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The Family Piggy Bank The Family Piggy Bank

 

To make a long story short every week dh and I each get a set amount of money to spend however we want that doesn't affect the budget or savings account.

He has been spending his this whole time (which is his right) and I save (most of) mine. The reason I say most of is because if the boys need something or he wants/needs something I'll take it out of my banks instead of going to the ATM. Well personally I'm getting kind of tired of this since I want to save that money for me and only me (call me selfish if you must). So I was thinking that I would open an account at a bank and every couple of months I would go up to the bank and make deposits. I'm thinking since right now I have about 5 piggy banks that I disperse the money in that maybe it is just too easy to have access to and a bank account that I have no ATM card to would be better (that way I would have to physically go into the bank to withdrawal money which I hate doing).

So my question is what bank do you use and how easy is it? Do you have to have a checking account associated with it or can you have just a savings account? Do you have to keep a balance every month or can you have whatever you want?

Right now we have a credit union which we love but I'm thinking a bank away from my bank would not only be better in the sense that it would be harder to get to but I wouldn't be tempted to transfer money. So what is your opinion or should I just stick to the credit union? Does anyone know how many accounts you can have with a credit union/bank?

And I have done research on this online just want a personal feel for it not so much as words on a screen but a personal touch so to speak. The banks near me are 5/3,Chase, and US Bank.

by on Jan. 23, 2013 at 10:23 AM
Replies (11-18):
ivf_blessed
by Bronze Member on Jan. 24, 2013 at 2:32 PM

 

I don't think it's selfish - your 'blow money' is just that YOURS.

Not sure how you run your finances....do you keep cash envelopes for certain things (groceries, gas, clothing, etc) or just use your bank card for these items?

Either way, you should be budgeting for your boys needs/wants and using your specific envelope (or bank card) for those items.  Easier said than done, I know - it's hard for us Moms to not spend our own fun money on the kids.  My kids earn an allowance though so, while I budget for their needs, it's really up to them to buy their own 'wants'.

As for your DH's needs, budget & use your specific envelope (or bank card) for that, but what DH wants...wouldn't that be up to him to use his own 'blow money' for those things??  <wink>

I saw that you decided to stick with your credit union - good choice.  I have my own savings acct with my credit union and each month I put most of my 'blow money' in there and I don't touch it.  Good luck!

Quoting Mom2Boys9501:

 

To make a long story short every week dh and I each get a set amount of money to spend however we want that doesn't affect the budget or savings account.

He has been spending his this whole time (which is his right) and I save (most of) mine. The reason I say most of is because if the boys need something or he wants/needs something I'll take it out of my banks instead of going to the ATM. Well personally I'm getting kind of tired of this since I want to save that money for me and only me (call me selfish if you must). So I was thinking that I would open an account at a bank and every couple of months I would go up to the bank and make deposits. I'm thinking since right now I have about 5 piggy banks that I disperse the money in that maybe it is just too easy to have access to and a bank account that I have no ATM card to would be better (that way I would have to physically go into the bank to withdrawal money which I hate doing).

So my question is what bank do you use and how easy is it? Do you have to have a checking account associated with it or can you have just a savings account? Do you have to keep a balance every month or can you have whatever you want?

Right now we have a credit union which we love but I'm thinking a bank away from my bank would not only be better in the sense that it would be harder to get to but I wouldn't be tempted to transfer money. So what is your opinion or should I just stick to the credit union? Does anyone know how many accounts you can have with a credit union/bank?

And I have done research on this online just want a personal feel for it not so much as words on a screen but a personal touch so to speak. The banks near me are 5/3,Chase, and US Bank.


 

Mom2Boys9501
by Member on Jan. 24, 2013 at 3:12 PM

 The things that are for the boys are mostly school stuff (book orders that the youngest wants), little things like that then if we need something to go with dinner then find out I don't have enough I end up using my money instead of going to the bank.

As for bills we don't do the envelope system. I have the bills down to each week. First week we pay the electric, second the water,phone,cable. Then third check is ours and 4th is rent. If we get 5 checks in a month that's ours too. Works out great if we can only get his work to stop cutting his hours.

