How I manage my money
I’ve had a few questions about how I manage my money, and how I’m partitioning my funds. Basically, for every sidebar listed, I have a separate savings account. I also have a chequing account, which holds anywhere from $10-$600 at any given time. That money is always fluctuating, so I don’t bother listing it on the sidebar, or in my NetworthIQ.
- Emergency Fund – PC Financial Interest Plus Savings Account
- Condo Down Payment – PC Financial Interest Plus Savings Account
- Travel Fund – ING Direct Savings Account
- Gift Fund – PC Financial Interest First Savings Account
- Retirement Portfolio – TD Canada Trust e-Funds
I like having separate accounts b/c it makes it way less confusing for me to try to partition pooled money. Plus, it’s not like it costs anything to have multiple savings accounts, so why not?! Also, I manage all of these accounts through Quicken.
I really love Quicken because I can get as detailed as I want to get with my money. I like how it will graph out my progress, remind me of upcoming bills and transactions, show me my net worth, and help me maintain my budget.
Before I used Quicken, I was tracking all of my spending through a really complicated Excel spreadsheet that I created. Once I switched to Quicken, managing my personal finance became FUN. Seriously. And it was way more motivating to see all of my money and progress listed in a real, professional program. As opposed to Excel, which is pretty ghetto compared to Quicken. Sometimes, I would just explore Quicken for hours, figuring out my debt totals, creating debt reduction strategies, playing around with a budget, and scheduling transactions. It’s awesome!
Anyway, if any of you have any more questions about how I’m managing my money, please let me know. :)
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Thanks for this post! I’ve been going through your banking & credit card post archives because I’ve lately been interested in finding the best ways to make my money grow, and I had always been curious about how people partition their money for different purposes, and now I know! I also use PC Financial and I don’t know why it never occurred to me that I can have more than 1 savings accounts, so I’ll look into that (and ING) in the future when my needs change.
[...] the last 5 years, I’ve talked about how multiple savings accounts have worked for me. It helped me keep track of my money and stay [...]