I think the idea suggested in book Secrets of the Millionaire Mind that using several bank accounts to handle money is a good idea. So I opened a few bank accounts and tried to create my personal balance sheet and budget plan to track the money flow for each month using Excel Sheet. However I found the Sheet is very difficult to follow, as there are different accounts. How do I make a nice one, especially good for handling money flow in several accounts? Example is appreciated.
Let me explain about my financial status. I have 3 bank accounts now: two normal saving accounts (named A and B) and one high-interest-rate saving account (named C).
- Salary, account A, monthly
- Home morgage, account C, monthly
- Credit card payment, account B, monthly
- Investment fund, account B, monthly
- Insurance, any account, half year
- Tax, any account, yearly
- Loan, account B, monthly (for 12 months)
My goals are
- to save some money to account C for reservation;
- save some money each month for large expenditure (for example for family vacation).
- Reserve enough money to pay the insurance and tax which happens not monthly.