Your Life Sparkles

This works for me... it's not new and it may not work for you.. BUT I am happy to share. It took very little to set up and once I did... loved it. I have done this for 12 years now.

 

Multiple Accounts..open an account for your house...and grocery...and more.. read on.

 

I bank with Simplii Financial and they have NO FEE accounts so it doesn't matter how many I open, there are no fees.

 

I've attached a screen shot of my accounts (blacked out info so nobody can steal my $108.19 from my allowance account.. YES I give myself an allowance.)

 

Allowance Account- I give myself $100 per week to spend on entertainment. I have adjusted this down... and then back up ...and am still learning...THIS amount challenges me at the moment... but it also leads to better choices! This includes clothing, meals out, wine and fun stuff. Of course, I'm not perfect at this one.... My goal is to be more aware and just keep trying... (Ben also has his own allowance). THIS is the Chequing Button on my debit card.

 

Grocery Account- This is attached to our debit cards (joint account as well). This is only for grocery. THIS is one of the hardest one for me... I really like variety in food and we also use this for take away occasionally. THIS account has room for improvement for me. THIS is the Saving Button on my debit card.

 

Joint & House Account- THIS IS KEY for me. Look up your bills for the last 12 months. Hydro, Gas, City, Internet...add up the last year and then divide by 12. (NOTE I also keep a yearly total of ALL of these in Excel).

 

Here is my list of expenses that come out of THIS account:

 

Internet

 

Hydro

 

City

 

Property Taxes

 

Mortgage

 

Fuel for Car

 

Car Insurance

 

Payment on Line of Credit (secured by house)

 

MSP

 

When I am paid I transfer the TOTAL monthly amount for these bills into this account. AND we don't touch it. That safely allocates our bills. This account is online only- everything goes out on auto payment. It is NOT attached to a debit card. (I round up and start to save a bit in this account as well. When a bill is $87.67 I add in $90.00)

 

Income account- when I get paid it goes into this account automatically. The DAY I am paid, I transfer into my/our accounts. I get paid 2x/month so I transfer HALF of what each account needs.

 

Savings- my current goal is $400 per week. I actually have a TFSA opened now (its' too far down on the screenshot but it's a TFSA.. the chequing account here is just an extra!

 

The KEY thing for me is once money goes into an allocated account, I do NOT touch it. The house account is really, really good. The grocery account and allowance... I have some fluctuations.

 

The day before my next payday I look at my income account- it DOES have extra money 'waiting' to be used... sometimes this is where we will bump up for groceries (BUT now we are REALLY aware of it!) and sometimes I will take more for allowance (a girls' gotta live) BUT I do try to resist.. because on that day before payday.. now it's really exciting.. I get to decide if I dump any remaining onto my Line of Credit or into my TFSA. I feel really proud when it's a nice amount of money! (and honestly sometimes it's less than $10 BUT I STILL pick one and transfer!)

 

I would love to hear comments on what you are doing that helps you succeed! AND please note.. this may not work for everyone.. but it has really helped me become aware of so many things and manage my stuff!