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Two Checking Account System

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The Two Checking Account System is a 7-step automated way to manage your finances that doesn't require a budget. Learn more ways to manage and save your money at http://www.ThreeThriftyGuys.com. Learn how Aaron only pays $11.35/mo for his cell phone bill: https://www.threethriftyguys.com/2016/05/tello-review-no-fee-cell-phone-provider/ How Matthew and his wife pay less on their cell phone bills every month: https://www.threethriftyguys.com/2017/08/ting-revisted-one-year-review/
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Text Comments (67)
Frank Sanchez (25 days ago)
Would recommend getting a separate checking account primarily for “fun money”? Just want to know your thoughts. ThanK you.
Three Thrifty Guys (24 days ago)
It's up to you Frank. Some people start a "savings" account too, after opening up a fixed / variable acct. But your "fun money" could come out of the variable too.
Patrick Stallings (4 months ago)
Glad i stumbled upon this. I'm trying this method to better handle my bills/cash flow. One question. I get paid bi weekly and my wife once a month. I would i go about dividing income to match up with this method? Thanks for doing this.
Three Thrifty Guys (2 months ago)
Does make things more difficult Patrick - but if you set aside about a month's worth of expenses into the account, it will be easier to start this process and then move (if you can) due dates for some of your bills around to accommodate the paydays.
Juan Melendez (4 months ago)
I highly recommend not auto-paying for tithing. It’s one thing having religious institutions making you think you owe them, but it’s another entirely to let them have so much control in your life that you literally make that obligation automatic.
Milton (4 months ago)
NEVER automate your bills! Something could always happen, and the last thing you want is not able to ask for an extension on your fixed expenses because they took that money already. Have the discipline to pay things yourselves so you can always be conscious of how much expenses are costing you.
Budgeting Dawn (2 months ago)
You should be reconciling your bank account anyways! Banks makes mistakes. While reconciling you can keep tabs on your payments.
M.O.R.E ART (5 months ago)
Amazing ! Great job!
Wushu X (5 months ago)
Looks like a good idea, check out the spreadsheet on Easy Budget Online, it is free and it will work nicely with your system, and it will break down all the numbers for you instantly.
Sherlock Banks (6 months ago)
It’s amazing how I already do this, and I never looked at this video until now lol.
Daniel Dacosta (6 months ago)
So how big do u let the variable account get? Can u pay a little extra on debt can u use it for vacations an car repairs and things u want.
Three Thrifty Guys (6 months ago)
+Daniel Dacosta Right. So at the end of the month, you could put any leftover from your variable account into savings or towards your debt pay-down. It's really up to you at that point. Thanks for watching / let us know how it works out for you!
Daniel Dacosta (6 months ago)
Three Thrifty Guys do you mean dumping it like when you get in to a certain amount let’s say 4000 for example then you would dump any extra into savings account or are you talking any leftover from your check. Great video by the way im new to this system seems yo work great just had these lingering questions an decided to ask
Three Thrifty Guys (6 months ago)
This is really up to you. But we recommend dumping it into savings or other funds (vacation, car repair, etc) you have. Of course, debt-repayment too.
Lyndon Smith (7 months ago)
Thank You!
ntr1hmt2001 (8 months ago)
Thank you!
Tracy Brown (8 months ago)
Dude why haven’t I thought of this years ago. I have played with all sorts of scenarios and this is so much less work. Awesome awesome
P5ykoOHD (8 months ago)
Pretty basic stuff actually ... idea being, make sure enough money is going into the account that pays for your life, keeping all the rest on a secondary account means that you just simple can't "tap into" the money you need to live, thus if it dries out, you'll just have to blame yourself but you won't starve or be put into the street, as your life is being payed for. I would, once you're sorted out, try to budget an extra 500 to 1000 if you can, going to the account that pays your bills, in case you lose your job, it will serve as a cushion so that the payouts don't stop abruptly just because you lost your job. Furthermore, try and make a business and run your money through it, it will reduce your tax % straight away, meaning you'll be saving some extra money every year, without even earning a penny more.
krisyworld21 (8 months ago)
Do you get a separate card for another checking account?
Three Thrifty Guys (7 months ago)
If you mean a debit card, sure. We don't advise credit cards though for this - as this is a program for people who are really struggling to get their finances in order.
