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How Many Bank Accounts Do Should You Have? Money Saving Tips to Live By

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We are talking all about our bank accounts in this video--one of our favorite money saving tips. How many bank accounts do we have and why do we have so many? Separating your money into multiple bank accounts can actually make it a lot easier to manage your money and meet your financial goals. So how many bank accounts should you have? That depends on how you prefer to manage your money and what is going on in your life. We are sharing all of the bank accounts we have and why we have them. Let us know how many you have in the comments! ▸▸▸ GIVEAWAY!!! | Toddler Bowl: https://www.youtube.com/watch?v=TIgUxp36FKM We are giving away two coaching sessions: a financial coaching session and a Youtube channel coaching session. Feel free to enter BOTH if you'd like. The contest will run until midnight EST on February 28, 2018. The winner will be announced on March 1st. ENTER TO WIN: Personal Finance Coaching Session: https://onebighappylife.com/moneycoaching ENTER TO WIN: Youtube Channel Coaching Session: https://onebighappylife.com/youtubecoaching ▸▸▸ Related Content & Resources | How to Create Your Dream Life: https://www.youtube.com/watch?v=lzyCN8YNlxI 10 Tips for Changing Your Life: https://www.youtube.com/watch?v=dfSAwTv5fgY How We Saved $100,000 in One Year: https://www.youtube.com/watch?v=-J8BVgH9mlo ▸▸▸ Resources | Free Audible Trial: https://onebighappylife.com/audible Start saving money with Ebates: https://onebighappylife.com/ebates ▸▸▸Follow Us! Website: https://onebighappylife.com Twitter: @onebighappy_ Instagram: onebighappylife ▸▸▸About Us We are Tasha & Joseph a millennial couple balancing kids, jobs, money, and life. One Big Happy Life is our website which focuses on creating a life you love by finding the right balance between your personal and financial goals. Life isn’t just about one thing but money touches on just about everything. Personal finance doesn't have to be complicated or overwhelming. Our goal is to empower you to take charge of your money and enjoy your life. ▸▸▸Our Camera Equipment ----------------------------------------­­­­­------------------------------------­-­- Our Big Camera: http://amzn.to/2xtpHhe Small Lens: http://amzn.to/2y9RG9o Big Lens: http://amzn.to/2xsHg12 Our Point and Shoot: http://amzn.to/2xsKr8E Big Tripod: http://amzn.to/2xrxaSM Selfie Stick + Cellphone Tripod Mount: Memory Cards: http://amzn.to/2xsF8Gt Disclaimer: We use affiliate links for things we use and love. This helps support our efforts to make entertaining videos for you while allowing us to share things that we ❤ and 100% recommend. Thank you for supporting our channel! This video is for informational purposes only and does not constitute legal for financial advice. Please consult an attorney or certified financial planner who will put your interests before theirs.
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Text Comments (227)
superpal43 (22 days ago)
Could you guys PLEASE include lists in your descriptions so that people can have a snapshot to later reference?
marcus taylor (26 days ago)
You guys are great I keep educating myself with money, finances and credit. (Off topic: my credit is very close to great)... Today I just opened a savings account for Santander. I already have a checking & savings for TDBANK. I’m going to go for a third soon just doing more research on APYs and interest rates. So far I came across Capital 360 savings with a 1.00 APY. Major plus for me since I have a credit card with capital one.
