Comments on: How I Look at My Money in Big Picture Fashion

By: David

David — Wed, 18 Feb 2009 14:29:41 +0000

Unique perspective on time based cateogories. I’d be interested in seeing how you break out your accounts within each time period. I noticed that you said each category might contain multiple accounts, but you didn’t give any details about how you structured those.

By: marci

marci — Tue, 17 Feb 2009 23:11:16 +0000

In my case, I don’t have a dedicated emergency fund either – as all my investments are ‘available’ should an emergency present itself – but not everyone has the other investments, so should probably make sure they have the emergency account funded if they do not have access to investment funds.

I would add two other accounts to your list.
One – I have a small checking account linked to ebay. I don’t want ebay in my main checking account; therefore I have a small one just for that.
Two – a cash fund… meaning cold hard cash in hand – hidden somewhere easily available – not in an account. In my case, the electricity goes out here on a regular basis – sometimes 3-4 days, last year 8 days. Can you imagine not being able to use your debit card, credit card, atm machine, etc? Or if it’s the middle of the night and you have to leave town on an emergency? I like to have cold hard cash available for those times, when electronic money usage is NOT available. That’s on top of the cash usually in my wallet for groceries and gas, etc. Cash still has it’s place in our busy world, I believe.

By: The Passive Dad

The Passive Dad — Tue, 17 Feb 2009 19:55:32 +0000

It’s interesting that you don’t believe in having multiple account names as well. I’ve sort of put it off, but mainly because I procrastinate with these things. We do have our emergency account and checking account, but thought about create sub accounts too for long term savings. I’ve read some people have accounts for children like braces, school supplies, and braces. For now we’ll just stick with savings.

By: The Wild Investor

The Wild Investor — Tue, 17 Feb 2009 19:40:36 +0000

My OCD won’t allow me to open too many accounts. Once I see clutter anywhere I start deleting/throwing away stuff.

By: Epicview

Epicview — Tue, 17 Feb 2009 18:03:09 +0000

Thanks for presenting a brand new way of thinking of things. Trying to keep track of a dozen individual accounts gets really confusing and inhibits you from reaching your goes. Now that I’ve read your post, it seems obvious, but its not something I would have thought of.

By: So Very Fabulous

So Very Fabulous — Tue, 17 Feb 2009 17:56:53 +0000

I agree with keeping everything simple. I don’t have different savings accounts for different goals, I think it’d be too confusing and hard to keep track of. Plus I find it more satisfying to see a big amount of savings rather than a few smaller amounts, even if it all adds up to the same thing in the end.

By: Grant Baldwin

Grant Baldwin — Tue, 17 Feb 2009 14:16:54 +0000

Good thoughts…

It’s very easy to end up with multiple checking accounts for various purposes and countless savings accounts for different future purchases. Before long, it all becomes a little overwhelming and tough to keep track of.

I think we would all agree in the principle that “less is more.” Simplify your finances, so you can focus on the big picture.