Today it will be about setting up your bank account, based on the steps, which I believe will bring you financial freedom. Now, I am trying to figure out, if this kind of article can be useful and its content can be used in someones life for positive change. Do you believe it is the case? Leave a comment, I am deeply interested in your opinion :-)
Now, here is the way how I set up my bank account.
In this article, I showcased the way how I forecast my future income and expenses with actual table, which I use for this purpose (filled with dummy data).
In that table, there are couple of categories of expenses:
Savings — here are listed (mainly) future one-time payments. Each future one-time payment has its own sub-account, where I sent partial amount of future one-time payment each month. In my case, this is done automatically via monthly payment order.
Recurring payment is payment, which I need to make each month. Rent and other bills fall into this expense category. For these payments I do not need to set up separate sub-accounts. They are simply paid by monthly payment order from main account.
Budget expenses also do not have their own sub-accounts. These expenses are made from main bank account. I just need to make sure each month, that I do not exceed budget amount :-) .
Savings / budget expenses are similar to budget expenses. The only difference is that the amount of money which I did not spent within the budget is sent to saving account in the end of the month. For this purpose every savings / budget expense category has its own sub-account.
As you can see, I need a lot of sub-accounts (in this case 12) for making this system work. That is the reason, why I was looking for a bank, which allows me to set them up easily and on the other hand I will not go broke on fees.
I went with 365.bank (it is Slovakian bank — sub-brand of Poštová banka). Their product is just great! They designed it in a way, that teaches you to save money.
If you are outside of Slovakia, I believe that N26 bank also provides possibility to set up many sub-accounts, but I do not have any personal experience with them.
Let me know, if you know about some other alternatives.
So, is this article something what can be useful for you? For your friends? Or family? Once again, I am deeply interested in your opinion. It is the fuel, which allows me to improve. Thanks for reading.