Tinkering with the bank accounts

I think I have done a couple of great things. I have tinkered with my bank accounts and made a more systematic structure for my PF journey and I have shrunk my teal notebook to a size of 4″x6″. Here are the pros:

  • I can no longer exceed or borrow from my other accounts for my weekly ‘cash allowance’ funds (aka: funds used on groceries, gas, entertainment, and other). Motto: if the funds aren’t there…then you ain’t gettin’ it (my kids will love that one)
  • What ever is in the ‘bill pay’ pot is used exclusively for that reason, to pay bills; snowball; avalanche.
  • The savings… just that savings where it holds my Emergency Fund & Hawaii Fund
  • My teal notebook now is 10 times lighter and fits in any purse

You say: “How did you do such a thing? Did you use your automatic shrinking machine?”
I say: “No silly, that is what computers are for!”

Here is what I did:

  • Bank Account 1: Paycheck is direct deposited. Leave in my weekly cash allowance, transfer 7.9% into Savings Account, tranfer remainding funds into Bank Account 2 for paying bills.
  • Bank Account 2: Bill Pay funds (love the Bill Pay feature!). Few clicks of the keyboard and my bills are sent out every Friday. What ever is left over gets used in next weeks bill pay.
  • Savings Account: Holds my Emergency Fund, Hawaii Fund, and accepts my 7.9% weekly transfer
  • Formated my PDF Bill Pay Pages to print 4 on a page, cut, stacked small pages and did a little arts and crafts by using a manilla folder as a cover, staple all together and now you have a 4″x6″ PF Folder (pic to follow soon). I’m sure with time I could get pretty creative with the cover.

If you want a PDF Bill Pay Page, email me: [email protected] . Please put “Bill Pay” in the subject line. Unfortunately, google docs does not allow me to publish PDF pages.

Verdict: I think I just made my life alot easier. My “notebook” and my mind is now lighter, too. I eliminated the need for a spending log, because now that Bank Account 1 is only for my Cash Allowance…when that runs out, it’s gone! πŸ™‚

Have a great Easter weekend!

6 thoughts on “Tinkering with the bank accounts

  1. Shtinkykat

    Hurray for simplified banking system. I noticed that my banking system is absolutely complicated (6 savings accounts, 3 checking) and only my twisted mind knows where the money should go and from which pot money I spend is withdrawn. πŸ˜› But I like it. It’s like a puzzle. πŸ˜€

  2. Sharon

    Sounds like a great idea! I can’t wait to see how it works for you! I just may have to try it! My spending right now is OUT OF CONTROL…but hopefully I will get back on track for May!

  3. shawna

    Love this, and I love your first rule! I need to get back to following that one. SO many things are coming up in the next few weeks, it’s gonna be hard. Luckily, I’ve been replenishing well.

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