Comments on: How I organize my bank accounts http://christianpf.com/how-i-organize-my-bank-accounts/ Christian Personal Finance - Financial help blog, debt help and other financial resources Tue, 14 Feb 2012 21:22:01 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Sean http://christianpf.com/how-i-organize-my-bank-accounts/comment-page-1/#comment-172690 Sean Mon, 13 Feb 2012 00:49:46 +0000 http://christianpf.com/how-i-organize-my-bank-accounts/#comment-172690 Bob, I'm confused. Base on the above diagram, you are using your brick & mortar bank to pay bills. Would you mind walking us through an example of how your system works, say for buying an airline ticket for a vacation? Bob,

I’m confused. Base on the above diagram, you are using your brick & mortar bank to pay bills. Would you mind walking us through an example of how your system works, say for buying an airline ticket for a vacation?

]]> By: Crystal http://christianpf.com/how-i-organize-my-bank-accounts/comment-page-1/#comment-86777 Crystal Thu, 02 Dec 2010 03:21:02 +0000 http://christianpf.com/how-i-organize-my-bank-accounts/#comment-86777 Bob, I really like your site. This is the way we manage our finances. Much simpler than we used to do. very low maintenance. We have been with ING for several years now and really like the way you can set up separate accounts and have money go there automatically. I have all bills delivered electronically (cuts down on paper) and then I schedule them for payment right away. I file email confirmations of bill payments in alphabetical folders in my email. Important bills I save as PDF (CutePDF is a free download) and file electronically on my laptop also. Then I have an automated backup of my files (iDrive -- I think they back up 2g for free). I am really working on being completely paperless. Anyway. Thanks for the site. I will be back to visit often. Bob, I really like your site. This is the way we manage our finances. Much simpler than we used to do. very low maintenance. We have been with ING for several years now and really like the way you can set up separate accounts and have money go there automatically.

I have all bills delivered electronically (cuts down on paper) and then I schedule them for payment right away. I file email confirmations of bill payments in alphabetical folders in my email. Important bills I save as PDF (CutePDF is a free download) and file electronically on my laptop also. Then I have an automated backup of my files (iDrive — I think they back up 2g for free). I am really working on being completely paperless.

Anyway. Thanks for the site. I will be back to visit often.

]]> By: Victoria http://christianpf.com/how-i-organize-my-bank-accounts/comment-page-1/#comment-71259 Victoria Sun, 17 Oct 2010 05:19:18 +0000 http://christianpf.com/how-i-organize-my-bank-accounts/#comment-71259 This looks very similar to mine. I use ING and PayPal for everything because I get paid twice a week through PayPal. I like PayPal's debit card because it pays cashback rewards and I'm a big fan of shopping on eBay. Plus, PayPal will make transfers to my ING accounts. I do everything electronically. I funnel one of my paychecks into ING Checking to cover my few bills which are automatically paid and to cover groceries, gas and cash. Also, a portion of it goes into my main ING Savings account. My other paycheck I funnel into 2 different ING Savings accounts, one is for savings (a big chunk) and the other is for taxes, since I have to pay them myself. The rest of it is just for spending. I'm a big proponent of savings and putting the most you can there. I've bought a very nice car this way, outright in cash. And I'm now saving to buy a house, outright as well. After the house, I will be saving for my nest egg. As I say, it's better to earn interest than to pay it. I'm very happy with the way this works and your diagram is so similar to mine, I just had to comment. I like what another commenter said about getting gas rewards that add up to four free fill-ups a year. I may look into that, although I'm very anti-credit cards, I do like the rewards. That's the beauty of debit. You've got to have the money. Now if there were only gas debit cards! This looks very similar to mine. I use ING and PayPal for everything because I get paid twice a week through PayPal. I like PayPal’s debit card because it pays cashback rewards and I’m a big fan of shopping on eBay. Plus, PayPal will make transfers to my ING accounts. I do everything electronically.

I funnel one of my paychecks into ING Checking to cover my few bills which are automatically paid and to cover groceries, gas and cash. Also, a portion of it goes into my main ING Savings account.

My other paycheck I funnel into 2 different ING Savings accounts, one is for savings (a big chunk) and the other is for taxes, since I have to pay them myself. The rest of it is just for spending.

I’m a big proponent of savings and putting the most you can there. I’ve bought a very nice car this way, outright in cash. And I’m now saving to buy a house, outright as well. After the house, I will be saving for my nest egg.

As I say, it’s better to earn interest than to pay it.

I’m very happy with the way this works and your diagram is so similar to mine, I just had to comment.

I like what another commenter said about getting gas rewards that add up to four free fill-ups a year. I may look into that, although I’m very anti-credit cards, I do like the rewards. That’s the beauty of debit. You’ve got to have the money. Now if there were only gas debit cards!