Regina Wiggins (9 months ago)
Thanks for sharing your video...it was very helpful!
Three Thrifty Guys (9 months ago)
Glad you found it helpful Regina!
m$etrinityredbranch (9 months ago)
I PAY OVER THE PHONE. I HAVE 2 CKING ACCOUNTS. SO I KEEP UP WITH HOUSE EXPENSES AND PERSONAL BILLS. WORKS GREAT
Three Thrifty Guys (9 months ago)
Excellent! We think so too
Christian Haugland (9 months ago)
Use youneedabudget.com and you only ned one checking account.
m jefferson (10 months ago)
Good idea but I don't like so many companies having access to my checking account. I still budget myself and mail my monthly bills.
Terry Moorer (11 months ago)
I've been doing this for awhile. Excellent video explaining the system. Thanks!
Three Thrifty Guys (11 months ago)
Thanks Terry!
Diego Quiros (1 year ago)
Been doing this for ten years. It does work
Great system! I'll come back when I have more fixed expenses and live more like an adult :) 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐋𝐢𝐭𝐞𝐫𝐚𝐜𝐲 𝐅𝐨𝐫 𝐂𝐨𝐥𝐥𝐞𝐠𝐞 𝐒𝐭𝐮𝐝𝐞𝐧𝐭𝐬 𝐂𝐡𝐚𝐧𝐧𝐞𝐥 𝟑𝟏𝟗/𝟓𝟎𝟎 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞𝐫 𝐆𝐨𝐚𝐥
Paul Stone (1 year ago)
This just seems like a lot of unnecessary work for the sake of tracking finances. I thought you were going to explain how it leads to a better credit score or more offers due to improved utilisation etc. So you have to open up a new bank account (a headache in of itself in this day) and set up payments between accounts...when in reality all you need is an excel sheet with monthly balance updates (2 separate columns).
Paul Stone (1 year ago)
Thanks. I tend to feel that if you're going to do something about your finances then it will happen when there's a will (the "ideal system" is only secondary). It goes further than just the system, much of it is a mindset shift. Personally I like to stick to excel sheets. Apart from ease, the other plus is the fact that it's all kept together (no need to constantly log into 2 accounts), and you see the result immediately. Take for instance if you save yourself $30 on shopping in one week, this simply gets amended and added directly into the savings column. Then at the end of the month when you're sure you don't need it you transfer it into your investments or whatever (no need to have a cushion fund). You can challenge yourself each month to beat the previous "score". This creates more of an incentive to save as you go (each transaction), rather than just see a random increasing balance at the end of the month (passively accruing from one-off setup). It becomes a kind of addiction - to add funds onto your spreadsheet as soon as they become available (the buzz outweighs the desire to spend it again; you want to keep it, you feel very annoyed with yourself if you have to amend the savings column and reduce it to keep out of the red). Like you said though, many ways of skinning a cat :)
Three Thrifty Guys (1 year ago)
Good points / ideas Paul. This system is really for the person who is at wits ends - has tried it all and can't seem to get their finances in order. In reality though - it can be used by everyone. Us guys use it (from TTG) and love it. It's just one approach (among thousands) to take control of your finances.
Kay Jay (1 year ago)
It's expensive being poor.
BlackStorm (2 months ago)
True words have never been spoken. That's why I have been on top of this ish.
No Name (10 months ago)
Poverty is a state of mind/heart, so you can change....if you so desire.
R4P3 NETWORK (10 months ago)
Yeah, pretty much
Arbelle Lampaya (1 year ago)
Can we use our personal line of credit to pay down our mortgage? If so, are there fees/penalties associated in doing so?
Jules Duval (2 months ago)
+Josue Espino-Marcia Yes I just started using Velocity Banking. It's your money, use it for you, not the bank! If you don't, the bank will use the SPREAD. It's the deep dark secret that the banks don't want us to know!
Josue Espino-Marcia (4 months ago)
you should consider velocity banking. Look it up
Three Thrifty Guys (1 year ago)
We'd advise against doing this Arbelle. Is there another way?
Joe Herm (1 year ago)
Where am I paying revolving accounts such as credit cards that tend to increase on minimum payments.
