Wednesday, March 11, 2020

What About Those Multiple Savings Accounts on Capital One 360?

A couple of weeks ago I decided to limit my cash envelopes from 12 to 3. Groceries, Eating Out, and
Blow money.  In place of the cash envelopes, I decided to send the cash to my Capital One 360 savings account with the intention of setting up at least 9 individual savings accounts to compensate for the envelopes.

Ask me how many accounts I opened up.  Six.  Ask me how many have funds in them. One.  Yeah, so what does that mean?  It may mean I have too many accounts to keep track of.  There are our personal checking and savings, my eBay checking and savings,  two PayPal accounts, then there is the CD's I recently began to open, Oh... well, I just don't know if I want to "manage" anything else.

I do track in a notebook what goes into each envelope or savings account. Again, is that too confusing?  Nah, I need to see where it all is going and celebrate the fact that I am actively saving money.

Going back to the cash envelopes for groceries and eating out, well this week I did not pull out any cash but I did use my rewards card grocery shopping AND tracking each purchase to keep it under my weekly amount.  We used the rewards card for eating out at Firehouse too.  This can be a slippery slope for me, so we will see how it goes this pay period. As it stands now, I have spent this week's grocery money so no shopping until Saturday.   Being accountable is so hard sometimes lol.

Maybe in the future, I will utilize the multiple savings accounts and split up the money into appropriate sinking funds.   This is my year to figure it out so I will keep you posted!


  1. You and I both. I have a hard time with envelopes, I just have a tendency to over spend.

  2. I am with ya on the overspend! But you more than make up for it with all the money you save!!

  3. Great job on saving! It doesn't matter how much or how little you save, just as long as you're saving. It all adds up.

    I love having multiple accounts. I feel I can keep track better by having each category separately.

    1. Thanks for the encouragement! In theory, I like the multiple accounts. I think it is the moving money around that throws me off. Hopeful that it will get better.