Question

Guys I need help First few weeks of doing this. And I get paid every other Thursday, my fiance gives me 200 weekly and my gas, electric, and credit card all come out of my savings account. then my other miscellaneous bills (Hulu, Disney ) and then my rent cones out of my checking. I'm not sure how I should do this. Should I do my checking and savings separate?  

Answer 1

Why are you using a savings for bills. Savings is for saving. Not spending.  

Answer 2

Personally, I would have all the bills come out of my checking. Leave the savings alone. If you don't have a $1000 emergency fund, then work on saving til you do, and then any debt after that. If you have no debt, then I'd keep saving until you have 3-6 months expenses saved up.  

Answer 3

We do everything out of checking and never tough the savings unless it is an emergency. We are starting to do cash envelopes for bigger stuff that might come up and adding to them each month as a form of a liquid savings account. We also use EveryDollar app to budget every penny, but TBM system seems amazing too. Each Monday we each get a set amount of spending money to use on whatever, no questions asked. If money is tight that month, we set a lower amount for that personal money. Gas, groceries, and any eating out together is budgeted for and does not come out of personal.  

Answer 4

I have tried different ways. Currently I use my checking account for all my bills, debt payments and extra payments plus a little cushion in case of extra charges. I move to saving account the emergency fund money and take out cash for variable expense envelops. Sinking funds are moved to a different account. I have found best to not mix bills with "extra money in savings" because it calls for unexpected expenses and easily become petty cash.