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Organizing Household Funds

December 2nd, 2010 at 11:47 am

On the way home today I was thinking now may be a good time to open that secondary joint checking account before the start of the new year. Right now we have everything put into one account and DH has access to it with a debit card. Even though we are trying to use all cash for the most part, we will still occasionally use the debit card for gas or grocery. Plus I have automated transfers coming out of that account to other accounts. I want to have an account that is not touched by debit cards or automated transfers. So I think I'm going to open up the secondary checking account and keep the other joint checking for money that comes in and money that goes out. That way I can build a nice reserve of funds in the secondary checking account. I guess it will serve as backup money too without having to touch savings. So I'm going to look into opening a second joint checking at the credit union.

I am also going to look into resuming our $50/month automated transfer into our T. Rowe Price mutual fund. We were doing good with it last year but had to stop. So I would like to get that going again at least by January.

I deposited $120 into our money market account yesterday and $5 into my personal savings. I also deposited another $5 into our money market account today. So our accounts are growing. But....if only bills did not exist!! We have to pay our taxes on our car next week. It's only $63 but I wish I could put that in savings instead.

I am making a to do list for the month of December so that I can start the new year off to a good start. DH and I are also going to the beach at the end of the month for a quick weekend. I need it too because I am exhausted from working! My house is getting cleaned today, which makes me feel so much better. I clean houses. So one of the people I clean for on a weekly basis cleans my house on a weekly basis. We exchange services. So I don't have to pay for it. It feels so good to have your home cleaned by someone else! Plus I have heard that the more organized you are, the more money you save. I really believe that. I feel so much more organized and on top of things, especially financially.

Well I am going to take a nap. I am soooo tired....

2 Responses to “Organizing Household Funds”

  1. ThriftoRama Says:

    I'm right there with you. I'm trying to get back on track and get organized too!

  2. snafu Says:

    OceanBlue: Good on you for having things well under control. December is the month that can cause all sorts of havoc. Tight financial controls and being mindful of even small outflows really helps. Do you bank on-line? It is fast, easy and efficient to have a savings account linked to your checking to move money between as necessary. I am always concerned about bank charges; our banks are greedy and think up new charges regularly. I have several bills that are only paid once-a-year so I've divided those sums by 12, and set aside 1/12 each and every month to ensure I don't have a problem paying when due.

    We take 10% of all income, no matter the source, off the top to savings and call it 'Paying ourselves first.' At the end of the month, I sweep any money left-over in checking, less any sum that has not yet cleared - into the linked savings account. When the sum is sufficient It's earmarked for investment.

    If you're interested in being more organized, several of us are discussing this topic in the 'General Discussion' thread.

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