Three Thrifty Guys (1 year ago)
Hi Joe. Those would be paid out of your variable account. Let us know how it goes for you - and if you're able to get out of debt quicker! Best,
Cynic Clinic (1 year ago)
Here's my question. Suppose you are able to get some of your FIXED expenses lowered a bit. How is your variable account growing? The excess money would be remaining in your primary fixed checking account. Do you go back to your employer and check your direct deposit again? Do you just do an ACH transfer yourself? Because if I read this correctly, your VARIABLE expenses are in your high interest checking and your FIXED expenses are in your standard checking.
Tony Milano (1 year ago)
Just what I was looking for. Thank you.
Austin (1 year ago)
A very good way of doing finances. But you explained things kind of poorly, and made things very confusing by labeling the non-bills "variable expenses" like it was another set of bills. Thanks for taking ur time to make it though.
Rusty The Raver (1 year ago)
variable expenses are things like electric bills that are not the same amount each month. or groceries. or medical expenses. or gas for the car.
Three Thrifty Guys (1 year ago)
Thanks. Appreciate your thoughts.
Pakesi Pakesi (1 year ago)
how do I get my expenses on an even payment plan?
Three Thrifty Guys (1 year ago)
Hi. We recommend contacting your providers to see if they can move / change your due dates (to help spread payments out more). Many may offer this option. Most mortgage providers offer 15 days grace + student loan financiers. Best to you!
Cody Lees (1 year ago)
Your math is off... 52 weeks in a year divided by 2 is 26 pay periods in a year. Your system of 12 months times 2 is only 24. A system over 26 bi weekly is even easier.
Three Thrifty Guys (1 year ago)
Thanks for pointing this out Cody!
Quoc Bao (2 years ago)
Fuck Tithing, religious place don't pay tax and many are corrupted.
Cory Lewallen (2 years ago)
I just opened my 2nd checking account, and I like all your steps and the plan.. I will be doing something similar. One thing I greatly disagree with is automating all your bills... I have personally experienced and seen so many of my friends and family have to actively manage bills due to consistent inaccuracies. I fear automatic payments may remove some people to far and they won't realize when their bills aren't accurate.
Regina Wiggins (9 months ago)
I just read your comment and I can relate. However, your fixed expenses stay the same amount each and every month...my gym membership is $21.99 each month for a year...along with my rent and so on. The Second checking account is your variable accounts...like for instance your gas and electric bill that are calculated by your consumption/usage and inaccuracies bills.
Robbie Pfunder (9 months ago)
Cory Lewallen the key is to automate but know when each is due just quickly to check that theyre accurate. if something is wrong then call them. problem fixed. its rare
Nicholas Leavitt (1 year ago)
I do automation on all my bills and I check them regularly to make sure everything is accurate. The bill information usually always gets released before you get charged days ahead. So I just take a peak at the email and be done with it.
Three Thrifty Guys (1 year ago)
Good point Cory. Automation just makes things easier - but we always recommend optimizing your bills (seeing where you can save / even on fixed expenses).
Haim Elghanayan (2 years ago)
i meant to write SIR. sorry for that.
Three Thrifty Guys (2 years ago)
Thanks Haim!
Haim Elghanayan (2 years ago)
thank you si for this good and important video.
Lani E (3 years ago)
How long have you been banking at this Northpoint bank?
If you're good with money then sure go ahead and reap the benefits, but I'm thinking most people who are just getting into this kind of thing are the type who cannot trust themselves with credit cards, and would be very much tempted to max out the credit limit. You're obviously one of the lucky few with self-restraint ;)
that guy (2 years ago)
Three Thrifty Guys Why? Its free money. My wife got $100 and i got $200 from American express. Called and got the card for free. Payed some fixed expenses and got 100 cash back. told my wife to do the same, she got 100 and i got another 100 for refering her. So now i will cancel the card. Thanks Amex lol. For money i would have spent anyway. Now who next. Probably bank of america. This is easy to do at least 3x a year.
Three Thrifty Guys (2 years ago)
You bet. In fact, we do not recommend using them w/ this system at all.
Sara Jean-Baptiste (2 years ago)
Three Thrifty Guys is this strategy a way to avoid credit cards?
Three Thrifty Guys (2 years ago)
We are recommending Northpointe because of their high 5% APY (which is pretty hard to come by for checking accounts). Plus they are offering $50 for initial opening of account for a limited time (must be funded with at least $100 and other terms/conditions do apply). Would love to know your thoughts on them.

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