I was once asked (on another personal finance board) why I had so many Savings accounts. Simple. I read a book called The Automatic Millionaire, and I was hooked. This book (and a whole series of them) are authored by David Bach. I love his ideas... however, we have to get out of debt first. We have our baby EmerFund [BEF] and I may put some little snowflakes [found money] in to the children's savings accounts here and there, but for the most part, all of our deniro will go towards debt reduction.
To really answer the question about why so many Savings accounts... I like to keep things organized. Each account serves a purpose (same for my color-coded checking accounts). Eventually, when we are debt free, I am sure I can make things a LOT more automatic and a LOT more simpler.
In closing, I do want to mention... I get e-statements for all of those accounts. No tree killer here. =)
To really answer the question about why so many Savings accounts... I like to keep things organized. Each account serves a purpose (same for my color-coded checking accounts). Eventually, when we are debt free, I am sure I can make things a LOT more automatic and a LOT more simpler.
In closing, I do want to mention... I get e-statements for all of those accounts. No tree killer here. =)
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