The 7 Bank Accounts Every Family Should Have! (no, really)

Have you ever considered the fact that having only 1 savings account and 1 checking account is actually COSTING you more money and hassle? The more you have, the more you save! This method has not only been proven by us, but by thousands of Freebs who have used my principle over the years and have gotten out of debt, and gotten a way better handle on their finances!

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[MissEricaBarnes]

1) Family Savings: 10%. Short term, 3 month emergency fund, unexpected expenses, pre-planned expenses
2) Emergency Savings: 10%. Last Option Emergency Fun. 6-12 month Emergency fund.
3) Health Savings Account.
4) Family Checking: Direct Deposit goes here. Bills paid from here.
5) Personal Individual Saving Account 1
6) Personal Individual Saving Account 2
7) Slush Fund: Fun Money

[vinucete]

This is a great advice, but for some people it can seem daunting. So, disclaimer: First go take Financial Peace University, so you can wrap your head around living on less than what you make. Later, you can try this great advice. It took me a year and a half to be in the mental and financial state to be able to separate my money like this. Single woman here, by the way, I’ve been in the USA for almost 5 years. No inheritance, no mommy&daddy paying for anything, no lottery, nothing. I came from a third world country that’s collapsing (Venezuela) and English is not my first language, I didn’t even know all the coins and all the bills in 2014. So, if I can do it, you can do it!

[MISSPHOTOGENICBABY]

I’m single with no kids and I have 8 accounts, this really does help!

[Patience]

I started following you (and DR) about 3 years ago by myself. Now my husband and I have gone through FPU and also follow your bank account system! We only use about 3 or 4 envelopes but we have 4 savings accounts and 4 checking accounts! All of this has changed our lives, helped our marriage and ensured a path for our family’s future. Thank you so much! I work at a bank but in the back of my mind I want to help others in their journey. We’ve helped a few of our friends who are beyond grateful and it feels amazing to enrich their lives! Thank you for being an incredible inspiration!

[Elizabeth-ujvn]

I created new accounts for both of my kids when they became teens. I gave them their debit cards and showed them how to manage their finances. A year and half later they’re both financially responsible! They both work and save money. My son is frugal lol. My daughter tends to spend a little more but I would bring it up and she would get back on budget again. So the moral of the story is it’s important to show your kids from very young age about budgets. Wish someone would’ve done that for me.

[LoveAlwaysLaDay]

Ma'am! You are out here SAVING marriages with this advice! Everyone knows that money is the #1 cause of divorce. Great way to separate money and still have transparency! Especially for couples who have different ideas about money! Thanks for being so creative and thinking outside the box!

[wandaowens]

I opened several bank account and I love it. When we get paid I transfer the money to where it needs to go. At first it was hectic but now I have the hang of it. So for ex. If I have a monthly mortgage of 2000 I would every week transfer money into that account. So that’s 2000 divided by 4 weeks in a month. Till I have my whole mortgage for that month.

[chamilaya]

You open one Capital One 360 account and create multiple virtual accounts as needed. This way you only have 1 physical bank account but you can maintain multiple virtual accounts to maintain money for different purposes.

[Caait]

We have 4 accounts (2 savings- 1 emergency & one goals for trips etc. 2 checking - 1 bills & 1 for food & gas). I've been considering adding 1 or 2 more, but I was worried that was excessive. I'm glad you shared this!

[amandastanley]

We have 2 checking accounts and 18 savings accounts. People always look at me like I have 6 heads when I tell them 🤣😂 I am big into being organized, frugal, and productive and this just makes things so easy! 💕

[NaturallyBrittany]

I love all of your frugal living tips! 🙌🏼💕You go girl! I’m a mama of 4 over here and love to hear your perspective. It’s great to hear tips from another mom with a large family. 😊

[rachelaholt]

This has changed my life! My husband and I did the budget boot camp almost 2 years ago and created the accounts you recommend. Automatically sending 10% to a “don’t touch” savings account has given us such a peace of mind. I LOVE watching that account grow and it’s so painless because I never miss the money since it never hits my checking. The giving account has been such a game changer too!

[monarchmelis]

If you loose that envelope, the money is gone forever. If you are using a debit card or checkbook, the money is recoverable. Plus, you can't earn interest on money in an envelope!

[Vr]

Our family has been using these principles for over a year now. Weve made it up for 4 accounts and plan on more once it's financially fitting. This method is not just for 6 figure incomes (my family isnt), same principles can be applied to single people and those just starting out. Not everybody needs all 7 accounts. For instance, we dont have a yours and mine account.. it's more of a mine/ours account because I'm responsible for all the payments. We make it work even though we are in debt, credit cards and college loans. It can be a slow process at times, but when emergencies happen, we aren't using credit which is a win in our eyes. We will probably be at 4-5 accounts until our pressing debt is gone.

[lindakuster]

Hi Jordan I just opened my 5th account. My husband thought it was a crazy idea but I did it anyways. My problem with my budget is my spending. I always go over budget. I think that separating my portion of the money from the every day budget will really keep me on track. 😀 love your videos

[ladymariej]

Good Lord lady! I can barely keep money in two accounts. I need a better job, lottery winnings, a husband and 2.5 kids to go along with these accounts LOL

[LeahValerie]

Great video but clarification on HSAs...you must have an HSA compatible high deductible health insurance plan to be eligible to contribute. The IRS caps the amount you can put in each year...It's indexed for inflation but this year it's $3450 for individuals and $6900 For families. There is no deadline for using HSA money. You can withdraw any remaining balance at retirement without penalty if you don't use it all on medical. If your work offers an FSA, that is a use it or lose it account managed by our employer. You can only roll over $500/yr. Limit is $2650 per employee this year. An FSA is available regardless of your health plan's deductible, but it must be offered by your employer. IRS Publication 969 goes into more detail. Hope this helps someone!

[rachelbounds]

I love her she acts like a real person and doesn't care who acts mean towards her. I love those kind of people.

[karao]

Jordan.. by chance, since you have multiple businesses, have you ever thought about doing a budget program for small businesses?

[TheRoseFyre]

When life is paycheck to paycheck, or when getting caught up on school fees, it can be or seem impossible to save anything. Some people have 3 jobs, 70 to 80 hrs a week and they still can't save as cost of living is crazy. Any suggestion on such hopeless situations?