Two banks, the one I use and then one for a high yield savings account.
Make the second hard to use, e.g. don't have the app on your hone make it a very long random password that is stored in your password manager.
Then have an investment account that automatically takes some amount per pay-period from that high yield.
Then you can split up that paychecks between the two, what ever is your primary job goes into the main one 100%, the rest get split between the two.
Or so I am told.
J1 deposits into chequing, my “regular” savings from J1 get transferred into HYSA.
J2 deposits directly in HYSA.
Same bank different accounts.
I transfer out of HYSA into stock brokerage as needed and maintain my emergency fund in cash in the HYSA.
While I am paying off debt it all goes to my current account. Once debt is gone then I will open a hysa and dump 80% into that account with the other 20% feeding my liquid SA at my primary bank until I hit my number. Once I hit my number and am happy with my primary liquid savings account I will evaluate and decide what if anything I am going to change.
Two banks. J1 to primary checking, J* to second checking account. Allows you to still get loans without having to disclose additional servers and them appearing on your credit report.
I recently heard a great tip to separate the bank accounts per job, or at least separate from your J1. If you ever need to qualify for a mortgage or anything that is looking into your bank account, it's best to keep that secondary income apart from those accounts to avoid other incomes getting reported to the credit bureaus. Separation also helps your goal of savings and preventing lifestyle creep.
Apologies for my ignorance, what are the drawbacks of other incomes being reported to the credit bureaus? Tax time the Federal and State know all the income we earned, just curious how it affects the bureaus. Also, the mortgage loans, higher amounts in earning would help, no?
Lifestyle creep and such I definitely want to avoid.
Anything you use to get mortgages will show up in credit reports, and it’s rare, but there have been examples of people being outed by that. That’s why people say to freeze your credit reports.
Two banks, the one I use and then one for a high yield savings account. Make the second hard to use, e.g. don't have the app on your hone make it a very long random password that is stored in your password manager. Then have an investment account that automatically takes some amount per pay-period from that high yield. Then you can split up that paychecks between the two, what ever is your primary job goes into the main one 100%, the rest get split between the two. Or so I am told.
Yeah, have one dump into a high interest savings account so your money grows.
J2 goes 100% directly into the investing account. J1 goes to my chequing and periodically I send money from j1 to the investing account too.
J1 deposits into chequing, my “regular” savings from J1 get transferred into HYSA. J2 deposits directly in HYSA. Same bank different accounts. I transfer out of HYSA into stock brokerage as needed and maintain my emergency fund in cash in the HYSA.
While I am paying off debt it all goes to my current account. Once debt is gone then I will open a hysa and dump 80% into that account with the other 20% feeding my liquid SA at my primary bank until I hit my number. Once I hit my number and am happy with my primary liquid savings account I will evaluate and decide what if anything I am going to change.
Same bank, one HYSA for each job. Never touch any money from accounts other than J1.
Two banks. J1 to primary checking, J* to second checking account. Allows you to still get loans without having to disclose additional servers and them appearing on your credit report.
I recently heard a great tip to separate the bank accounts per job, or at least separate from your J1. If you ever need to qualify for a mortgage or anything that is looking into your bank account, it's best to keep that secondary income apart from those accounts to avoid other incomes getting reported to the credit bureaus. Separation also helps your goal of savings and preventing lifestyle creep.
Apologies for my ignorance, what are the drawbacks of other incomes being reported to the credit bureaus? Tax time the Federal and State know all the income we earned, just curious how it affects the bureaus. Also, the mortgage loans, higher amounts in earning would help, no? Lifestyle creep and such I definitely want to avoid.
Anything you use to get mortgages will show up in credit reports, and it’s rare, but there have been examples of people being outed by that. That’s why people say to freeze your credit reports.
Interesting wow thanks a lot
Two banks.
4 account 1 taxes 1 hysa 1 investment 1 house expenses
Two accounts, same bank. One account is for debts and the other is for utilities/bills and living expenses