Anne Day (27 days ago)
I have eleven, but I'm young, single and childless so I don't need that many. 1. Regular cheque account that all my income gets deposited into (salary, for example) and my recurring debit orders come from (retirement savings, medical aid (which you guys call health insurance), disability and life insurance etc.) I don't do much else in this account and it currently holds about three months barebones expenses. My emergency fund accounts : 2. A savings pocket at the same bank earning minimal interest, easily accessible for small emergencies, just transfer via my banking app to the main account. 3. My Emergency fund at a different bank that I have to transfer money from to access, making it a 24-48 hour delay. 4. My 32-day notice account at my current bank that penalizes me if I don't put in adequate notice to access the funds (MOST of my emergency fund was there before I went on hiatus, it works really well with my credit card cycle so that I never carry a balance, and I made sure my credit card limit is MUCH lower than my balance so I never see it as "free" money) 5&6. My two 6 month fixed deposits with a month's worth of expenses each. Then my non-emergency fund savings 7. My main holiday savings for one big holiday a year 8. My mini holiday savings for smaller holidays or trips so that I don't dip into my main fund, which I've done so many times before and ended up not getting the holiday I'd saved for 9. My family fund. I have a really complicated relationship with money and family, and I realised eventually that if I didn't budget for this I'd a) give more than I could actually afford and b) feel resentful for their choices setting back my goals. This has been so liberating, because now I'm more confident in my NOs because I know the money available for my extended family is limited and not related to the rest of my finances, I no longer have guilt around breaking some generational cycles AND when I give money/pay for things it is with an open and light spirit with no resentment. I'd recommend this for ANYONE who is first generation financially responsible and is having struggles navigating the minefield that is survivors guilt. 10. My tax free savings account build up account. We have an account that's sort of like a ROTH (after tax contributions, tax free growth and tax free withdrawal) that I aim to save up the year before so that I can just pop it in and tick it off my box each tax year. I build up the amount in this account. 11. My discretionary investments build up account. To minimize costs, I try to invest in my discretionary, non tax advantaged accounts only once I've hit a certain lump sum. So I build that up in this account too. It took me years to build up this system (and the funds to make it worthwhile) and now that I'm on an unpaid hiatus some of them are dormant (like the investment build up accounts), but they are free to run and keep my goals clear and segregated. When I go back to employment, I'm going to add a house down-payment account and a car savings account, as well as an artistry funding account for all my creative endeavors that sometimes take a chunk of money on one time purchases (like my new yamaha keyboard😂🤷🏿‍♀️).
Dumas Alexandre (1 month ago)
I have 2 checking accounts, 6 saving accounts, 5 investment accounts, 1 retire account and one employee account « create by my corporate»
me and my husband have 6 accounts. an emergency savings, a bills account, an account for buying groceries, gas and other essentials our own frivolous spending account and my own personal savings for when i want to save my fun money for something
Crystal Gale (1 month ago)
We have 2 chequing accounts (me and my husband have separate ones), 3 tfsa, and 2 savings. I am thinking of opening a couple more for my sinking funds instead of putting them in cash envelopes as I am getting paranoid of having lots of cash on hand haha
sen haruno (2 months ago)
Doesn't it cost money to transfer money from ur main account to the other 20 account you have???
PaylaKanefan (2 months ago)
I recently found your channel and am really enjoying it. We have 15 bank accounts right now. 8 of those are ladder CD's. We have the same goal of having a CD roll over each month for our emergency fund as well!
pikaboodaisy (2 months ago)
Do you have different types of banks for each account or the different accounts are with same bank?
Ngandi Musyimi (2 months ago)
Doesn't having so many accounts rack up account fees?
One Big Happy Life (2 months ago)
carysa227 (3 months ago)
What! Which bank are you using 😂
mystic gem (14 days ago)
carysa227 – they primarily use Ally (an online bank) and she uses USAA & Navy Federal Credit Union as well (she was in the military)
Danielle Bradley (3 months ago)
I currently have 9 accounts. Do you recommend keeping your accounts at the same bank?
Maggie Wormely (3 months ago)
A free budget template where?
Maggie Wormely (3 months ago)
Oh, my. This is very complicated.
Beauty Stick (3 months ago)
Does this effect your credit score? In the U.K. having so many bank accounts work against you. I opened a new bank account when I was in my second year of university the bank penalised me for not making a set amount transactions which I was unaware of. I ended up closing that account as it was an account for my driving lessons and I already had two other accounts at different banks with no issues.
Marcus Wijaya (1 month ago)
Beauty Stick does it have to do with credit score? How could it be? Anybody else can elaborate perhaps? I’m curious!
NAPO WAGBE (3 months ago)
Thankyou guys verry nice i hope my wife and will be able to budget our life as you teach us
ompens (3 months ago)
Recent subscriber....was wondering if one of your video addresses your emergency fund more in depth...thanks.
Rebecca Holloway (3 months ago)
I have 1 chequing account and 8 savings accounts (all labeled specifically for their purpose. I.e., house fund, car fund, emergencies, travel, etc.). I like the idea of having a second "Fun" chequing account though!
One Big Happy Life (3 months ago)
You can always give it a try. As long as your bank doesn't charge fees, there is no reason to hold back.-Joseph
Devika Kale (3 months ago)
Can you suggest good banks for these accounts?
