Week #5 - Banking and Paying Bills
Last evening, we learned the difference types of accounts in the bank institute. What tool would you utilize to differentiate the difference between paying bill and saving for big ticket item or emergency? Want tracking tool would you use to keep a record of your finances?
Hello Everyone, the tracking tool I would use would be to set up a Checking and Saving, The checking would be for Direct Deposit, and Solely for paying bills. Once that Direct Deposit is in place I can then fill out a form to have a certain amount taken out of my check so that I can save a certain amount out of my acct to go to savings , for big ticket items, emergencies, or just special occasion or splurge purchases, thats seperate from the Checking, Household Bills.
ReplyDeleteThe Tracking Tool to record my finances, would be some sort online Budget sheet, that way i can be more accountable for my spending.
Onika, I see your plan to have certain amounts taken out of your check to go towards saving for the big ticket items, emergencies, etc. as a very proactive way of getting in the flow of your finances!
DeleteIf it is at all helpful, I am using the free version of Dave Ramsey's "Every Dollar" app. I do not need to put in any bank info... and it allows me to create a spending plan and tabulates income vs. expenses. I have it on my phone and can also access it from computer. I am finding physically writing it down to be very helpful ... the spending part anyway. I don't enjoy calculating a long list of numbers with a calculator, so I use a spread sheet I created, first on Excel.
Thank you Liz , and Jess, having something tangible, will help with our financial outcomes in the long run.
DeleteHello everyone!The tracking tool I will be using will be a notebook with a calendar and pockets for bills. All my bills are paid with online banking with the exception of my rent.By writing my expenses and spendings;I can see clearly my leaks and financial habits. I currently have a checking account for bill paying and a saving account for emergencies. One of the accounts from last night class I'm planning in obtaining will be a CD certificate of deposit for big ticket items.
ReplyDeleteHi Liz, I love the idea of pockets in a notebook! The calendar sounds like a great visual way to see what's coming up. I can see how utilizing Checking, Savings, and CD accounts will really move you onwards & upwards!
DeleteWhat tool would I utilize to differentiate the difference between paying bill and saving for big ticket item or emergency? I would look to my spending plan, evaluate the 'law of cause and effect' if I chose not to pay a bill (late fees, hit to my credit report, and other repercussions) and then decide if saving the money would make more sense. Part of me thinks paying all bills on time trumps saving for a big ticket item or emergency. When it comes down to it, if all my money flies out the window paying bills, when would I ever save for my emergency fund - or generate funds for that "NEEDED" big ticket item - so as to not cultivate more debt?#!! I want to evaluate my spending plans for the next few months to get a better handle on my choices and how they align with my SMART g's.
ReplyDeleteTo keep a record my finances, I like using multiple tools. Using my: Spending Plan Spreadsheet - to document my payments in the 'dates paid' column; Weekly Spending Log - to record payments made; Monthly Checking Account and Credit Card Summaries - to ensure all outgoing payments align with the planned amounts and saving a copy of each to my files....and do a back up for all saved financial files.
Thank you this is such useful information, I really need to try and do better and using tools that van help me manage my money .
DeleteLoving everyone response's and continuance encouragment.
ReplyDeleteHello ladies. I have two checking accounts. I live with my family. One checking account is for the household bills and the other is for my personal bills to pay. I just started back putting money into my savings account. I'm old school. I have my notebook and pencil which I document everything. I use my calendar on my phone to put due dates of bills so I won't forget. I just opened up a CD account with American Express.
ReplyDeleteStacy, while I like my apps, I resonate with old school writing things down. I’ve heard it helps remember stuff, as it crosses the brain neurologically, or something like that. Have you heard of this? Using your phone calendar is super smart! ...and, documenting everything in one place sounds powerful. That may sound odd, yet for me who can spread out my flow, I notice it takes energy to ensure all the pieces align ...feels tiring. Hmmmmm....
DeleteI use a method to distinguish between managing my expenses and saving for significant unexpected costs. I hold an account with a credit union, where I’ve established a routine for direct deposits from my paycheck into a checking account and two savings accounts every two weeks. I infrequently visit the credit union and monitor the growth of these accounts on a monthly basis. Additionally, I maintain a small black journal to keep tabs on my credit card payments, and I typically input bill due dates into my phone calendar three days prior to their deadlines.
ReplyDeleteHi Nicole I like the idea of inputting dates into the phone calendar days prior to their deadline.
DeleteHi Nicole, it sounds like you have created, generated, and sustained a way of managing your money so that you now feel in the flow of your finances! You're rocking it!
DeleteHello Jessica. I like your approach about having a spending plan. Having a spending creates a checks and balances system. That’s helpful especially for myself. I am a visual and kinesthetic learner. I need to see and touch the concept. Your concepts allows a multifaceted approach for all types of learners.
ReplyDeleteHello Liz, I am totally old school. I use a notebook and a physical filing system. I find this helpful. I am holding myself accountable by physically writing down my expenses. The leaks are so obvious but this serves as a reference. I like the concept of having more than one account.
ReplyDeleteWriting ✍️ things in a note is completely new for me. I use my phone for all of my transactions,but writing will give a better idea of my expenses and leaks. Our school principal was telling the kids Writing is like thinking on paper it allows to see our thinking process and reevaluate our thoughts and reorganize them. In this case will be our finances.
DeleteIm old School also writing things down in a notebook, Titled Bills.. But thinking an excel spread sheet may just as worthwhile.
ReplyDeleteSorry Hi Nicole, i meant to start with that...
ReplyDeleteOnika I like your tools and ideas to make your accomplishments happen with a great financial achievement at the end. Kudos to you.
ReplyDeleteThank you
DeleteLiz I'm old school as well. I'm a visual person like to write and cross things off when I'm done. Great job with everything. CD accounts are a great thing to do. My dad did an amazing job earning money on them
ReplyDeleteThats great, any positive feedback about earning or saving money is amazing.
DeleteThank you ladies. This weekend I visited two branches to see who had better options to open a CD account. I been playing with numbers with the offers it seem 5% for seven months is the best option for our family.
DeleteHi ladies, just checking my blog is working.
ReplyDeleteCool beans
DeleteHi Ida 👋
DeleteHello ladies !
ReplyDeleteI would prefer to use checking and savings accounts as a tracking tool. I currently use my checking account for direct deposit and paying bills mostly and my savings account for the different streams of incomes that I have coming in including my emergency savings. I would like to open up an account separate from my current savings and checking account to separate my business savings from my personal savings and emergency savings just so everything isn't in one place.
I forgot to add the tracking tool that I would use to record my finances is a budget sheet and a spending sheet... The spending sheet is a new one for me but after completing one for the first time I think it will humble me a lot more, the more I use it lol
DeleteHello Ladies,
ReplyDeleteI love to read everyone else's way of saving. I will be looking at some of the apps mentioned.
I do everything in writing. I have a notebook that I write down my monthly spending.
I started a savings account for my emergency funds. A checking account for my bills and regular spendings.
An account I can't touch for until I am ready to purchase a home. I would like to open another savings account with a credit union, I will schedule a day to go. I have gotten good feedback.
But in the meantime, like I mentioned previously it has been a little difficult because of the sudden and unexpected income change. One day at a time for us all.