An amazing thing happened with 4/5 paychecks...

I set aside the money for the 4/20 & 4/23 bills after paying the mortgage. Safe to say that has never happened before for us!

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  • Congrats! 

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  • That's an awesome thing isn't it 馃槂馃帀

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  • Great feeling - keep it up!

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  • Hooray! That's fantastic. 馃帀

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  • we giggle like giddy school girls when we deposit our cheque in the ATM and get the transaction receipt with the balance on it.

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  • I need to move money from my checking account to money market.  I  have most of a month's salary in our checking account and won't need all of it this month.  Especially since we get paid again in 10 days.

    I know that in YNAB it doesn't matter where the money is located but I confess it does matter to me.  Watching the money market balance go up is hugely motivating as it tells me that we're able to save a good chunk of money for long-term sinking funds.  

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      • adriana01
      • adriana01
      • 2 yrs ago
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      Technicolor Cheetah I think interest is a good reason to move money out of checking that you won't need right away. Since the YNAB software doesn't care where the money is, some of my long-term savings is maxing out the amount I get rewards on in my rewards checking account, and the rest is in a savings account that gets good interest. That interest adds up each month, & I put it right into my "deferred income" category.

      I think the reason there have been blog posts about only needing one account is that so many people start out budgeting by account (everything in Savings is a generic savings bucket, or they have multiple savings accounts for different things) which just becomes an administrative hassle.

      Keep what you need in checking & put the rest where it earns interest 馃挵馃槂

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      • Technicolor Cheetah
      • Not sure when I became a cheetah...but I'll run with it
      • technicolor_cheetah
      • 2 yrs ago
      • 1
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      adriana01 

      We get a tiny bit of interest from checking but not much.  I'm also considering opening a joint account and moving our long term sinking funds to Ally, since they offer 2.2%.  The difference would be about $10 a month, I think.  Not huge, but not insubstantial.  I wouldn't move all of our savings since our local credit union gives us the ability to move money to checking quickly is important should I need to access a lot of cash quickly.   Plus Ally can't give me a safety deposit box.  It can take a long time to move money with ACH transfers so money at Ally is IMO best suited for non-critical needs.  If/when I do my roof or put in new windows, it's likely going to be planned in advance and I'll have plenty of time to make a transfer.

       

      rnjenren1

      I can say that's never happened before for us.  We're not buffered yet.  I ended up pulling a lot of money out of sinking funds to get us closer to being buffered a week ago but still not buffered yet.  We'll just have to chip away at it month by month.  I'm still in the initial stages of YNAB and catching up on our true expenses.  Like summer expenses, I've only had a few months to save for, next year I'll have more money freed up per month once we're caught up on saving for true expenses.  

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