Candy Conner (3 months ago)
3 savings and 2 checking. It keeps me very sane.
Doris De Jesus Levy (3 months ago)
Hi Tasha and Joseph, i have been watching some of your videos and i really like them. I love to see such a young prosperous family that had financial struggles just like many of us. Thank you so much. So far, my husband and I have each our own checking and savings and a family checking for shared expenses. We are looking to add a saving account, a vacation savings account, a business account for my contractor per diem jobs and a 529 for our sons college saving. Thank you!
Amanda Hughes (4 months ago)
5 checking and 2 saving! None shared with my partner. We do share a credit card though that we pay off our own purchases on each month as we get all the points and it makes it worth it.
Monique Ross McCoy (4 months ago)
I have only 2 😰 right now I have some homework to do lol
Tanya Brown (4 months ago)
Hi I just love your channel. I’m glad to see that there are other people who think like me, I have several accounts myself and when I went to the bank they looked at me crazy. Many people wouldn’t think to do that, I think its’ a great way to keep track and to see your progress on each item. I have 12 accounts and they are not where I’d like them to be due to job loss and health problems, but I’m still going forward.
Stephanie Ekezie (5 months ago)
I’m not married, don’t have kids, and I’m in college to become a nurse. 20 bank accounts is a lot but to each is their own. I think when I get my career, I will have two checking accounts and one savings account..
Rebecca Holloway (3 months ago)
They're married with 2 kids. So those 20 accounts are for all 4 of them.
Ruth Hernandez (6 months ago)
I love this! I have 2 checking and 3 savings account so far...Oh and a jar full of $5 bills that I'm saving for my next phone. At first I thought it was ridiculous to have this many accounts but the more saw the positive change it had on my budget the more I enjoyed adding more. And now that I seen other examples of people with more accounts I am now 110% on board! Whoo hoo!
Ian Mayman (6 months ago)
This is a good strategy though I only have to budget for myself and I ended up having too many accounts. I’ve recently closed a few of them and I’m focusing on credit card debt reduction. Once I’ve cleared that, I’ll again be using one of the services that lets me separate money so as to save for multiple goals with one account. I was going to say more, but I’ll save it for a video and blog post of my own!
Nicole Jones (7 months ago)
I have 3 checking 2 savings and 1 cd account. I just want to thank you guys for all of the awesome info and your transparency when it comes to finances and your personal life.
Isaris Mitchell (8 months ago)
I have 5 , 2 savings and 3 checking(2 joint/1 just mine). I'm still trying to get a handle of how to make everything flow smoothly.
Daisy Logan (8 months ago)
I have 5 bank accounts and 2 CDs that I use as long term savings accounts. One CD is for my next car and the other is for my wedding. Then I have an emergency fund savings account, a vacation savings account and then a savings account for bills that I don’t pay every month like car insurance and house taxes. Then I have a checking account with a brick and mortar bank that’s 2 minutes away from my house and then I have a checking account with an online bank as well because they pay higher interest. The main reason I keep my brick and mortar bank is because my online bank doesn’t offer checks and I still use paper checks for certain purchases.
Mattea Padilla (8 months ago)
Great advice. We are going to start with an extra discretionary checking account. I feel even that small change will make a huge difference!
haranmol singh (8 months ago)
Now explain me what are checking accounts ??
713skywalker (9 months ago)
I need to catch up...I only have 11 lol 😂
John Small (9 months ago)
We currently have: Credit Union: (this is for our Incorporated Business Account) 1 checking and 1 savings For our personal accounts: 3 checking and 2 savings (that is split between two banks, one is a large bank that charges a monthly fee, we are going to be closing that one down soon. The other bank is local with no fees).
Victoria Dudley (9 months ago)
I have always only had two accounts: checking and savings. My husband has more. I never understood why. That always sounded convoluted to have multiple. But now I see the logic. All my expenses just came out of my one checking account no matter what it was for. We'll see as the family grows how that changes. Also may change once we purchase a house. But yea.. two works for me for now.
Kim P (9 months ago)
I have 3 different bank accounts and savings accounts
Deneil Christie (9 months ago)
My brain hurts 😩 lol I have one bank account and many credit cards but I don’t use them much! I only use one credit card but I have my monthly subscriptions come out of the others and I just pay them off! I can never have 20 accounts 😱 keep in mind that this is coming from someone that unlocks her apt door and leaves the key in the door behind her! 🤦🏽‍♀️
jdas336 (9 months ago)
Are your bank accounts all with the same bank?
