All of these are seperate checking and savings accounts I have:
General Account – When any money comes in or out, it goes through the general account. There is always at least a $400 cushion in the general account for a rainy day.
Spending Account – This is the money I have available to spend on any frivolous thing I want. 20% of my paychecks go here and 20% of money generated. $40 per month is also automatically deposited. By 11.17.2006 I plan to use this account (with the same percentage rate) to pay for all general living costs.
Spending Account 2 – This account was created for larger purchases related to spending such as Christmas gifts, vacations, birthday gifts etc.. I have started putting about $20 per week into this account through automatic transfer. This account should most likely build year-round until big events come along.
Investment Account – I keep a minimum of $500 here at all times. I put a mandatory $240 every month and 30% of other income. When the amount tops $1K, I generally infuse the money into my stock portfolio. Any purchases that make me money are charged to this account also.
Bill Account – I’ ve got bills to pay, and this is where I pay them from. There is approx. $10 per week being automatically transfered to this account.
Permanent Savings – This is the ultra-secure savings account which will not be exposed to risk. I put a mandatory $160 in here every month plus 30% of other income. I will never touch this money until I am over the hill.
Charity Account – This account slowly builds money all for the purpose of giving it away to charitable causes. Making money feels great, but giving it away feels better!
Stock Portfolio – My current brokerage account value. This can vary wildly as stock prices rise or fall.
ROTH IRA – My ROTH IRA account which I buy stock, bonds, index funds etc. I will never touch this money till retirement.
Emigrant Direct Account – This is another permanent savings account, but not hosted with Bank of America. I keep this account aside because it gives decent returns and no risk.
Credit Card Balance – This will always be zero or negative because I pay off my credit cards before charges are even made.
Business Holding – This is the amount of money I OWE to the company that fulfils all my online business orders. Since bills usually come 2-3 months later, I sometimes leverage this money for play in the stock market. This money CAN be used, but I generally do not.