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The 7 Bank Accounts Every Family Should Have! (no, really) - YouTube
Channel: Jordan Page, FunCheapOrFree
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oh I look like a second grader hey聽
freeze Jordan page here and today聽聽
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I'm gonna tell you the seven bank accounts聽
that every family should have what seven
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you heard me right I am a frugal living a聽
budgeting expert and I have been teaching聽聽
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and preaching for over eight years now I've聽
spoken all over the country I've been on national聽聽
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television like Rachael Ray in The Today Show聽
Good Morning America all over the place one of聽聽
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my most effective and most viral principles聽
ever is the seven bank accounts that every聽聽
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family should have now today is a special day聽
because not only am I going to teach you this聽聽
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principle but I'm going to share it with you by聽
way of a video pulled directly from my popular聽聽
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budgeting program budget boot camp com why well聽
because my budgeting program explains it best and聽聽
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I just really couldn't do it any better honestly聽
also because I wanted to tell you some exciting聽聽
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news which is that our biggest sale of the entire聽
year is happening in just two days our early Black聽聽
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Friday sale begins Saturday and the price will not聽
be this low again for an entire year I'm going to聽聽
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leave all the details below and for those of you聽
who are watching this after the Black Friday sale聽聽
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ends don't you worry I will leave a secret code聽
just for you at the end of the movie that you聽聽
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can use that won't expire that's much Olivia聽
I not only have this budgeting program but I聽聽
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also have an awesome productivity program called聽
productivity bootcamp helps you manage your time聽聽
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better get more done get organized and find more聽
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I'll leave all the information below but for now聽
let's go ahead and get to one of my most popular聽聽
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most viral and helpful principles of all the seven聽
bank accounts that every family should have when聽聽
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my husband and I were going through our financial聽
disaster we were poorer than poor one day I was聽聽
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walking through the grocery store which happened聽
to have one of those little Bank branches in it聽聽
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and I heard an announcement over the loudspeaker聽
attention shoppers come stop into such-and-such聽聽
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Bank anytime before 5:00 p.m. and get an instant聽
$150 for opening a new savings account with us you聽聽
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better believe I didn't even make it halfway聽
through the aisle before turning right around聽聽
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and sprinting to the front of the store $150 for聽
opening a savings account BAM I was on it it was聽聽
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easy and I got the money instantly so I went home聽
so excited to tell my husband about it that I just聽聽
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scored us $150 from some sucker at a bank at the聽
grocery store he couldn't believe it either $150聽聽
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is a lot of money especially when your income is聽
next to nothing for the next little while I'll聽聽
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admit I kind of made it my purpose to find as many聽
banks as possible that offered an incentive for聽聽
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opening an account with them before we knew it we聽
had a whole handful of accounts and no idea what聽聽
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to do with them because we had to leave at least聽
a small balance in each account you know depending聽聽
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on the bank and their regulations so we decided聽
to use them to help us divide up and organize our聽聽
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money we used one account to set aside money for聽
bills another for groceries and my expenses like聽聽
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gifts another for medical expenses and so on and聽
interestingly enough this happenstance situation聽聽
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actually helped us see that we had become ultra聽
organized and we were instantly aware of where聽聽
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every dollar of ours was what it was for what聽
to do with it and we kind of realized we were聽聽
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on to something since then my husband and I we聽
now have over 20 bank accounts between our five聽聽
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businesses and family accounts and we're聽
still opening accounts as needed only now聽聽
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unfortunately things are a little different and聽
banks aren't necessarily tossing us a ton of money聽聽
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for opening them but that's also not why we're聽
doing it anymore and don't worry 20 accounts is聽聽
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excessive we realized our circumstances are pretty聽
unique mostly because of my husband's businesses聽聽
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and whatnot however today I am going to encourage聽
you to open at least seven bank accounts and I'll聽聽
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show you how to do it to help you organize your聽
money make your life easier believe it or not聽聽
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and help you get on top of your bills debts and聽
financial goals I'm sure you're wondering why聽聽
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do I need so many accounts if everyone else has聽
one or two doesn't that seem to work just fine聽聽
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and that's a fair question for one to answer that聽
I'll refer you back to the previous video because聽聽
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you just might not need to cut the ends off of聽
your roasts any more just to be like everybody聽聽
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else and to I kind of think of it like a filing聽
cabinet it's a picture filing cabinet with two聽聽
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drawers and we'll pretend the cabinet is a bank聽
that represents the bank and the drawers represent聽聽
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the two types of accounts that we all have savings聽
and checking so traditionally if families would聽聽
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have two bank accounts like two drawers one聽
checking one savings this has been done for聽聽
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generations right worked for your grandfather's聽
and their fathers and and that's all fine but it聽聽
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can kind of be compared to taking important papers聽
and opening the drawer and just stuffing them in聽聽
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the drawer to keep them safe sure it works they聽
are there they're in the cabinet the cabinet knows聽聽
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they're there they're protected and when you need聽
them they're there because they're separated from聽聽
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one drawer to another right but do you really know聽
what's going on in there or what those papers are聽聽
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for or heaven forbid you need to find something聽
quickly and easily opening multiple checking and聽聽
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multiple savings account is kind of like adding聽
file folders inside those drawers the money's聽聽
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still there just as it always was it just suddenly聽
allows you to organize and compartmentalize your聽聽
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papers aka your money so you know exactly where it聽
is what it's for and you can access it in a snap聽聽
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when you need it like I said I recommend having at聽
least seven bank accounts per family here are some聽聽
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of the accounts we have and how they could be a聽
helpful to you the first bank account I like to聽聽
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call the family savings account think of it kind聽
of like your holding tank account the purpose is聽聽
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that it's for short-term emergencies like maybe聽
three months worth of living expenses saved up聽聽
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in there ideally but you use this account for聽
pre-planned expenses that you save up for like聽聽
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a car or vacation maybe even Christmas gifts聽
this account also is where you would pull money聽聽
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from for unexpected expenses like new tires or聽
home repairs a few rules and tips for this bank聽聽
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account is get paid to open an account I know that聽
you don't see that as often as you used to but if聽聽
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you're going to open the account and put money in聽
it and use it banks will sometimes reward you for聽聽
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that so call your bank shop around and find them聽
where you can get a little kickback for doing so聽聽
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one tip that we use in our family that makes聽
it really easy as we automatically draft 10%聽聽
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into that savings account each month so remember聽
how 20% goes into savings well you split that in聽聽
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half and 10% goes into this one and I'll show you聽
where the other 10% goes in a second when you need聽聽
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to withdraw from this account only withdraw聽
when needed but just plan ahead so if you're聽聽
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withdrawing from this account to pay for something聽
like a vacation or bunkbeds for your kids just be聽聽
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sure to wait until you have the full amount saved聽
up so that way you're not pulling from that little聽聽
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emergency cushion the three months that you聽
ideally have saved up in there so how much do聽聽
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you leave in this account you leave three months聽
of living expenses at all time I'll ideally plus聽聽
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a little cushion for expenses and obviously any聽
money that's being used to save up for a larger聽聽
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purpose pretty simple not too bad so the second聽
savings account I recommend is your emergency聽聽
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savings consider this the vaults the purpose is聽
for as it sounds emergencies only picture a piggy聽聽
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bank that you would basically have to shatter on聽
the ground to open this is a dire last resort like聽聽
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we are about to lose our house dire emergency聽
a couple rules and tips are again automatically聽聽
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draft 10 set into this account so 10% into family聽
savings 10% to emergency savings with this account聽聽
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just pretend it doesn't even exist find an account聽
that maybe is at an online bank that's a little聽聽
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harder to pull out it even if you wanted to聽
so it's kind of out of sight out of mind and聽聽
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auto-draft if you have to manually send 10% every聽
month into that account it'll be harder to do it聽聽
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because you'll be thinking about all the different聽
ways you can use that money make it automatic and聽聽
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then it's out of sight out of mind you don't even聽
have to think about it but you know that there's聽聽
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always a little cushion to protect your family in聽
case of an emergency so how much did you have in聽聽
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this account pretty simple ideally you would want聽
six to twelve months of living on I mean one years聽聽
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ideal but if you could set up six months worth聽
of living just imagine if you or your husband聽聽
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were to lose your job you would at least have聽
a little cushion to swing you during that tough聽聽
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time ideally though it would be great to never聽
stop depositing if your finances allow the third聽聽
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type of savings accounts I recommend is a health聽
savings account or HSA you can open your own just聽聽
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standard savings account for this or there is an聽
actual tax-free HSA health savings account that's聽聽
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used to hold money that you use to pay off a聽
medical expense it's amazing because it's tax-free聽聽
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now I will say this the healthcare industry is聽
constantly changing in our country you need to聽聽
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do your research and find out how HSAs work right聽
now at the time that you're watching this video聽聽
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but I'll give you a few rules and tips that'll聽
maybe help you sort through it official HSAs聽聽
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that are tax-free meaning all the money you put聽
into it you're not taxed on amazing right those聽聽
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are available through banks credit unions and your聽
insurance companies what they do is they basically聽聽
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give you this account and you put a little bit聽
of money in or a bunch of money at once whatever聽聽
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you can afford we tend to just put a little bit of聽
money away each month and we factor that into our聽聽
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70% and then they give you an actual debit card聽
just like any other account and that debit card聽聽
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you can use for any medical expense like a copay聽
or a prescription or an ER visit or a surgery bill聽聽
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or even a massage or a coupon the one thing I聽
will say about HSAs is just be sure to read the聽聽
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fine print like I said things are changing all the聽
time but just know that there are some official聽聽
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HSAs out there that are use it or lose it accounts聽
which means at the end of the year if you don't聽聽
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use the money you lose it it's gone they take it聽
obviously our HSA does not have that you just need聽聽
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to make sure to read the fine print because some聽
of them do have yearly maximums they max you out聽聽
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of a certain amount you can put in so how much聽
money should you have in this account you know聽聽
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honestly that's just based on your personal family聽
situation in general whether it's an official HSA聽聽
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through your credit union or health insurance聽
or whether it's just a savings account you open聽聽
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that you save for medical expenses just make sure聽
that it's enough to cover your perceived medical聽聽
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expenses you obviously don't want to put too much聽
money in there because then you can't be using it聽聽
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for other things but it is nice to have it so that聽
it doesn't eat into your other savings accounts聽聽
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all right so those are the savings accounts聽
in terms of checking accounts the first one聽聽
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is called your family checking account or this聽
is kind of like your home base account this is聽聽
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where all your money goes before it's sent off聽
to their other jobs all your paychecks anything聽聽
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that comes in drop it here first a couple of rules聽
and tips for this bills utilities debts all that聽聽
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stuff is paid from this account and as my husband聽
always likes to say he's a huge fan of Auto pay聽聽
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so use it it's great because then your payments聽
are automatically drafted from this account you聽聽
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don't have to sit there and write a check for聽
every single bill your money really shouldn't聽聽
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sit in this account for very long before being聽
transferred to other places so how much did you聽聽
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have in this family checking account really only聽
enough to just cover your expenses for the month聽聽
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you don't want a lot of extra sitting in this聽
account because if you have extra it should be聽聽
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going into savings right but make sure to read the聽
fine print and know how much your bank requires聽聽
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you to leave in this account at all times so you聽
don't overdraft the next two checking accounts聽聽
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are the same it's yours and mine the purpose is聽
probably exactly what you're thinking you take聽聽
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the money that you need for your yours budget聽
and my budget and you leave it in this account聽聽
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and this is what you use to pay for those expenses聽
a couple of rules and tips whether you buy things聽聽
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with cash or debit card or credit card it all聽
comes from these accounts my husband and I I use聽聽
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one credit card he uses one credit card and we聽
just used the money from these accounts to pay聽聽
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them off promptly and that way we're getting the聽
credit card benefits but we still know that we're聽聽
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staying within budget and balance by pulling聽
the money from those accounts to pay for it so聽聽
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how much did you have in this account really just聽
enough to cover the yours and mine budget you want聽聽
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to cover it reasonably so you're not over drafting聽
and that you have enough but you don't want a lot聽聽
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of excess because again if you have excess put聽
it towards savings or more importantly debt the聽聽
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seventh bank account is also the most fun I call聽
it a slush fund account this is basically your聽聽
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Paradise Falls jar have you ever seen the movie聽
up all they want to do is make it to Paradise聽聽
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Falls and they save their pennies from under the聽
couch cushions in whatever else and they put it in聽聽
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this big jar but they have to crack the jar open聽
when he breaks his arm where the car breaks down聽聽
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and they never end up making it to Paradise Falls聽
this is the account that makes sure that you never聽聽
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have to spend your Paradise Falls money on a flat聽
tire or a broken arm you have all those covered聽聽
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in other places you've got savings accounts for聽
the broken arms you've got the family account聽聽
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for the pop tire this purpose is only for fun this聽
account is your reward for being frugal and having聽聽
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extras remember that envelope budget we went over聽
if you at the end of the month had $10 leftover聽聽
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rather than going and buying a $10 t-shirt throw聽
that $10 in the slush fund and you'll slowly add聽聽
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up to something that will be really fun and聽
exciting for your family couple of tips are聽聽
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just make sure to plan ahead and make a plan for聽
the money so that you don't get itchy to spend it聽聽
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on something get your family involved set a goal聽
make it visual any spare change or any extras that聽聽
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your kids earn they could also contribute toward聽
the family slush fund sadly I will say one other聽聽
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tip or rule is that you really shouldn't put any聽
money toward a slush fund until all that pressing聽聽
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debt is paid off but once that debt is paid off聽
fair game how much should you have in this slush聽聽
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fund well really it just depends on how frugal聽
you are in the month and how much extra you save聽聽
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up it will most likely build up pretty slowly but聽
again don't let it burn a hole in your pocket make聽聽
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a plan for it and save up for something so fun and聽
exciting now as I mentioned my husband and I have聽聽
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far more than seven bank accounts so some of these聽
additional accounts could include more checking聽聽
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and savings accounts maybe one for each of your聽
children as they're born business accounts like we聽聽
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have you could open an account to set aside money聽
for Christmas gifts or you could open a specific聽聽
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account for a specific vacation or a large expense聽
that's coming up ok time for a workout I know that聽聽
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was a lot of information but don't worry we've聽
made a nice beautiful diagram that shows the seven聽聽
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possible bank accounts that your family could have聽
keeping in mind that every family is different聽聽
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and you might not have a need or the ability to聽
open seven accounts that's okay we started out聽聽
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really small - all you need to do is fill out聽
the attached bank accounts diagram fill it in聽聽
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and make a plan and then get to work and start聽
making it happen go give it a shot and I can't聽聽
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wait to see how it goes for you I'll see you back聽
here soon so there you go guys I hope you enjoyed聽聽
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this video I hope you enjoyed this principle and聽
I really hope you give it a try don't forget that聽聽
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my budgeting program budget bootcamp comm and my聽
productivity program productivity bootcamp comm聽聽
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have hundreds of more principles tips and ideas聽
just as good as this one be sure to take advantage聽聽
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of the sale details below and for those of you聽
who are watching this video after the sale ends聽聽
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I've got a special code just for you use the code聽
great to get 15% off your entire cart so you can聽聽
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pick up either program or both hope you enjoyed聽
you guys I'll see you next Thursday until then
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