Growing up, my mother was a single parent and she was always short on cash. She was never able to save anything and her life was utter chaos and a complete mess. I'm twenty, and I just got an amazing job that I love and pays me very well, and I don't want the money to slip through my fingers.
I have set up (not officially - more like a blueprint) of how I want to compartmentalize my money.
Bill Account: [The account with the money I use to pay bills with, of course.]
Personal Checking: [For leisure, and other needs that don't fit into the Bill Account.]
Career Checking: [This covers my headshots, travel, etc.]
Short Term Savings: [This is the savings account that I can deduct for furniture for example.]
Career Savings: [Part of my career is about how much I invest into it to keep it going.]
Personal Savings: [For my own future.]
Family Savings: [I want a family one day and I want to start saving now.]
Vacation: [In the name.]
Emergency: [Also in the name.]
Is this good? Are there any alterations, additions or subtractions I should make? Is there a better system to use? I want to be very careful and meticulous so I'm fully prepared and responsible. I don't want to end up in the same mess my mother had.
I have set up (not officially - more like a blueprint) of how I want to compartmentalize my money.
Bill Account: [The account with the money I use to pay bills with, of course.]
Personal Checking: [For leisure, and other needs that don't fit into the Bill Account.]
Career Checking: [This covers my headshots, travel, etc.]
Short Term Savings: [This is the savings account that I can deduct for furniture for example.]
Career Savings: [Part of my career is about how much I invest into it to keep it going.]
Personal Savings: [For my own future.]
Family Savings: [I want a family one day and I want to start saving now.]
Vacation: [In the name.]
Emergency: [Also in the name.]
Is this good? Are there any alterations, additions or subtractions I should make? Is there a better system to use? I want to be very careful and meticulous so I'm fully prepared and responsible. I don't want to end up in the same mess my mother had.