Step III Allocating resources using Bank Account Budgeting

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Step III Allocating resources using Bank Account Budgeting

Published by sam - 07/10/07 - 02:10:32 am

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Even a written “accounts” method may be too complicated for some people to maintain. A husband wrote Consumer Reports, “My wife and I have tried several budgeting methods, the more complex a budget, the quicker we’d drop it”. If you have made up and dropped many budgets, the solution may lie in instituting controls through a simplifies “accounts” system using more than one bank account.

Many people use bank accounts to serve two broad budget, categories –current expenses and long term investment. With a checking account for monthly bills and a money market fund for long term goals, a single individual can do a fairly decent job of budgeting by simply depositing the planned amount to each account. Then, within the current expense account, moneys can be spent until the next deposit is made.

A slightly more complicated version of the same arrangement is needed when a couple wants to engage in informal bank account budgeting. In addition to the current expense account for bills and the investment account, each spouse will need an individual account for personal expenses. It might seem complicated and more expensive to have four accounts, but if the couple writes discretionary control will be difficult; therefore, this method may well be worth the extra effort and expense. If you establish several accounts, shop for a no-fee or interest bearing account.

This method also prevents the temptation to dip into family funds for impulse spending, and it allows each spouse a degree of control and independence.

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October 7, 2007 | Budgeting, Money Management |

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