I also recommend having most of these accounts at different banks and I will share what banks I use. All other accounts are designed to hold money for specific purposes. You do not connect any other bank accounts to your budgeting software. This is the account that you want to link to your budgeting software (I recommend You Need a Budget - YNAB). The idea behind this structure is that we want one main operating account for money to flow in and out of. Introductionīefore getting to the individual accounts, I want to explain how this simple structure works and why I recommend it. But it also applies to anyone else who wants to be a little more intentional about how their money flows. I like to have a clear explanation of the bank accounts I recommend as we set up financial systems and money flow. So this outline is mainly for my clients as I work with them. While I'm a huge fan of simplicity and I shy away from over-complicating things, in this case I think most of us could stand to add a little bit more complexity to the way we organize our bank accounts and how it applies to the budget. Being thoughtful about how you organize it.Īs I work with clients, I find that many people oversimplify their financial structure. Thinking carefully about how it flows into and out of your life. But I would argue that above all, being intentional with your money ranks at the top of the list and is the driving factor that supports everything else you do.īeing intentional with your money means paying attention to it. If I were to ask you what the most important factors are in determining how successful you are with money, what would come to mind? Picking the right investments? Getting out of debt? Saving money?Īll of these things are important.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |