Can You Have To Many Savings Accounts?

Recently, the Debt Hater over at Debt Hater asked, "How many savings accounts do you need".

Which made me stop and think, does she have to many savings accounts? Do I?

I have seven. I know, cluck your tongue and shake your head. I'll break it down:
Emergency Fund: 3 accounts. One hi-yield online account, one online CD, a Suze Orman Save Yourself account with TD Ameritrade
Travel: 1 account, hi-yield online
Annual expenses (such as Christmas shopping): 1 account, hi-yield online
Retirement: 2 accounts. One 401k with employer, one IRA with regular bank.

OK, so she has 7. How many do I have and for what purpose? nine (9), yep that's right and I am thinking of opening a new one. Only thing is mine are used as my budget envelopes. So what are they?

1. My Simple IRA (through work) is at Security Benefit


2. Rollover IRA (funds I rolled over when my employer was bought out)


3. My Share Builder account
   
4. Christmas Club is at a local Credit Union


5. Home Maintenance Savings is at the same Credit Union


6. Travel Savings is the fund for travel expenses


7. Insurance/Emergency fund is at another local credit union


8. Clothing fund is at yet another local credit union


9. Charity Savings is a fund at still another credit union for charitable donations

Now, why would I consider opening another savings? Since, I use cash for gas, I thought it might be a good idea, to go to a local bank (Capital Federal) and open a savings. The reason, to even talk to a teller, you have to to have an ATM card and swipe there at the teller window. So if I opened a savings account there, could I make that ATM card my gas card? So that I wouldn't have to carry cash for that. That would allow me to make my regular checking account, into an account just for paying bills. However, it would mean I would need another account just for food.

What do you think? Is this a good way of doing the budget envelopes while saving money at the same time?


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Marriage? Is It Right?

Recently, I have been thinking about marriage. My girlfriend is the most wonderful woman I ever met. No other woman I have dated has seemed so perfect to me, as the lady I am dating now. However, is marriage right for us? Now?

Financially, it would be good. Eliminate her rent payment and utilities. Leaving the two of us with just her debt and my debt, as well the utilities I already pay on this house. However, finances is not the only thing to consider for marriage. Even though, for the purpose of this blog, it is a major topic.

Still though other things to consider is:

Happiness

Although expecting a spouse to make you feel happy all the time is unreasonable, being with the right person can bring happiness and a sense of personal strength to your life.

Support and Encouragement for each other

If your future spouse says "I love you" not only in words spoken, but by loving actions.

They are someone who you like and who is your friend

kind, considerate, and polite

my current girlfriend is always telling me that I don't need to hold the door open for her, but at the same time she is very appreciative of it.

Communication is key

The right person will trust you and not monitor your phone calls, or computer usage, or limit the amount of time you spend with others you care about.

The right person will trust you and not spy on you

I love her and want to spend the rest of my life with her. As I said before, she is the most wonderful woman in my life. I want to get this house fixed up for her. Unfortunately, it may mean incurring a little more debt to do so, but some things can't wait, if she is to be in the house to.

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Passion Saving

I recently finished reading Passion Saving (The path to plentiful free time and soul-satisfying work) by Rob Bennett.

Bennett doesn't follow the normal advice. He says

Avoid Sacrifice

Stop putting money aside for your old age

he claims that the

aim of this book is not to help you to try to save as you always have, and succeed where before you failed. It's to urge you to adopt an entirely new way of looking at money management.

Once I started reading the book and got past the introduction, I started getting the feeling he really wasn't that much different then Dave Ramsey. Sure the media loves playing up the phrases, "Stop putting money aside," "Avoid Sacrifice," and "how to spend more then you earn" (also a Chapters title), but in reality he seems to really be saying that he thought saving meant doing w/o things he wanted to own. Instead he learned, that saving done right, is about making your life richer and fuller.

When you feel you have an obligation to spend, you rarely produce "much in the way of saving, because for most people, most of the time, the urge to spend wins the tug of war."

Dave Ramsey is often heard telling listeners and followers to save up for that new car, jet ski, vacation or whatever you want rather then borrowing for it.

