Too many accounts?

iVillage Member
Registered: 12-12-2004
Too many accounts?
3
Wed, 01-04-2006 - 2:11am
Hi, Danni,Heather, Pat, and all. Q-DH is fussing (again!) about that I have too many accounts. What do you think? l) TIAA CREF--$100-$200/month. 2)IRA-$50.00/mo. (debited from paycheck). 3) 401K--currently at 5% (I can ramp it up or down, depending on how close I am to goal of $18K/yr)--$100 or more per payperiod. 4)Christmas Club (newly opened): $50/month. Deducted from checking account. 5) Another TSA at work:it varies, but about $300 per pay period. 6)$100/month (tax deductible)--employees donating toward new items we need (i.e., copy machine), or, people who are out of work (for various reasons, if they use up all their PTO for illness, new baby, etc.) 7) Credit union: Just ramped up: from $100 per pay period to $200 per pay period.That is going to be the E-fund. 8) Savings account(bank): moved it down to $50/month. 8)Sharebuilder: $125/month for stock investing. DH has:l)401K, no matching. 2)Checking account with hefty $18K in it. That is DH E-fund, courtesy of refi. 3)Sharebuilder thing through his bank. That's it. You have to remember, a few short years back, I had only the savings account and checking. And a small IRA. That was it. I think I should have another account at another institution (different bank) for saving for the big-ticket items: vacations; home improvements; car (way down the road);. Advice? Comments? One goal I have is to ramp up the retirement savings or saving toward paying off mortgage in 5-10 yrs. Whiz.
Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Wed, 01-04-2006 - 10:11am

Hey Whiz - you know what - I definitely think that it's something to discuss with your dh.

All my best,
Danni

iVillage Member
Registered: 12-12-2004
Wed, 01-04-2006 - 11:34pm
Hi, Danni, and thanks for clarification. Basically, DH is worried I wont be able to keep track of all of these accounts. Actually, it is easy. I see what is debited from my paycheck for the 401K, TSA, IRA, and I go online for everything else. I think the worry stems from that nothing significant will be saved, with a little bit of this/that going to so many accounts. However, I had over $18K in the 401K and mostly, max in IRA. 2) I get your point about the Discover. For now, the medical bills (with exception of dentist and x-ray) are on hold until everyone hears from the insurance. That is what the hospital billing dept. told me to do. Soooo-I will start sending $$ earmarked for the medical, to the discover for awhile. 3) DH and I did sit down and discuss LR goals. He wants to start saving for the kitchen, garage door,etc. MOst of his cc are paid off. Anyway, I appreciate your take on this. Whiz.
iVillage Member
Registered: 12-05-2004
Thu, 01-05-2006 - 8:50am


It does seem like you have a lot of accounts. Is Dh concerned that maybe you're spreading your income a bit thin among all the accounts? We have our normal checking and savings, and then DH has his 401K. We have a Brokerage account with Etrade, along with a custodial education account and 2 IRAs (one for each of us) with Etrade also. We deduct a large amount of money each paycheck to go into the Brokerage Account, which we invest. When we need to make a large purchase that we don't have cash for, we get it from that account.

Has your DH told you why he thinks you have too many accounts?

Pat :-D