I think my biggest problem is I have never learned to say no to the ones I love and growing up (thanks to my dad) I never had anything that was just mine that no one messed with or took. Does that make sense?

I think once I actually get off my butt and open the account and learn to say no it'll be ok. Thanks for your words of advice they mean a lot to me. :)

Quoting ivf_blessed:

 

I don't think it's selfish - your 'blow money' is just that YOURS.

Not sure how you run your finances....do you keep cash envelopes for certain things (groceries, gas, clothing, etc) or just use your bank card for these items?

Either way, you should be budgeting for your boys needs/wants and using your specific envelope (or bank card) for those items.  Easier said than done, I know - it's hard for us Moms to not spend our own fun money on the kids.  My kids earn an allowance though so, while I budget for their needs, it's really up to them to buy their own 'wants'.

As for your DH's needs, budget & use your specific envelope (or bank card) for that, but what DH wants...wouldn't that be up to him to use his own 'blow money' for those things?? 

I saw that you decided to stick with your credit union - good choice.  I have my own savings acct with my credit union and each month I put most of my 'blow money' in there and I don't touch it.  Good luck!

Quoting Mom2Boys9501:

 

To make a long story short every week dh and I each get a set amount of money to spend however we want that doesn't affect the budget or savings account.

He has been spending his this whole time (which is his right) and I save (most of) mine. The reason I say most of is because if the boys need something or he wants/needs something I'll take it out of my banks instead of going to the ATM. Well personally I'm getting kind of tired of this since I want to save that money for me and only me (call me selfish if you must). So I was thinking that I would open an account at a bank and every couple of months I would go up to the bank and make deposits. I'm thinking since right now I have about 5 piggy banks that I disperse the money in that maybe it is just too easy to have access to and a bank account that I have no ATM card to would be better (that way I would have to physically go into the bank to withdrawal money which I hate doing).

So my question is what bank do you use and how easy is it? Do you have to have a checking account associated with it or can you have just a savings account? Do you have to keep a balance every month or can you have whatever you want?

Right now we have a credit union which we love but I'm thinking a bank away from my bank would not only be better in the sense that it would be harder to get to but I wouldn't be tempted to transfer money. So what is your opinion or should I just stick to the credit union? Does anyone know how many accounts you can have with a credit union/bank?

And I have done research on this online just want a personal feel for it not so much as words on a screen but a personal touch so to speak. The banks near me are 5/3,Chase, and US Bank.

 

 

 

ivf_blessed
by Bronze Member on Jan. 24, 2013 at 9:31 PM

Yes, that makes sense.  You obviously have a big heart and that is a great thing!  You can continue to do that but still put a little aside for yourself - even if that means you do something big with that money down the road for the entire family if that's what you like to do.

Now, "get off your butt and open that account"! ♥wink♥

Quoting Mom2Boys9501:

 The things that are for the boys are mostly school stuff (book orders that the youngest wants), little things like that then if we need something to go with dinner then find out I don't have enough I end up using my money instead of going to the bank.

As for bills we don't do the envelope system. I have the bills down to each week. First week we pay the electric, second the water,phone,cable. Then third check is ours and 4th is rent. If we get 5 checks in a month that's ours too. Works out great if we can only get his work to stop cutting his hours.

I think my biggest problem is I have never learned to say no to the ones I love and growing up (thanks to my dad) I never had anything that was just mine that no one messed with or took. Does that make sense?

I think once I actually get off my butt and open the account and learn to say no it'll be ok. Thanks for your words of advice they mean a lot to me. :)

Quoting ivf_blessed:

 

I don't think it's selfish - your 'blow money' is just that YOURS.

Not sure how you run your finances....do you keep cash envelopes for certain things (groceries, gas, clothing, etc) or just use your bank card for these items?

Either way, you should be budgeting for your boys needs/wants and using your specific envelope (or bank card) for those items.  Easier said than done, I know - it's hard for us Moms to not spend our own fun money on the kids.  My kids earn an allowance though so, while I budget for their needs, it's really up to them to buy their own 'wants'.