One Big Happy Life (9 months ago)
Jamila Green (9 months ago)
I am single with three dependents and I have 5 savings and 3 checking. Thank you both for all your work and knowledge. Every bit of your stories help shape another. Love your channel!
Julie Shrock (9 months ago)
Robbie Pfunder (9 months ago)
do should you have?🤔
Doreen Schreiner (10 months ago)
I have been in cred card trouble b4 so I only have a debit card. My head is spinning just thinking about all your accts.
sarasuperid (11 months ago)
I can't remember if your family is at this point, man I wish mine was! But the FIDC only insures up to $250K per account owner per type of account per bank. So it would only make sense to keep a limited amount of money in any particular banking institution.
Laura (11 months ago)
I have 2 checking accts at 2 different banks (state, credit union): 1 food/home checks, 2nd online bill payments; 1 deposit savings acct not accessed by payments, 1 savings for larger annual expenses (home/car insurance, property tax), larger savings for emergency, contingency that has a better interest, CDs that mature throughout the year (did you get that idea from me?). Mom
Anu Altankhuyag (11 months ago)
How do you go around monthly fees?
Anu Altankhuyag (11 months ago)
One Big Happy Life thank you so much for the information! I really appreciate it!!!
One Big Happy Life (11 months ago)
We use Ally Bank and USAA usually. We have used several others that did not require fees, so you will definitely be able to find one. - Joseph
Anu Altankhuyag (11 months ago)
One Big Happy Life thank you for replying so quick? Do you mind if I ask which bank that is? Mine is chase and right now I have college account so I don’t have monthly fees. But I know once I graduate and transition into normal checking account- I know they have monthly fees unless a minimum balance is kept.
One Big Happy Life (11 months ago)
Our bank doesn't have any monthly fees. - Joseph
Peter Armstrong (1 year ago)
One checking and some self control
Sharonisco (1 year ago)
love the 12 CDs idea for a year's worth of expenses.
Sharonisco (1 year ago)
quick question please- with whom do you have your CDs?
Phillip Barrera (1 year ago)
I have 6, but I really want more to keep things separate like self escrow and emergency fund.
One Big Happy Life (1 year ago)
Yep, that's why we have so many. We love seeing our spending buckets easily instead of having to refer and reconcile with a spreadsheet.--Tasha
Cras gomez (1 year ago)
What if you used envelopes instead of accounts?
Hellthurian (1 year ago)
Seems crazy to have 20 bank accounts, but what ever works for you I guess. I just have two checking accounts (if you want to count Paypal), and a savings account.
Nothing Here (1 year ago)
I also use Ally and I have like 9 accounts with them. 5 checkings and 4 savings. 1 checking for monthly budget, 1 checking for DD and any incoming money, or anything that has yet to be decided. 3 checkings for the 3 credit cards I have. The money in those 3 always match up with the balances on the cards, so I can keep track of spending.
zambetmic (1 year ago)
One Big Happy Life (1 year ago)
quad comparator (1 year ago)
2 checking, 3 IRAs, 2 indiv brokerage accounts. (mike drop).
ZacplayzOMG ! (1 year ago)
Thank you for sharing!!!!
Positively Udo (1 year ago)
I thought about doing this but it is overwhelming. What do you think about YNAB?
Julina1516 V (1 year ago)
HAHAHA aw man im slacking we only have 3
Sarah Siskin (1 year ago)
We have one checking and 2 savings accounts. One savings has a years worth of living expenses and the other is for day to day emergencies like tires. We have a brokerage account also and zero credit card debt . You have a lot of accounts!
Lene Jacobs (1 year ago)
17 accounts for us lol glad I’m not the only one
One Big Happy Life (1 year ago)
Whenever we put this one out there I wasn't sure what the feedback was going to be. I'm glad to see such a broad spectrum of accounts. It's been fun to see. - Joseph
I have 6 and use a spreadsheet to track all the different kinds of "accounts" you refer to. I do this because my savings accounts will give me higher interest if I have more money in a single account. Do your banks give you the same option and why aren't you using that?
