Comments on: The Beauty of Simplicity

By: J. Money

J. Money — Thu, 12 Sep 2019 10:59:42 +0000

In reply to KL. Totally :) You find something that works and you keep riding it!!

By: J. Money

J. Money — Thu, 12 Sep 2019 10:58:23 +0000

In reply to Chris. Sure, as soon as I locate a heard of unicorns!

By: KL

KL — Sat, 07 Sep 2019 11:31:14 +0000

3 banks
1 investment bank
11 accounts
Individual stocks + couple index funds
2 cards
…that just mine+joint accounts.

When we started on the path to more sensible use of money, the best method I found was hide some of the money in another bank. If you did not see it, you didn’t spend it. Still doing the same.

One bank for daily use, second for emergencies and other savings (no cards), third for targeted saving like investments. Third bank has better interest rate and lower accessibility, that’s holding cash for our next investment apartment.

All traced in excel once a month. After getting used to doing it feels like me-time now. I could add them, Mint-like, to the primary bank’s app (thanks new Euro regulation!) but I don’t want to see that money on a daily basis.

I know some people who don’t even need separate savings, their money keeps piling on checking. Gotta do what works for you. :)

By: Chris

Chris — Thu, 05 Sep 2019 12:25:05 +0000

Can you link to the bank where I can invest my magic penny? Wouldn’t that be nice? LOL

By: J. Money

J. Money — Wed, 04 Sep 2019 14:33:45 +0000

In reply to Kate. you had me at 1 purse. impressive!!

By: J. Money

J. Money — Wed, 04 Sep 2019 14:33:13 +0000

In reply to Elizabeth. At least the money is piling up!! Could be worse and she can't even afford to fix it, eh?

By: J. Money

J. Money — Wed, 04 Sep 2019 14:32:30 +0000

In reply to Elizabeth.

If it works for you – keep going!! No shame in that!

You’ll prob like this post we did once on the site ;)

https://eliteedgemoney.com/6-reasons-having-one-savings-account-can-be-bad/

By: J. Money

J. Money — Wed, 04 Sep 2019 14:31:26 +0000

In reply to G.

Are all the accounts under the same roof at least?? That definitely helps streamline things more (for example – all mine are with Vanguard). Though you can’t do much about the 401k if it’s still at your current employer (even more reason to pull the plug sooner!! Haha…)

By: Kate

Kate — Wed, 04 Sep 2019 13:04:15 +0000

1 day-to-day account
1 medium turn savings account
1 long term investment account
1 home
1 investment property
1 pension fund
1 purse
1 secret cash hiding spot
1 finance app (YNAB!)
1 blog subscription (Hi J Money!)
1 frequent flier airline club
and, annoyingly, 2 credit cards because not EVERYONE takes AMEX!

By: Elizabeth

Elizabeth — Wed, 04 Sep 2019 12:51:06 +0000

I’m going to add my sister has 1 savings account. She refuses to use it she just hoards the money. I told her to create a house account for home repairs which her house desperately needs ( front door is literally dry rotted) and she could save in that account and won’t feel like she can’t use the money because it’s little earmarked for home repairs. She’s yet to take my advice and her doors worse then ever.