can’t open more accounts. I want a bank that allows me to have sun categories inside of savings and checking

[@thememoryguardians]

Mine is pretty much set up like this - my regular spending account is with a different bank to my bills/savings accounts. I also have a rent account as I have 2 flatmates that pay rent to me, then I pay it to the property manager - it was getting too confusing having it with my regular bills account so this works much better. :)

[@masonneal1654]

Very nice video! I love your idea about 3 simple categories. Big help!

[@memoriesmuseum2824]

Great advice explained so simply. Opening a bills checking account now!!

[@benjaminkaplan4236]

This was very helpful for me as a young adult new to personal finance!

[@colin1818]

I miss the old ING Direct. It's not the same since Capital One took it over

[@lionelreesable]

Thank you. Best wishes.

[@Chillmaisha]

omg lifesaver! I was definitely the confused bank accounts person! Thank you so much!

[@FocusedSpender]

Glad it was helpful!

[@cpaul57]

Love the PDF...I have (4) way to many checking accts...lol

[@camfam9785]

I have a similar system but I pay my bills from a series of Synchrony bank accounts. that way, my money is always earning interest while it's sitting in an account waiting for the bill to be paid.

[@phyllisedmondson8517]

OMG thank you for this. Just received Atomic Habits thank you so much :-)

[@FocusedSpender]

Enjoy the book! I finished it but I realize I need to constantly reread this book to stay on track.

[@chelseadarden4687]

thank you!

[@brenmckinn]

You may want to share on how you budget for each account. I believe you would do a much better job in illustrating that than me. That will give your viewers some insight on budgeting. I have enjoyed your videos and watching you grow for a very long time. Keep up the good work and sharing with others.

[@FocusedSpender]

I separate my accounts so that I don't have to follow a strict budget. Even though, I did create a budget for this year to make sure I can pay cash for my wedding while still saving and investing.

[@brenmckinn]

FocusedSpender I probably should not have used the word “budget”. Like you I don’t like following a strict budgets either. I really meant “what percentages of income “ a person may want to set aside for savings. Just an idea.

[@chloethemessenger]

I prefer this short, sweet and easy method. It gets straight to the point and less confusing for beginners.

[@satsuki5279]

Hi. Ive always wondered how people do this. thanks for the info. But you use debit card and not credit card? What bank do you recommend ? Thanks

[@vgb10dst]

Very informative video

[@JulyCT14]

Oh my Gosh that was so helpful! I don't know why I kept making my life harder by having a million accounts. Thank you!

[@FocusedSpender]

I'm glad it was helpful!!

[@chloethemessenger]

I love this!!! Thank you so much! You are such a beautiful Black women and super smart 😍😁😍😁 #NewSub PS. The white board really helped.

[@HelloWorld-qn3wp]

Hello, i became interested in investment since i say your videos. I want to start investing. The problem i don't anything about investment..I can't even call myself a beginner. So i wonder if you can recommend a book or a sight that describes in detail every aspect of investment? And how to start? .

[@sherrypoole4430]

Hi enjoy your videos which acct does car maintenance go in ? Thanks

[@TiffanyMorris123]

Perhaps one of the savings sinking funds? Moving it into one of the checking accounts just b4 you need it...or taking it out in cash.

[@stanleypark3463]

Safe to assume you don't have/use any credit cards?

[@gm2407]

Suggestion: split the everyday checking account that you use the debit card into two accounts. First groceries and necessities. So that is your needs account. Second your socialising and entertainment account this is your wants account. That way you never spend nessesities on socialising. Edit: I feel silly, I paused to make this comment and then unpaused and you talked about this same thing. Silly me, oh well your video is good though. Only other things I can think of is an investment account, money set asside for future investments or business ventures. The other thing is a tax account for income earned that doesnt have withholding. Now I am probably making this to complex.

[@Junior-cy8dh]

This comment was useful, thanks

[@BigHitsRoulette]

do you have a service?

[@fitnesstech2024]

friends and family i know only have a checking account with td bank and most of the time its over drawn including me

[@FocusedSpender]

It's time to split your accounts!

[@mindsinmotion2825]

Banks fees are just as bad as the interest on credit cards. I have one acct for auto payment of bills and my cashback debit for all other expenses.

[@FocusedSpender]

I haven't paid a bank fee in about 10 years. There is no reason to bank with any bank with fees. Too many free options.

[@seneca8046]

@@FocusedSpender What banks allow you to have so many categories? I have Fremont federal credit union and I had to pay to open a checking account and I can’t open more accounts. I want a bank that allows me to have sub categories inside of savings and checking

[@FocusedSpender]

@@seneca8046 I use Capital One. You can do something similar with Ally Bank - but they are subcategories as opposed to different accounts.

[@seneca8046]

@@FocusedSpender thank you!

[@EverTheOptimist37]

My question is which account does your pay go into? Do you have it into your spend then move bill money out or onto the bill account and move out what isn't needed for bills?

[@FocusedSpender]

My direct deposit is split between my two checking accounts. So a portion of my pay goes into the account for my bills and the remainder goes into my spending account on pay day.

[@marcellofrisardi6134]

No PDF anymore?

[@JosePerez-ny2yd]

Shocked. This is exactly what I do and oddly enough my second account and all my savings are with capital one too! I thought I had it all wrong but I guess I have a good system going already

[@FocusedSpender]

You do!

[@lee-13]

Great advice but is your two checkings account with the same bank? Or different institutions? I hat about investments accounts.

[@FocusedSpender]

The checking accounts are with two separate banks

[@lee-13]

@@FocusedSpender hey thanks 🙏

[@RM-lj8bv]

Is the American or British. I have to switch off as I don't know at the start.

[@cecynay7369]

Here's what we do. Bills (C) Groceries & Gas (C) Individual Spending - we each have our own (C) Special Spending - if we both agree to spend a big, unusual amount.. couch, trip, etc (C) Savings (S)

[@dasilvajrdominick]

FIRST!!!!

[@Febreezy]

congrats, my dude

[@gelokakabu9473]

wow one full category/savings account for clothes aha

[@iammarcusharris]

Are all of your accounts with the same bank?

[@TheNeighborhoodFinanceGuy]

But this is still as complicated to me. If it works for others... but wow. It's nuts for me.

[@FocusedSpender]

lawrence gonzalez Really? For me it’s a set it and forget it method. I should note that everything is on auto so I don’t have to do manual transfers.

[@TheNeighborhoodFinanceGuy]

@@FocusedSpender Understood. I merely have a different stratification. One checking account with payments auto, $1.5k in basic savings, $2.5k in high-interest savings. I try not to get into the multiple segments in regards to multiple funds. That wouldn't work for me. It seems just as complex as the intro example when you break it out. Try it.

[@philipw4849]

I use 1 c for monthly expenses. 1 c. Quarterly expenses 1 c for mortgage. 1 c for auto lian. . 1 s for emergency 1fs for vacation. 1 s for real estate taxes. 1 s for long term goals

[@Gods-love712]

To many bank account = to many bank fees

[@FocusedSpender]

I don’t pay any bank fees. And nor should anyone.

[@Gods-love712]

@@FocusedSpender so how do you avoid the monthly bank maintnance fee?

[@FocusedSpender]

@@Gods-love712 Capital One (my main bank) has no bank fees for any of its users. Bank of America told me that I wouldn’t have to pay fees if I didn’t have a savings account with them, so I closed that savings account. If you’re paying fees, call your bank to see how you can bank for free and consider switching to a different bank. Ally is another option.