]]> By: Stephen Dave http://christianpf.com/how-i-organize-my-bank-accounts/comment-page-1/#comment-70542 Stephen Dave Wed, 29 Sep 2010 17:59:27 +0000 http://christianpf.com/how-i-organize-my-bank-accounts/#comment-70542 Thank you for sharing this information with all of us out on the internet. Only speaking for myself I need all of the financial organization tips I can get :) Thank you for sharing this information with all of us out on the internet. Only speaking for myself I need all of the financial organization tips I can get :)

]]> By: JD http://christianpf.com/how-i-organize-my-bank-accounts/comment-page-1/#comment-26354 JD Tue, 23 Mar 2010 05:46:56 +0000 http://christianpf.com/how-i-organize-my-bank-accounts/#comment-26354 I like your idea, is checking account #1 your credit union and checking acct #2 your ING checking? or is there a 3rd checking account in the mix here? Thank you for all the information. . . I like your idea, is checking account #1 your credit union and checking acct #2 your ING checking? or is there a 3rd checking account in the mix here? Thank you for all the information. . .

]]> By: Bob http://christianpf.com/how-i-organize-my-bank-accounts/comment-page-1/#comment-26221 Bob Mon, 22 Mar 2010 14:21:22 +0000 http://christianpf.com/how-i-organize-my-bank-accounts/#comment-26221 Jason, exactly. Basically, ING makes sure you have another account to 'verify' that you are a good banking customer. From my history working at a bank, I can attest that a lot of people get turned down for opening a checking account - ING let's the brick-and-mortar bank do this screening process for them. We pay all our bills with ING and don't really do that much with our brick-n-mortar bank... Jason,
exactly. Basically, ING makes sure you have another account to ‘verify’ that you are a good banking customer. From my history working at a bank, I can attest that a lot of people get turned down for opening a checking account – ING let’s the brick-and-mortar bank do this screening process for them.

We pay all our bills with ING and don’t really do that much with our brick-n-mortar bank…

]]> By: Jason P. http://christianpf.com/how-i-organize-my-bank-accounts/comment-page-1/#comment-26094 Jason P. Sun, 21 Mar 2010 23:04:53 +0000 http://christianpf.com/how-i-organize-my-bank-accounts/#comment-26094 Bob, Based on your article (10 reasons why I love ING direct) with the benefits of free bill pay and ING paper checks, is there any reason why you couldn't pay all bills through ING and just use your bricks and mortar account to transfer deposits? We haven't used bill pay before, but it seems like a good way to handle utility bills, etc. It seems to me that the main reason to keep your original checking account is because ING requires you to. Is that a correct assessment? Thanks! Bob,
Based on your article (10 reasons why I love ING direct) with the benefits of free bill pay and ING paper checks, is there any reason why you couldn’t pay all bills through ING and just use your bricks and mortar account to transfer deposits? We haven’t used bill pay before, but it seems like a good way to handle utility bills, etc.

It seems to me that the main reason to keep your original checking account is because ING requires you to. Is that a correct assessment?

Thanks!

]]> By: Anni http://christianpf.com/how-i-organize-my-bank-accounts/comment-page-1/#comment-12085 Anni Thu, 30 Apr 2009 17:47:21 +0000 http://christianpf.com/how-i-organize-my-bank-accounts/#comment-12085 If you really feel the need to help them out, budget it in. Let's say after all your expenses, you take 25% of the remainder and send them a check for that amount every month. If you really feel the need to help them out, budget it in. Let’s say after all your expenses, you take 25% of the remainder and send them a check for that amount every month.

]]> By: Anni http://christianpf.com/how-i-organize-my-bank-accounts/comment-page-1/#comment-12084 Anni Thu, 30 Apr 2009 17:43:13 +0000 http://christianpf.com/how-i-organize-my-bank-accounts/#comment-12084 I do things a lot like this. I only have one paycheck and it all goes into my bill account. My child support gets directly deposited to my other account which I use for child care, Ymca classes, my son's lunch account, spending money, clothes and groceries. What I do a bit differently and has worked great is to get a credit card for the gas station I go to. I charge all of my gas and get 3 cents back per gallon in the form of a gift certificate. This comes out to about 4 free fill-ups per year. When gas was at it's highest price, I spent between 350 and 400 a month on it. So I categorize my bill account and set aside 400 per month for "auto". I have the entire balance on the card automatically deducted from my account. Any amount below 400 for the month sits there to cover maintenance and repairs on my truck. I no longer have to budget around gas prices unless they go above $4/gallon. Yay! I do things a lot like this. I only have one paycheck and it all goes into my bill account. My child support gets directly deposited to my other account which I use for child care, Ymca classes, my son’s lunch account, spending money, clothes and groceries.
What I do a bit differently and has worked great is to get a credit card for the gas station I go to. I charge all of my gas and get 3 cents back per gallon in the form of a gift certificate. This comes out to about 4 free fill-ups per year. When gas was at it’s highest price, I spent between 350 and 400 a month on it. So I categorize my bill account and set aside 400 per month for “auto”. I have the entire balance on the card automatically deducted from my account. Any amount below 400 for the month sits there to cover maintenance and repairs on my truck. I no longer have to budget around gas prices unless they go above $4/gallon. Yay!

]]> By: denise http://christianpf.com/how-i-organize-my-bank-accounts/comment-page-1/#comment-10304 denise Tue, 03 Mar 2009 04:23:05 +0000 http://christianpf.com/how-i-organize-my-bank-accounts/#comment-10304 Thanks for sharing this post I picked up a couple great tips for banking and financial help that I will use. Thanks for sharing this post I picked up a couple great tips for banking and financial help that I will use.

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