how many accounts?

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iVillage Member
Registered: 03-25-2003
how many accounts?
3
Tue, 12-13-2005 - 1:45pm
Hi everyone. I was just curious as to how many checking and or savings account everyone here has in order to put their lives in order. I currently have one checking account and two savings account. One of my savings account is acting as a double tuition savings account and also e-fund. (Still haven't decided whether I am continuing my education right now.) My second is through ING that I just opened and I have designated that as my wedding fund. Not engaged yet but we have been together 6.5 years so I know it's coming. We have been holding off because of lack of money, so I decided to start saving, only have about 300 dollars in that account but at least it's something. So my total is 1 checking and 2 savings. I'm wondering,...if I continue to go to college, should I perhaps create a 3rd savings account to designate as my e-fund, or would that be too many accounts so that none of them are getting a substantial amount of money? I will make about 20K this year between my 2 jobs but that's all.

                          

             

iVillage Member
Registered: 03-27-2003
Tue, 12-13-2005 - 6:33pm
We have 1 checking account, a savings account and then we each have a personal account and one savings for the kids. I think it depends on your personality-if you could use a spreadsheet to keep track of what the money is for then 1 account works great. If you need multiple accounts then why not?
iVillage Member
Registered: 10-10-2005
Tue, 12-13-2005 - 8:58pm

I have one checking account. Two savings accounts: one for my emergency fund and one for regular expenses that aren't monthly this account also acts as the overdraw protection on my checking account.

I also have a 401K for retirement and a stock account for my ESPP at work which I will be using for a downpayment on a house. It doesn't have much in it right now but I don't plan on buying a house for quite some time.

In the next couple of years, I'll probably be opening another account for other things I have planned, like having a child (Major expensive : ))...I find I do better when I keep each account seperate that way I don't wind up loosing track of how much I have for each.

iVillage Member
Registered: 12-05-2004
Tue, 12-13-2005 - 11:14pm


Checking Accounts: 2--one for us, and one for Dh's business expenses

Savings: 1 1/2 --one for us, and one that I'm co-signed with my young son for

Then we have some investment accounts like 401K, IRAs, Custodial College funds, brokerage accounts, etc. Those are just direct debited from our account each month, and we don't give them much thought. :-D

Pat