One Big Happy Life (1 year ago)
No, our bank doesn't do that. We get 1.45% regardless of the balance. If the difference was substantial, I may track it differently too. Good thinking.-Joseph
Angie Snyder (1 year ago)
We have 3 checking accounts and 3 savings accounts. I would be curious to see this on paper. I still can't wrap my head around it. Thanks for all you do. After using the DR plan and paying off all our student loans we found you guys. We are learning so much. Thanks again.
MsRice Lifestyle (1 year ago)
I love the idea of having multiple bank accounts, but how do you access them? Do you have a debit card for each one or do you transfer the money you need to your primary account?
Lolcatsdeamon13 (3 months ago)
Mine are mostly through the same bank, so they all show up when i log in to that account. They are all attached to you, so you can access them, move money around, etc through their web portal or by going into the bank. They're all in the same place and the bank is happy to help you set up new accounts! Mine are mostly (except for one) savings accounts so that I don't have a debit card for them. I only access them by going in (online or in-bank). I do know some people who have different debit cards for different checking accounts so they can keep track of it directly as they spend, so it's more a matter of preference!
Shannon O (3 months ago)
Yes, I have this same question!
Chaunte Colquitt (1 year ago)
I thought you couldn’t access a CD account for about 5 years? or are there different kinds of CDs? Thanks
One Big Happy Life (1 year ago)
There are many different term lengths for CDs. Usually the penalty is a few months interest if you need to break it early.-Joseph
Aerayna Williams (1 year ago)
I have one bank account 😞
One Big Happy Life (1 year ago)
You should strongly consider at least having two: one checking and one savings.--Tasha
faith elle (1 year ago)
I never thought of that before. It will make my life much easier. Thanks
His And Her Money (1 year ago)
We love multiple bank accounts! It's a gamechanger.
Ryan Calovich (4 months ago)
+Naturalista Nas in your example, doesn't having them in one account help you be more disciplined to budget (and follow your budget) expenditures for your vacation?
Naturalista Nas (5 months ago)
+PI86 It keeps everything organized, shows you exactly how much you have to spend on different things, and prevents unforeseen issues on one account (i.e overdrafts, etc.) from affecting your money for other things. For example, let's say you're going on vacation. If your rent money and vacation money are in the same account, overspending on vacation will cause you to be short on rent. If those monies are separate, you won't have that problem and will be aware of exactly how much you have for vacation because it won't be mixed in with rent.
PI86 (6 months ago)
How I need to know lol how is it a game changer anything will help thanks :)
Twana H (10 months ago)
His And Her Money Yayyy! My two favorite money couples supporting each other!!
Alicia LaPointe (1 year ago)
Very interesting! We also use multiple Checking/Savings, we have 6! Can you guys talk more about the CDs and how they work? I'm curious and I never thought of using them. Don't they usually have a term before you can withdrawal the money without penalty?
One Big Happy Life (1 year ago)
Yes, we will do a video on the CD strategy. Yes they have a term length, but even so the penalty is usually a few months interest.-Joseph
ajhill32 (1 year ago)
I just subscribed to your channel after watching this video and I just have to say that I absolutely love all of your content! .You guys are positive and uplifting and I pray your channel much success in the future!
One Big Happy Life (1 year ago)
Thank you for subscribing and your very kind comment.-Joseph
Monica Jones (1 year ago)
Great video. I have accounts at 3 banks, 2 credit unions and Capital One. In total I have 4 checking accounts and 8 saving accounts.
One Big Happy Life (1 year ago)
Thanks for the comment. I like your spreading accounts across banks. I hope that is because they each offer you something different.-Joseph
A Ben (1 year ago)
i have two bank account, and its only becasue i wanted an account in two diffrent banks, for the limit on the insurance, once this will be filled i will open an account in a third bank, when you make much more then you spend who needs to separate funds, responsibility is the key,
Harry Chu (1 year ago)
How about the checking account for the living trust. With kids and assets how do you handle estate planning?
2New Hobby (1 year ago)
7 accounts and 4 CDs. great video.
One Big Happy Life (1 year ago)
Thanks! I'm glad you've got some savings going. Great job. -Joseph
APRIL BABY (1 year ago)
what cd accounts do you have ?
One Big Happy Life (1 year ago)
We have CDs at Ally Bank. We are working our way up to have twelve CDs with enough in each for a month's living expenses.-Joseph
How do you avoid the checking account fees?