Bennett says,

Spending and saving are not opposites. They are two sides of a single coin, alternative means of achieving the same general purpose. You save for the same reason you spend, to achieve your life goals. Saving doesn't come from holding your spending drive in check. It comes from seeing how that drive can in some circumstances be better realized by putting off spending for another time. The purpose of saving is to permit future spending.

I would agree with part of the concept that says we shouldn't have to force ourselves to save, rather it should be fun.

Also, I would agree that we should take baby steps (as Dave Ramsey calls them) towards retirement, rather then trying to save for the final goal.

Each of his (Bennett) points, I would be like, "yeah right. That's stupid." But, once I read where he was coming from, I began thinking, "well maybe, it's not so stupid."

I highly recommend that you get a copy of Passion Saving, by Rob Bennett and read it for yourself today. It might just give you a new way of looking at saving. That motivation, to finally do what this blog encourages you to do, saving for everything.

Money is coined liberty.
- Fyodor Dostoevsky

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Home Repairs

When I bought this house in 1999, there were a number of repairs that were needed. Some of those repairs still exist, while others are new. I have been so focused on getting debt free, that these things have been pushed to the back burner. However, they may need to come to front burner fast. Things are progressing between my girlfriend and I and well, as one that is always thinking ahead, need to get things fixed up around here for her. Below is a list of repairs that are needed around the house. Some, I have prices for and others I don't. How expensive will it all be? I don't know, but they need to be worked into my budget, even as I make the move to get out of debt.

Bathroom:
Toilet $229 plus $135 installation

Bath/shower faucet replacement $17
Paint
Tile
repair floor
replace vinyl flooring

Porch:
repair/replace Ceiling
make porch handicap accessibility

Sidewalks:
new sidewalk around house w/ Patio
new sidewalk around shed
replace existing sidewalk (between 2 buildings)
handicap accessible sidewalk

House:
Central Air $2,000 (approximately)
sand/varnish wood floors $1,000 (approximately)
repaint or side house $19,000 (includes insulation & vinyl siding)
finish room in basement
Fence
move laundry room upstairs



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Debt-Free Progress

I just inputted the numbers for current debt owed (not including the IRS debt) into the NCN Network and got my new chart. I tell you, it is such a rush to see that chart get closer and closer to 100%. Still though, it isn't moving along fast enough for me. I want to see it get down to 0 debt. I expect to have everything including the IRS paid off by the 1st of March. Still though, I have some home repairs that are in serious need of attention, and I can't take care of them, because I am so focused on the debts. So focused, I haven't rebuilt my emergency fund. There are other things, that I must begin planning and saving for, but these debts are I the way.

A credit free life style isn't easy, but I know in the long run, it will be much easier on my pocketbook. I just have to realize that as part of my goal as I move forward. Still, I expect 2010 (after I am debt free to be life changing). In fact, that is one of my goals. You will have to stay tuned to find out what that would be.

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The Energy Detective

About a month ago (on June 17, 2009) I installed a device called The Energy Detective (TED) to measure the amount of energy that I use and estimate how much that energy bill will be. After the first month the estimated energy bill was about %56.60. The actual bill, which arrived yesterday was, $88.65 for a 31-day billing period.

Last month the $133.63 with $48.48 being past due. Which means $85.15 was the actual current due at the time (for a 29-day billing period).

That means, I saved $0 since installing the device. Of course, I could have done the same thing without the device, but since it measures the amount of electricity that I use, it helps prompt me to make those cuts in the energy bill, that I know I already need to cut.

With all the unplugging of the second refrigerator alone, I should have had a reduction in my bill, so why did my bill increase? That was a question, I put to the Westar Energy rep, when I called them about my bill. The representative, really couldn't explain it, except to say, it was hotter, so everything had to work harder to keep up.

I will continue to track my energy usage, and see if my number of kilowatts that I used starts going down in future months.
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Another Birthday

I turn another year older today. To celebrate, I will be utilizing a hotel hot tub and swimming pool, to relive some of the pain in my always aching back and neck.
Two nights of relax in comfort, not to mention air conditioning. I am so looking forward to it. I know it's not very frugal, but I saved for months for it, and even paid for it in advance.

I get off work early this afternoon, and then am off until tomorrow afternoon. As such, I will be a way from the computer for a couple of days. May God bless this wonderful time to get away from everything (except my full time job).


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