In a few minutes, I’m going to head to the bank to deposit my wife’s paycheck.Â It’s really, really cold outside, so I’ve been clicking through all of our accounts, checking balances and transferring funds.Â I thought it might be interesting to take a quick look at all of our accounts –
Personal Accounts –
Primary Checking Account – We use this account to pay bills.Â All paychecks are deposited into this account.
Interest Bearing Checking Account – We use this account to purchase gas and groceries (via debit card).
Online Savings Account – We use this account for our non-retirement savings (emergency fund) and a place to keep money that we need for annual bills or future investment deposits.
Non-Retirement Brokerage Account – We use this account to purchase individual stocks.
Roth IRA #1 – This is my Roth IRA – I use this account to purchase stocks and ETFs.
Roth IRA #2 – This is my wife’s Roth IRA – She uses this account to purchase stocks and ETFs.
403b – This is my primary retirement account, funded with pretax dollars.
Pension – My wife is an educator and she makes monthly, pretax contributions to her pension plan
ESA #1 – This is my daughter’s Education Savings Account.Â We use this account to purchase ETFs.
ESA #2 – This is my son’s Education Savings Account.Â We use this account to purchase ETFs.
Business Accounts –
Business Checking – I use this account to deposit any income that I make from blogging or eBay.
Business Savings – Once a month, I transfer the balance from Business Checking to Business Savings
Paypal – I have a Paypal account, used for eBay transactions.
As you can see, we have a lot of accounts to manage – but each of these accounts serves its purpose.Â Once the new baby is born, I’ll be opening up a new ESA, and if things go well in 2008, I might open up a SEP IRA for business income.
How many accounts do you have?Â More/less?Â Leave a comment and let us know.
Counting Paypal, I have 13 different accounts.