One Big Happy Life (1 year ago)
We only bank with banks that don't charge fees. Ally, Satander, Discover Bank, and Capital One 360 are all good options.--Tasha
April Benson (1 year ago)
Are all of your accounts at one bank?
One Big Happy Life (1 year ago)
We have two main banks: USAA and Ally.-Joseph
Myriam Clerge (1 year ago)
This is a great idea. We have 9 accounts, plus an investment account. Do you use the same bank? If not how many banks?
One Big Happy Life (1 year ago)
We have two main banks, but may open other accounts for some bonuses throughout the year.-Joseph
Phoenix Wiseman (1 year ago)
Okay now reading the comments I’m just thinking... Damnnn America is mad you know. It sound like a madting to live there. Cost of being alive is 🤯🤯
One Big Happy Life (1 year ago)
There are some really upset people in the US and sometimes they leave comments on the channel. At least many are very positive to balance it out. - Joseph
Phoenix Wiseman (1 year ago)
They got 1,2,3,4,5,6,7,8 ...20 bank account, bank account ok! Damn. Bank accounts.
Nikky Cruz (1 month ago)
He didn’t get it 😂😂😂
One Big Happy Life (1 year ago)
We know it's alot. Lol.-Joseph
DobeontheRoad (1 year ago)
I employ many of the same strategies. I currently have 4 checking accounts and one savings account. But within my main checking accounts I have 6 different "inside accounts" set aside in the register. So if I split all of those out into their own accounts I would have 10 accounts total between checking and savings. And it is only me. No spouse or children!!
One Big Happy Life (1 year ago)
Thanks for watching! That's cool that you can have sub accounts at your bank. Where do you go?-Joseph
Cerulean Blue (1 year ago)
Wow. Joseph's hair looks nice here!
One Big Happy Life (1 year ago)
Sarah Collier (1 year ago)
We have 6 saving accounts and 2 checking accounts. And I love it! I like having everything separated. I really like the cd idea.
One Big Happy Life (1 year ago)
Thank you for commenting. Several people have mentioned the the CD ladder. I think I'll do a video on it.-Joseph
M. Luna (1 year ago)
I only have 3 and I was thinking about consolidating all into 1, but after watching this video. I think I’m going to add more. Do you have all your accounts in one bank? My accounts are all in 3 different banks.
One Big Happy Life (1 year ago)
We use USAA and Ally for our bank accounts. We are not exactly loyal to banks, but USAA and Ally have been good enough that we never completely move away from them.-Joseph
Alyssa Pautsch (1 year ago)
Have you ever tried budgeting using YNAB (You Need A Budget)? It really allows you to divide all of your budgets/expenses in the detail that you talked about without having so many bank accounts! Just a suggestion, you do what works best for you :)
One Big Happy Life (1 year ago)
YNAB is pretty expensive, but I've heard that it is good for most people. I just don't like paying for that. We are coming out with our own excel based budgeting system soon. Fingers crossed anyway. -Joseph
Alyssa Pautsch (1 year ago)
I commented before you mentioned not wanting to use software! Oops!
Dennasia Meade (1 year ago)
hey guys great video! right now I only have one bank account that I basically use it for everything >__< but only issues I have is setting a hard core budget. my question for you guys is how to do you setting on a budget goal?
Debbie Webbie (1 year ago)
I have a checking linked to my savings. I keep emergency fund and an extra months worth of bills available. I only transfer enough to cover my bills and expenses as needed. Then I have a separate higher interest savings at another bank with auto withdrawal from my checking. And at the same bank I have a Roth with auto deposits weekly as well. I use a budgeted cash envelope weekly for groceries, gas, a coffee, lunch with friends etc. So 4 accounts total. I’m debt free and used nothing but pencil and paper to budget monthly. But I break down to weekly so it’s super easy and organized and way less daunting. I gave up budgeting too far out. Just overwhelming and unrealistic. Things change too often.
CurlyTonya (1 year ago)
I have 8—3 checking and 5 savings. I probably should reduce my accounts!!!
Ciara B (1 year ago)
Are all of your accounts at 1 bank? I have 7...but I plan to open a couple of sinking fund accounts
Heather Soper (14 days ago)
+One Big Happy Life I know this is old, but I was wondering who do you prefer between Navy Federal vs USAA?
