How many / what bank account “buckets” do you use?

[bonniekilburn]

E.g I have 5. (1) daily spend (2) savings (3) holiday (4) bills (5) investments.

 

[skepi22]

@bonniekilburn 1: Offset. Everything goes in there.

 

[pinkyrock]

@skepi22 PSA, many banks will allow more than one offset account

 

[77ineedjesus]

@pinkyrock Westpac doesn’t

 

[annastacii]

@pinkyrock Oh wtf, Westpac has only 1

 

[brighteyes1530]

@pinkyrock Mebank do unlimited offsets. But if you open a new account you have to remember to call them and get it added to the account.

 

[ericakuhl89]

@pinkyrock Why would you need more than 1?

 

[pinkyrock]

@ericakuhl89 Read The Barefoot Investor

 

[ericakuhl89]

@pinkyrock Still doesn't require physically separate accounts - a spreadsheet can manage the buckets just as well (and fewer fees)

 

[pinkyrock]

@ericakuhl89 You’re doing something wrong with your banking. I pay zero fees.

 

[ericakuhl89]

@pinkyrock Good on you. Some people do.

 

[adamt119]

@ericakuhl89 I have 3 buckets and the only fees i pay are with CBA. uBank and Up don't charge fees at all.

 

[sweettia4christ]

@ericakuhl89 For me it just makes it easier to earmark funds for what they are to be used for - In my case:

1 main account

2 emergency “do not touch” savings

3 savings for big fun stuff like cars

4 savings for small fun stuff like holidays

5 savings for long term stuff like the kids future cars

6 Savings to invest
etc…

 

[ericakuhl89]

@sweettia4christ That is a bit complicated (and potentially incurs unnecessary bank fees) - spreadsheets cost nothing and do the same thing.

 

[sweettia4christ]

@ericakuhl89 Sorry, but your take couldn’t be more wrong if it tried to be.

Not a single bank fee incurred. Why do it manually in a spreadsheet when I can do it in the source where the money sits…

All of the accounts count towards my offset and I don’t pay bank fees for any of them. I have automatic transfers going where I need them and there’s no need to then jot all that down on a spreadsheet.

 

[ericakuhl89]

@sweettia4christ Not everyone is as fortunate as you to be able to avoid bank fees. (So, perhaps not as wrong as it seems inside your bubble.)

 

[sweettia4christ]

@ericakuhl89 Spare me the violin please, it’s not that hard to be able to avoid bank fees.

 

[seekingtruechurch]

@pinkyrock Commonwealth Bank does. A lot of my savings are sitting in dedicated offset accounts in my kids home loans.

 

[sweettia4christ]

@skepi22 Same, but my 6 bucket accounts are all offsets.

 

[point1]

@bonniekilburn Four. Daily expenses/other expenses/main savings/emergency fund. Plus a credit card.