As for your DH's needs, budget & use your specific envelope (or bank card) for that, but what DH wants...wouldn't that be up to him to use his own 'blow money' for those things?? 

I saw that you decided to stick with your credit union - good choice.  I have my own savings acct with my credit union and each month I put most of my 'blow money' in there and I don't touch it.  Good luck!

Quoting Mom2Boys9501:

 

To make a long story short every week dh and I each get a set amount of money to spend however we want that doesn't affect the budget or savings account.

He has been spending his this whole time (which is his right) and I save (most of) mine. The reason I say most of is because if the boys need something or he wants/needs something I'll take it out of my banks instead of going to the ATM. Well personally I'm getting kind of tired of this since I want to save that money for me and only me (call me selfish if you must). So I was thinking that I would open an account at a bank and every couple of months I would go up to the bank and make deposits. I'm thinking since right now I have about 5 piggy banks that I disperse the money in that maybe it is just too easy to have access to and a bank account that I have no ATM card to would be better (that way I would have to physically go into the bank to withdrawal money which I hate doing).

So my question is what bank do you use and how easy is it? Do you have to have a checking account associated with it or can you have just a savings account? Do you have to keep a balance every month or can you have whatever you want?

Right now we have a credit union which we love but I'm thinking a bank away from my bank would not only be better in the sense that it would be harder to get to but I wouldn't be tempted to transfer money. So what is your opinion or should I just stick to the credit union? Does anyone know how many accounts you can have with a credit union/bank?

And I have done research on this online just want a personal feel for it not so much as words on a screen but a personal touch so to speak. The banks near me are 5/3,Chase, and US Bank.

 

 

 


 

allyn9
by Carey on Jan. 25, 2013 at 2:50 AM

I used to bank at US Bank (and whatever it was called before that), but have been at a credit union for the last decade.  If you are already at a credit union, I would stick with that and just open a single account in your name ONLY and then "forget about it" accept for when you make your deposits.    

justme-75
by New Member on Jan. 25, 2013 at 9:00 AM

You might consider a savings account with your credit union instead of a regular checking account so you a accruing interest.

elizabooks
by Member on Jan. 25, 2013 at 9:20 AM
Have you thought about opening a Christmas account (not sure if it is called something else) ? They do not gain interest, but you can put in as little or a much as you want and can only remove it indecember.
We use USAA (I have to scan mychecks in as they pyhave locations in TX. Other wise we use citibank. We have two checking & savings at each. I also have an Ing account connected to my paypal and I transfer dd's college money there. Ing has no physical bank- Internet only. It is great for short term money savings (like home repairs). We have a set amount that we reach and then we "cut a check" to Dd's college investment account.
elizabooks
by Member on Jan. 25, 2013 at 9:34 AM
You might want to do what my great aunt did. Shewould go on trips 2-3 hours from her home and find small local banks and credit unions and open small accounts. Everyhibg she went Anywhere she opened an account with three times the minimum balance.
When she died seven years ago I was in charge of her estate. I ended up needing to put full page ads in the financial papers across the country announcing her death and requesting anyone who had her account to contact me. She was 97 when she died and the final number was 350 savings accounts and $30,000 in interest earned yearly. (up until the end she did her own taxes and burned her paperwork so thismade it even more of a treasure hunt) .
So if youhave the income, why not try it?
Mom2Boys9501
by Member on Jan. 25, 2013 at 1:16 PM
I have thought that but I wouldn't want to have to take it out every year. I want something that I could save for 5 years if I want.

Quoting elizabooks:

Have you thought about opening a Christmas account (not sure if it is called something else) ? They do not gain interest, but you can put in as little or a much as you want and can only remove it indecember.

We use USAA (I have to scan mychecks in as they pyhave locations in TX. Other wise we use citibank. We have two checking & savings at each. I also have an Ing account connected to my paypal and I transfer dd's college money there. Ing has no physical bank- Internet only. It is great for short term money savings (like home repairs). We have a set amount that we reach and then we "cut a check" to Dd's college investment account.
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