Today is the day. I’m finally going to explain why we have so many different bank accounts.
I shared this post not too long ago and I received so many questions about how we handle our family’s finances. Then I thought I was going to clarify everything with this video about how we follow the easier cash envelope system, but I think I just got you even more confused.
For that I’m sorry. I didn’t want to sound too complicated or overwhelming. That was never my intention. Because you should easily be able to control your money. When you find a system that works for your family then it’s golden. I had questions about how we manage our banking, but I didn’t answer them very clearly.
Apparently the number of bank accounts we have is abnormal. Like, most people don’t get it. I wanted to explain maybe a little bit better to why we have so many different bank accounts and how we use them. I decided to make it a lot easier to understand once and for all. I created another video.
This video is a lot more visual to make it clear. I don’t know why I didn’t do this the first time around. I am such a visual person I should have realized this is what’s needed. Even in high school, college and even during my Certified Financial Planner classes I prefer to watch videos or the professor’s lecture while I take notes. For some reason I understand so much more when I can visualize when I heard it or what my notes looked like. Reading from a book or post doesn’t really do much for me.
I created some helpful diagrams and pictures to make the whole process of all different bank accounts make sense.
Now before I get into the video, please note that this is how our family handles money. This does not mean your family should adopt what we do. It’s just another way to organize finances and keep track of spending. If what you’re doing works for you then that is great! The traditional way – 1 checking and 1 savings was not working for us. I found something that kept us within our budget while making it easy to follow.
Remember the reason you want to have a control on your finances is
You need to control your money. Don’t let your money control you. (Click to tweet)
Watch the video online or below and leave a comment with any questions you have. I’ll be happy to answer what I can.
What do you think? Does this make more sense now? If the way your family is handling money isn’t working then don’t be afraid to switch it out. My advice though – whatever you try you must commit to at least 60 days to work out any kinks. Now the doesn’t mean don’t make adjustments along the way. We’re still making adjustments to the way we handle our money. However, you have to be committed to not make any major, drastic changes for at least 2 months. That is a good time frame to pay bills a few times, put money into savings, and to work on your budget.
Maybe the best solution is to think outside the box when it comes to getting ahead.
Need More Help?
If you’re looking for a great tool to help keep your family on budget, then check out out my budget spreadsheet. Each month is laid out right in front of you where you can keep track of what you budget and what you actually spend. Now you’ll know in real time how you’re doing each month.