One Big Happy Life (1 year ago)
No, my spending accounts and the business account are at a different bank. I love my banks (USAA and Navy Federal), have been with them for over 15 years and want to maintain a relationship with them. Otherwise we'd have all of our accounts at one bank.--Tasha
Evelia Zavala (1 year ago)
3! One I’ve had since a kid, one my husband and I opened up jointly and another one we opened up to get the free money offer. I want to start organizing our accounts like you guys just explained. So far we know what bill comes out of what accounts but I want to make it more simple. Someone commented about how “complicated” your situation is but it’s really not. I feel like my finances are more complicated with my 3 accounts than with your 20 😂.
Sara Archuleta (1 year ago)
How much do you pay in bank fees every month just to have this many accounts? Would you mind sharing who you bank with?
One Big Happy Life (1 year ago)
We don't pay any fees at all. We use (or have used) Ally, Navy Federal, USAA, Capital One 360, and Santander. Discover bank is another option.--Tasha
Sara Archuleta (1 year ago)
How much do you pay in bank fees every month just to have this many accounts? Would you mind sharing who you bank with?
One Big Happy Life (1 year ago)
We bank mainly with Ally and USAA. We pay $0 in fees.-Joseph
techyy13 (1 year ago)
So basically Tasha your Yale education will be free with PSLF? I just read up on Yale Law's financial aid. It's awesome and you're so tactful! I don't think PSLF will be around for me by the time I graduate medical school (in my first year) but yall have got me at least thinking in the right direction :)
techyy13 (1 year ago)
Oh wait I misread! Really? Every proposal allows those already enrolled in a degree program!?! Woah, game changer! That is why you're an attorney and I am not lol
techyy13 (1 year ago)
True which is so great for all those already enrolled! I can't be in a repayment plan yet let alone in public service since I am still in school. 3+ years of schooling still left. THankfully my debt burden wont be as crazy as some numbers I hear. But 180K+ is still significant! Whitecoat Investor also runs a great blog and forum for all the medical folks
One Big Happy Life (1 year ago)
Yep, that's correct! For what it's worth, every proposal to end PSLF has always grandfathered in people currently enrolled in a degree program. But it's always a good idea to have contingency plans.--Tasha
Mayra Rosas (1 year ago)
we have 6 checking accounts, 3 cds (one of whic is an IRA), 14 savings (one of whic is also an IRA) spread out over 6 banks, for our family of 5
We have 11 accounts. Thanks for the great content!
Kim (1 year ago)
Dizzying! Then I did the math - we have 1 family checking (all combined including fun money), 1 family savings (came with the checking), 1 online savings for emergency fund, 1 kids savings account, and 2 small business checking accounts, so 5 total accounts + retirement buckets. And one spreadsheet to rule them all! :)
Paige Love (1 year ago)
Another awesome video! I have six bank accounts. 2 checking accounts and 4 savings accounts. Between those accounts I separate regular income, extra income, sinking funds, emergency funds, and children's savings. I pull my fun money out in cash.
Jonathan Hogan (1 year ago)
You should talk about the CD emergency fund strategy?? Thought about doing this put high yield online saving accounts seem so close interest wise to CDs
One Big Happy Life (1 year ago)
We are planning to. Several people asked for it.Thank you for commenting-Joseph
Sheila Martin (1 year ago)
We have 12 total personal and business combined.
Jessica Binett (1 year ago)
I’ve had multiple accounts since high school I love this idea
Hilde Venevil Sandhu (1 year ago)
I don’t get this? Why make it so complicated? Why don’t you figure out all the expenses you have in one year, and transfer 1/12 (plus’ some) of this in to your expense account? Then have you can have everything auto drafted. What ever you want to save, put in a savings account? I don’t even think about expenses and bills...
One Big Happy Life (1 year ago)
Hi, that's exactly what we said that we do in the video. We transfer one month's worth of household expenses into our expense account. The other checking accounts are for very specific purposes where it makes sense to not comingle funds (paying our household employee, our business account, and our personal spending accounts). If you don't have a spouse, children old enough to have checking accounts, a business, or a household employee then your financial situation is a lot less complicated to begin with.--Tasha
Nina Littlewood (1 year ago)
We are a family of five, and we have 16 accounts! Your videos and advice are great :) Love from Norway
mezzasillyfangirl (1 year ago)
I love it! I have 9 accounts for exactly these reasons! (In Australia) I have them all linked to my mortgage as off-set accounts saving me interest

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