Monthly Archives: March 2007

Fixing My Finances: My Various Accounts (Part 3)

This post is part 3 of the “Fixing My Finances” series. Click here to read Part 1 and here to read Part 2.

Two years ago, when I decided to get out of debt, I had two non-retirement personal finance accounts. Now, I have seven accounts.
Checking Account:

I have a primary and secondary checking account, both with the same financial institution. Both are free accounts, with free online bill pay and free ATM/Debit cards. I pay bills out of the primary checking account. My wife uses the secondary checking account for day to day expenses. I use online bill pay to pay my bills. I only write 3 or 4 checks per month. I am currently considering moving my primary checking to ING Direct’s Electric Orange Checking. My current checking account does not pay interest. I cannot imagine managing my personal finances without having a checking account.

Savings Account:

I have a single, joint-savings account with ING Direct. My savings account is “connected” to my primary checking. If I want to add money to my savings account, I simply login to ING Direct and schedule a withdrawal from my primary checking account. If I want to withdraw money from my savings account, I login to ING Direct and schedule a transfer to my primary checking account. My savings account does not have check-writing privileges. I have deposited my Emergency Funds into my savings account. (Many people use “Money Market” accounts. I prefer a standard, online savings account. I do not need the check-writing privileges that Money Market accounts offer.)

Roth IRA:

I have a Roth IRA. My wife has a Roth IRA. The maximum Roth IRA contribution for 2007 is $4000. I can make deposits to my Roth in one of two ways. I can login to my brokerage and initiate a withdrawal from my primary checking OR I can schedule an online bill payment and simply send a check from my primary checking to my Roth IRA account.

Education Savings Account (ESA):

I have setup and Education Savings Account for my daughter. The maximum ESA contribution for 2007 is $2000. I send a check from my primary checking account whenever I want to fund her ESA.

Brokerage Account:

I have a basic, taxed brokerage account. I use this account to purchase single-stocks. Currently, I have less than $1000 in my brokerage account. I stink at picking individual stocks and I am focusing on tax-advantaged investing, so this account is basically “inactive”.

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No Credit Needed To Host Carnival Of Personal Finance

I will be hosting next week’s Carnival of Personal Finance.

If you are new to “Personal Finance Blogging” you might want to check out this week’s Carnival of Personal Finance hosted at Tired But Happy.

Basically, a blog carnival is a collection of posts, about a specific topic, organized and presented by a host-blog. I have hosted all three of the major personal finance carnivals. For more information about these carnivals (also called festivals) please check the following links.

Information about the Carnival of Personal Finance

Information about the Carnival of Debt Reduction

Information about the Festival of Frugality

To SUBMIT an article to next week’s Carnival of Personal Finance, hosted right here at No Credit Needed, click this link.

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Mad Carpentry Skills (One Wall)

After lunch, I headed to Lowe’s to buy some more building materials for my daughter’s playhouse. After laying the foundation yesterday, I was ready to start building the walls.  I am pretty much a dork at everything that I do, and I do believe that I am building the largest playhouse in the history of the world.  If you look at the pictures below, you will see the first wall.  It is a standard 8 foot wall.  I am still deciding how many windows I want to add, what size door to use, and whether or not to air condition the thing.  (Hmmm… as always, I bite off more than I can chew.)

I will probably add a “loft” that will be 8 feet wide and 4 feet deep.  My goal for the next few days is to have the building framed up, with siding and a roof.  I can worry about the “interior” once I get the building ready to withstand rain.  So far, I’m about $300 into this baby, with much more to spend.  Yikes!  (My daughter is 7.  She will love this playhouse.)


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